Global Decorative Coatings Market
As stated in our extensive report; the Global Decorative Coatings Market accounted for USD 71.5 Billion in the year 2022 and is forecast to reach USD 99.9 Billion by 2030 at a CAGR of 4.9%.
Increasing investment in infrastructure projects and population growth have fueled the development of the building and construction industry, where Decorative Coatings offer several benefits.
Decorative Coatings are paints or coating materials used or applied to improve the physical strength and aesthetic appearance of surfaces. They help protect against corrosion, bacteria, moisture, and even UV rays. They are available in various colors, making it attractive to apply these coatings to various sources. The emerging ecological coating systems are an important factor that accelerates the growth of the market, which also increases the number of sustainable coatings with better performance and aesthetics, urbanization and industrialization worldwide, market progress and development, and the demand for these products in the world buildings it improves the durability and appearance of the surface and protects it from harsh weather and external conditions such as UV radiation, extreme temperatures, acid rain, and foreign particles, and its use in construction applications is increasing in countries such as China, the United States, Mexico, and Qatar. UAE, India, Vietnam, and Singapore with increasing superior properties such as moisture resistance, corrosion resistance, UV, bacteria, and heat resistance, among others, lead the Decorative Coatings market.
In addition, increased growth in less regulated areas, increased research and development in the market, and increased investment in emerging markets will create even more new opportunities for the decorative paint market during the forecast period 2022-2030.
Factors Influencing Decorative Coatings Global Market Growth
The growth of the global Decorative Coatings market can be attributable to the following:
- Increasing urbanization across the globe is expected to stimulate the growth of the commercial and decorative paint market in the future. Urbanization means moving the population from the countryside to the urban environment and increasing the population density in urban areas. As a result of urbanization, the need for residential and office buildings is increasing, which is pushing the decorative paint industry forward.
- The growing demand for environmentally friendly water-based coatings in the developing countries of China and India is likely to drive industry development. An increasing number of joint ventures between major coating players in Asia Pacific and local manufacturers will develop the market during the forecast period
- Also, infrastructure development in the emerging economies of the Asia-Pacific region, along with the current increase in public financial spending by the governments of India and China, is also an important reason for the high demand
- Technological advancements including nano-TiO2 photocatalysts, green coatings, and the adoption of methods that reduce drying time will drive growth during the forecast period. Increasing R&D investment and continuous product development to improve the performance of these products will stimulate market growth over the next seven years.
- The water technology market is expected to be driven by stringent environmental regulations on VOC emissions in North America and Europe during the forecast period.
Asia Pacific Region to Lead the Market
Asia Pacific is anticipated to account for the majority of sales on the global market for Decorative Coatings. Many well-known players in the Decorative Coatings global market business is based in this area. This region had the largest global market share in the year 2018 and is expected to be the fastest-growing market in the forecast period of 2022 to 2030 due to its high CAGR.
Also, the market value of North America and Europe is next to be growing due to the rapid urbanization in these regions.
The overall Decorative Coatings market sales have been favorably impacted by rising infrastructural investment and population density.
Notable and prominent players in the Global Decorative Coatings Market include- PPG Industries Inc. (U.S.), Akzo Nobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), Axalta Coating Systems LLC (U.S.), NIPSEA GROUP (Singapore), BASF SE (Germany), Asian Paints Limited (India), Kansai Paint Co. Ltd. (U.S.), The Valspar Corporation (U.S.), Arkema S.A. (France) and others.