Decorative Coatings Market Size & Share to Surpass USD 201.1 billion by 2029 | Ever-Increasing Demand from Construction Enterprise Across the globe | Exactitude Consultancy

The advent of high-quality goods in the coatings industry has resulted from an increase in environmental consciousness and this is likely to drive innovation in the decorative coatings market

PUNE, India, Feb. 28, 2023 /PRNewswire/ -- The global decorative coatings Market is expected to grow at 5.1 % CAGR from 2023 to 2029. It is expected to reach above USD 201.1 billion by 2029 from USD 128.5 Billion in 2022.

Decorative coatings are the paints and coatings used to coat buildings and homes. Most are intended for particular purposes, such as deck finishes, wall paints, or roof coatings. Each architectural coating, regardless of its intended purpose, must fulfil specific aesthetic, long-lasting, and protective requirements. Buildings are given the best chance of a long life through decorative coatings. These coatings have a significant impact on the visual appeal, utility, and sheet life of residential and commercial structures. Alkyd, acrylic, polyurethanes, and many more types of resins are among the principal types utilised for these coatings.

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The Asia Pacific region happened to be the largest market for the global decorative coatings industry, with a market share of 33% and a market value of approximately ₹34.25 billion in 2022.

Asia Pacific dominates the decorative coatings market due to several developing countries such as Vietnam. Bangladesh, China and India. In addition, ever-increasing domestic producers and growing infrastructure sector are also helping to drive the market growth of the region. Furthermore, the North American region is expected to show the fastest CAGR of 6.03% in the projection period.

Growing demand from Construction industry increases the market structure.

Modifying and repairing residential, non-residential, commercial, and infrastructural structures are among the many tasks involved in building. The PWC projection projects that by 2029, the global construction production would have increased by 85% to reach USD 15.5 trillion. During the predicted years, China, the US, and India will each contribute up to 57% to this industry's overall development. The big economies' recent economic recovery is credited with this growth. The per capita use of paint is also influenced by rising disposable income, rising interior design trends, and a higher standard of life. The market for ornamental coatings is expanding as a result of these causes.

Decorative Coatings Market Report Scope

Key Findings

• In 2022, the emulsions segment dominated the market with the largest market share of 42.27% and market revenue of ₹29.41 billion.

The product type segment is further segmented into Enamels, Wood Coating, Emulsion, Distempers and others. In 2022, the emulsion segment dominated the market with the largest market share of 42.27% and market revenue of ₹29.41 billion. This growth is attributed to the increasing demand for water-based coatings. Furthermore, by 2029, the wood coating segment will dominate the market due to increased disposable income.

• In 2022, the acrylic segment dominated the market with the largest market share of 27.15% and market revenue of 18.89 billion.

The resin type segment is divided into polyurethane, acrylic, vinyl, alkyd and others. In 2022, the acrylic segment dominated the market with the largest market share of 27.15% and market revenue of 18.89 billion. This growth is attributed to its outstanding properties, which include stain resistance, higher UV resistance, better flux, better aesthetics, weatherability, durability, performance and lower cost. Moreover, by 2030, the alkyd segment is likely to dominate the market owing to the increasing demand in various end-use enterprises including industrial wood and metal packaging.

• In 2022, the external segment dominated the market with the largest market share of 58.16% and market revenue of 40.47 billion.

The coating type segment is divided into external and internal. In 2021, the external segment dominated the market with the largest market share of 58.16% and market revenue of 40.47 billion. This growth is attributed to rapid development and increasing need for infrastructure.

• In 2022, the waterborne coatings segment dominated the market with the largest market share of 43.18% and market revenue of 30.05 billion.

The technology segment is divided into solvent-borne coatings, waterborne coatings and powder coatings. In 2022, the waterborne coatings segment dominated the market with the largest market share of 43.18% and market revenue of 30.05 billion. This growth is attributed to the improvement in industrial manufacturing quality in emerging countries.

• In 2022, the residential segment dominated the market with the largest market share of 57.15% and revenue of ₹39.77 billion.

The application segment is divided into residential and non-residential. In 2022, the residential segment dominated the market with the largest market share of 57.15% and revenue of ₹39.77 billion. This increase is due to increase in per capita income.

Competitive Strategy

In order to enhance their market position in the global Decorative Coatings market, the major players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations and partnerships.

• For example, in June 2021, PPG Industries Inc., a United States-based coatings and specialty materials firm, acquired Tikkurila for an undisclosed amount. Through this acquisition, PPG Industries Inc. plans to use Tikkurila's strong portfolio of regional web and decor brands to provide customers with access to new technologies and resources. Tikkurila is a Finnish chemical manufacturing company that manufactures decorative coatings.

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Key Market Segments: Decorative Coatings Market

Decorative Coatings Market by Resin Type 2023-2029, (USD Million), (Kilotons)

• Acrylic Resin
• Alkyd Resin
• Vinyl Resin
• Polyurethane Resin

Decorative Coatings Market by Technology, 2023-2029, (USD Million), (Kilotons)

• Waterborne Decorative Coatings
• Solventborne Decorative Coatings
• Powder Coatings

Decorative Coatings Market by Coating Type, 2023-2019 (USD Million), (Kilotons)

• Interior
• Exterior

Decorative Coatings Market by User Type, 2023-2019 (USD Million), (Kilotons)

• DIY
• Professional

Decorative Coatings Market by Product Type, 2023-2019 (USD Million), (Kilotons)

• Emulsions
• Wood Coating
• Enamels

Decorative Coatings Market by Colour Type, 2023-2019 (USD Million), (Kilotons)

• White
• Others

Decorative Coatings Market by Application, 2023-2029 (USD Million), (Kilotons)

• Residential
• Non-Residential

Market Dynamics:

Drivers

Rising demand from the construction industry:

The market is expanding as a result of the building industry's constant need. Additionally, the construction covers a variety of tasks, including residential, commercial, non-residential, and infrastructural structure alterations and repairs. Additionally, it is predicted that the market for decorative coatings in these areas would grow due to the expansion of planned commercial construction projects, notably in the Middle East & Africa and the Asia Pacific. Thus, these coatings are mostly used on furniture, sculptures, wood floors, and other interior design components like wall paintings. The population's improved social and financial position, particularly in developing nations, is predicted to lead to an expansion in the decorative coatings industry. The worldwide market for decorative coatings is also driven by construction industry rebuilding and refurbishment operations.

Restraints

The stringent & time-consuming regulatory policies:

A significant factor impeding the growth of the decorative coatings market is the strict regulations governing the production of decorative coatings that use hazardous VOC compounds. Additionally, there may be uncertainty along the whole value chain as a result of prospective regulatory changes. The length of time it takes for the manufacturers at each node to accept the new law and implement new technology is the subject of this uncertainty. Furthermore, the channel partners, suppliers of raw materials, end-users, and formulators may be impacted by the numerous labour-intensive regulatory changes in other countries. Thus, another aspect that may hinder the market's expansion is the shifting cost of raw materials.

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Antistatic Coatings Market

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Abrasion Resistant Coatings Market

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