Decorative Coatings Market worth $98.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 28, 2023 /PRNewswire/ -- The report "Decorative Coatings Market by Resin Type (Acrylic, Alkyd, vinyl, Polyurethane), Technology, Coating Type (Interior and Exterior), Color Type, User Type (DIY and Professional), Product Type, Application), and Region - Global Forecast to 2027", size is projected to grow from USD 82.0 billion in 2022 to USD 98.9 billion by 2027, at a CAGR of 3.8%. The decorative coating market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. China and India, among other countries, are leading the decorative coatings market globally. The market in Asia Pacific is witnessing high growth, which is expected to continue because of increasing residential construction and improved home remodeling practices.

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190 – Tables
52 – Figures
220 – Pages

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The leading global companies are shifting their production base, establishing sales offices, and enhancing distribution channels to regions, including Asia Pacific, which offer a sustained demand. The gradual shift of manufacturing facilities to countries with high demand and lower production costs positively influences the market's growth. The key producers control a major share of the total global market. As a result, there is severe competitive pressure on architectural coating producers to reduce the price of decorative coatings to gain market share at the expense of other competitors. Furthermore, regulatory standards regarding solvent usage and VOC emissions are crucial parameters to be considered by architectural coating suppliers.

The alkyd segment shows tremendous growth during the forecast period.

Alkyds are formed because of the polymerization reaction between an alcohol and an acid, modified by the addition of oils. Usually, they are made from polyols, dibasic acids, and fatty acids. They are also known as oil-modified polyesters. The oil content of the final product can extremely vary (from 30 to more than 70% of the total volume of the resin), which greatly influences the physico-chemical properties. The polymer structure of alkyd resins makes them particularly suitable to be used as a basis for enamels and paints with specific characteristics. Alkyds are the oldest type of binders used in coatings. One of their most important attributes is good compatibility with other coating polymers. For example, vinyl resins, i.e., copolymers of vinyl chloride and vinyl acetate, contain hydroxyl groups, which can be formulated with alkyd resins to improve their application properties.

The most used polyol is glycerol, and the most used dibasic acid is phthalic anhydride. Many variations in the constituents and portions of alkyd coating materials are available. Different binders such as drying oils, phenolic resins, amino resins, nitrocellulose, maleic resins, chlorinated rubber, and cyclized rubber can be used. The long-emulsified oil-drying alkyds are also added to synthetic latex house paints to improve adhesion to chalky painted surfaces.

Waterborne segment in technology shows tremendous growth in decorative coatings market during the forecast period.

Water-based coating technology is formulated with water as the base. Water is the main solvent in this technology, but it also contains other solvents, for instance, glycol ethers. There is about 80% water content in the entire formulation of water-based coating. The major advantage of this technology is low toxicity & flammability due to low VOC levels and HAP emissions, which helps reduce air emissions. A coating with this technology has excellent adhesion and greater heat resistance compared to other technologies. Water-based coatings have a VOC content of fewer than 3.5 pounds per gallon of water. Almost all types of resins, such as vinyl, two-component acrylics, epoxies, polyesters, alkyd, and urethanes, are available in water-based versions. Water-based coatings are classified based on how the resin is fluidized. The four main types are water-soluble paints, water-dispersible paints or colloidal coatings, emulsions/latex paints, and water-based alkyds. In each category, the physical properties and performance depend on the type of resin used.

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Asia Pacific decorative coatings market is estimated to register the highest CAGR during the forecast period.

Asia Pacific is a rapidly developing region that offers opportunities for various industry players. Most of the leading players in North America and Europe are planning to move their production bases to this region because of the availability of inexpensive raw materials, low production costs, and the need to serve the local markets better. The demand for premium products is increasing in the region due to the growth of the middle-class population. Government initiatives are also helping the growth of the building and construction industry. These factors are expected to play an important role in driving the decorative coatings market.

Owing to a weaker-than-expected second quarter, Asia's robust economic resurgence from earlier this year is losing steam. The IMF has reduced its predictions of growth for Asia Pacific to 4% this year and 4.3% next year, significantly below the 5.5% average over the previous two decades. Despite this, the growth of the Asian economy continues to be positive in an otherwise declining global economy. A rapid tightening of financial conditions is boosting government borrowing costs that are projected to become much more constrictive as central banks in major advanced economies continue to raise interest rates to contain the fastest-growing inflation in decades. Rapid currency depreciation may exacerbate policy issues. China's strict zero-COVID-19 policy and the related lockdowns, which, coupled with a deepening turmoil in the real estate sector, have led to an uncharacteristic and sharp slowdown in growth, which, in turn, is weakening momentum in connected economies.

Market Players

Major players operating in the decorative coatings include The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US), and others.

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