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2024

Decorative Coatings Market

Decorative Coatings Market Size, Share, Competitive Landscape and Trend Analysis Report by Technology, by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Paints, Coatings and Additives

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Author's: Ankush Dilip Kawalkar| Supriya Bhosale | Surya Sanka
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Decorative Coatings Market Research, 2032

The global decorative coatings market size was valued at $73.2 billion in 2022, and is projected to reach $115.2 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032. Decorative coatings represent a category of paint or coating substances employed to enhance both the physical resilience and visual allure of applied surfaces. They find utility in coating metal items and plastic materials, functioning as both a colorant and a protective layer for metal, wood, and concrete structures. These coatings serve as a safeguard against issues such as chalking, bleaching, and overall deterioration, providing protection to buildings from adverse weather conditions and external factors like extreme temperatures, UV radiation, acid rain, and foreign particles.

Decorative Coatings Market

The decorative coatings market is characterized by its specialized approach, going beyond the traditional concept of surface protection to include a heightened aesthetic dimension. Beyond serving as a protective layer, decorative coatings play a pivotal role in transforming ordinary surfaces into visually captivating focal points. With a primary focus on enhancing the appearance of various substrates, such as walls and furniture, these coatings have become integral in construction projects, particularly amid the expanding landscape of urbanization. As the demand for decorative coatings continues to grow, their significance lies not only in shielding structures from environmental elements but also in offering boundless design possibilities. Architects and designers leverage these coatings to create distinctive and appealing spaces. In the consumer goods sector, where aesthetics profoundly influences purchasing decisions, decorative coatings become a crucial element. By enhancing the visual allure of products, they contribute to increased consumer attraction and, consequently, increased sales. The decorative coatings market, therefore, emerges as a dynamic arena bridging protection and aesthetics in response to the evolving demands of various industries.

Regulatory barriers are one of the major impediments to the decorative coatings sector. Environmental rules, particularly those governing the use of certain chemicals and emissions standards, can make it difficult for businesses to comply. Meeting these expanding regulatory criteria frequently necessitates significant investments in R&D to reformulate coatings, stifling innovation and potentially increasing production costs. The requirement to traverse complicated and changing regulatory frameworks is expected to hinder the industry’s growth and development.

In the ever-evolving landscape of decorative coatings, bio-based coatings emerge as a symbol of sustainability and innovation. Unlike conventional coatings relying on fossil fuels, bio-based coatings leverage renewable resources, contributing to reduced environmental impact. This eco-friendly approach extends to their manufacturing processes, known for being more environmentally friendly compared to petroleum-based counterparts. Bio-based coatings find application across diverse sectors, including automotive, construction, packaging, furniture, and textiles. Particularly noteworthy is their use in architectural applications like interior and exterior paints, primers, and varnishes. The inherent advantages of lower volatile organic compound (VOC) emissions make bio-based coatings a preferred choice, not only for their functional properties but also for their positive impact on indoor air quality and overall environmental sustainability.

The key players profiled in decorative coatings market forecast report include PPG, The Sherwin-Williams Company, Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., BASF SE, Asian Paints, Kansai Paint Co.,Ltd., Jotun, RPM International Inc., and Axalta Coating Systems. Acquisition and strategic partnership are common strategies followed by major market players. For instance, in August 2023, AkzoNobel completed the acquisition of Sherwin-Williams' Chinese Decorative Paints business, thereby strengthening its position in the Chinese market.

The decorative coatings market is segmented on the basis of technology, type, application, and region. By type, the market is divided into emulsion, enamel, primer, and others. By application, the market is classified into interior and exterior. By technology, the market is divided into water-based and solvent-based. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The decorative coatings market is segmented into Technology, Type and Application.

Decorative Coatings Market by Technology

By technology, the water-based sub-segment dominated the global decorative coatings market share in 2022. A key advantage lies in the adaptability of water-based paints, which can be applied to a diverse range of surfaces such as wood, metal, and plaster. This versatility expands their utility to areas where traditional oil-based paints may not be recommended. Beyond surface compatibility, water-based coatings demonstrate their commitment toward environmental responsibility by significantly reducing VOC emissions. The market dominance of the water-based sub-segment underscores its importance in performance, safety, and environmental stewardship, making it the preferred choice for discerning consumers and professionals.

Decorative Coatings Market by Type

By type, the emulsion sub-segment dominated the global decorative coatings market share in 2022. Emulsion coatings, which are distinguished by minute polymer particles encapsulating colors, provide a water-based solution that goes beyond mere protection. The emulsion sub-segment not only excels at protecting surfaces, but it also stands out for its adaptability and visual appeal. The extensive use of emulsion coatings demonstrates their effectiveness in improving the aesthetics of a wide range of substrates, from walls to furniture. As consumer preferences and industry trends vary, the emulsion sub-segment plays an important part in influencing the global decorative coatings market's trajectory, contributing to its continuing expansion and significance.

Decorative Coatings Market by Application

By application, the interior sub-segment dominated the global decorative coatings market share in 2022. While the decorative coating market extends its reach to both interior and exterior surfaces, the interior sub-segment commands the highest market share due to its widespread applicability and unique advantages. Decorative paints not only improve the visual aesthetics of living spaces, but also contribute to the overall ambiance and charm of interiors. The differentiation in formulations allows consumers to select coatings tailored to specific requirements, whether it be resistance to impacts for furniture or creating metallic and rust finishes for added sophistication. This sub-segment's prominence highlights the enduring appeal of decorative painting as an essential element in interior design, encapsulating a blend of functionality, durability, and aesthetic enhancement.

Decorative Coatings Market by Region

By region, Asia-Pacific dominated the decorative coatings market in 2022. The rising demand for decorative coatings in Asia-Pacific is intricately linked to the ongoing infrastructure and construction boom that characterizes the region's development. With expanding urbanization and a growing emphasis on modernizing infrastructure, the need for high-quality and visually appealing coatings has become paramount. Decorative coatings play a vital role in protecting surfaces from environmental elements while adding aesthetic value to structures. As the industrial sectors in Asia-Pacific continue to evolve, the demand for these coatings is expected to witness sustained growth, reflecting the region's position as a key driver in the global decorative coatings market growth.

Impact of COVID-19 on the Global Decorative Coatings Industry

  • The COVID-19 pandemic resulted in a notable decline in industrial activities and manufacturing, leading to decreased demand for various chemicals, including decorative coatings. Numerous manufacturing facilities and industries experienced temporary closures or operated at reduced capacities, adversely affecting the production of decorative coatings.
  • The reduced demand and disruptions in the supply chain contributed to price volatility in the decorative coatings market. Prices experienced fluctuations due to the uncertainties induced by the pandemic, impacting both producers and consumers.
  • The pandemic exerted diverse effects on the demand for decorative coatings. For example, solvents utilized in industries like automotive coatings or aviation witnessed a more definite decline in demand compared to those used in pharmaceuticals or disinfectants. This shift in demand necessitated some manufacturers to adapt to the evolving market conditions.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the decorative coatings market analysis from 2022 to 2032 to identify the prevailing decorative coatings market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the decorative coatings market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global decorative coatings market trends, key players, market segments, application areas, and market growth strategies.

Decorative Coatings Market Report Highlights

Aspects Details
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Market Size By 2032

USD 115.2 billion

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Growth Rate

CAGR of 4.7%

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Forecast period

2022 - 2032

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Report Pages

320

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By Technology
  • Water-based
  • Solvent-based
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By Type
  • Emulsion
  • Enamel
  • Primer
  • Others
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By Application
  • Exterior
  • Interior
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, United Arab Emirates, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

Akzo Nobel N.V., Jotun, BASF SE, Asian Paints, Nippon Paint Holdings Co., Ltd., RPM International Inc., PPG Industries Inc., Kansai Paints Co. Ltd., The Sherwin-Williams Company, Axalta Coating Systems

Key Market Players
Other Key Market Players

Benjamin Moore, Axalta Coating Systems

Author Name(s) : Ankush Dilip Kawalkar| Supriya Bhosale | Surya Sanka
Frequently Asked Questions?

The decorative coatings market size is expected to grow due to an increase in demand for decorative coatings in the construction industry.

The major growth strategies adopted by the decorative coatings market players are product launches and partnership & agreements.

Asia-Pacific will provide more business opportunities for the global decorative coatings market in the future.

PPG, The Sherwin-Williams Company, Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., BASF SE, Asian Paints, Kansai Paint Co.,Ltd., Jotun, RPM International Inc., and Axalta Coating Systems. are the major players in the decorative coatings market.

The water-based sub-segment of the type segment acquired the maximum share of the global decorative coatings market in 2022.

Paints & coatings companies are the major customers in the global decorative coatings market.

The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global decorative coatings market from 2022 to 2032 to determine the prevailing opportunities.

The adoption of decorative coatings is primarily driven by various applications in the construction and interior design industries.

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Decorative Coatings Market

Global Opportunity Analysis and Industry Forecast, 2023-2032