Decorative Coatings Market Size and Share to Surpass USD

Newark, July 16 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global decorative coatings market is expected to grow from USD 69.60 billion in 2021 to USD 99.66 billion by 2030, with a CAGR of 4.07. % over the forecast period 2022-2030.

The increasing urbanization and industrialization across the world and the preference for shiny looking home infrastructure is expected to increase the demand for the decorative coatings market during the projection period. Moreover, the increasing advancements and developments in the industry and the development of institutional buildings are also helping to propel the growth of the market. However, growing environmental influences of solvent-based coatings with VOC emissions involved in its production and growing vulnerability and fluctuating raw material costs are restraining the market growth factors. Additionally, increasing investment in emerging markets and increasing R&D activities are opportunities for market growth.

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Competitive Strategy

To strengthen their position in the global decorative coatings market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.

• For example, in June 2021, PPG Industries Inc., an American coatings and specialty materials company, acquired Tikkurila for an undisclosed amount. Through this acquisition, PPG Industries Inc. plans to use Tikkurila’s regional website and a strong portfolio of home décor brands to provide customers with access to new technologies and resources. Tikkurila is a Finnish chemical manufacturing company that manufactures decorative coatings.

Market growth and trends

The growth of the decorative coatings market is driven by the increase in construction of buildings and civic infrastructure and the increasing superior properties including moisture, UV radiation, corrosion resistance, bacteria and resistance in the heat. Additionally, the growing demand for environmentally friendly coatings is the growth trend of the market. Additionally, decorative coatings have gained popularity as a VOC-free and lead-free technology due to strict environmental regulations. Additionally, in mature economies like the United States and Western Europe, the requirement to manufacture eco-friendly decorative coatings is increasing in the non-residential, industrial and residential construction sectors due to the developing awareness of the benefits of these coatings. Awareness of environmentally friendly coatings is leading to the growth of new materials and formulations and advancements in application equipment and processes, which are driving the demand for decorative coatings. Decorative coatings companies contribute to a greener environment by launching high-end environmentally friendly products. This will help organizations achieve sustainable growth over the coming year. New construction activities and high performance multi-functional decorative coatings are also helping to drive the growth of the market over the forecast period.

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Main findings

• In 2021, the emulsion segment dominated the market with the largest market share of 42.27% and revenue of 29.41 billion.

The product type segment is divided into enamels, wood coatings, emulsions, distempers and others. In 2021, the emulsions segment dominated the market with the largest market share of 42.27% and revenue of 29.41 billion. This growth is attributed to the increasing demand for water-based coatings. Additionally, by 2030, wood siding segment is likely to dominate the market owing to increasing disposable income.

• In 2021, the acrylic segment dominated the market with the largest market share of 27.15% and revenue of 18.89 billion.

The resin type segment is divided into polyurethane, acrylic, vinyl, alkyd and others. In 2021, the acrylic segment dominated the market with the largest market share of 27.15% and revenue of 18.89 billion. This growth is attributed to its excellent properties including stain resistance, high UV resistance, improved flow, superior aesthetics, weather resistance, durability, performance and low cost. Moreover, by 2030, alkyds segment is likely to dominate the market owing to growing demand across different end-use businesses including wood and metal industrial packaging.

• In 2021, the outdoor segment dominated the market with the largest market share of 58.16% and revenue of 40.47 billion.

The coating type segment is divided into exterior and interior. In 2021, the outdoor segment dominated the market with the largest market share of 58.16% and revenue of 40.47 billion. This growth is attributed to rapid development and growing infrastructure needs.

• In 2021, the waterborne coatings segment dominated the market with the largest market share of 43.18% and revenue of 30.05 billion.

The technology segment is divided into solvent-based coatings, water-based coatings and powder coatings. In 2021, the waterborne coatings segment dominated the market with the largest market share of 43.18% and revenue of 30.05 billion. This growth is attributed to the improvement in the quality of industrial manufacturing in emerging countries.

• In 2021, the residential segment dominated the market with the largest market share of 57.15% and a turnover of 39.77 billion.

Application segment is divided into residential and non-residential. In 2021, the residential segment dominated the market with the largest market share of 57.15% and revenue of 39.77 billion. This growth is attributed to the increase in per capita income.

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Regional Segment Analysis of Decorative Coatings Market:

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The Asia-Pacific region has become the largest market in the global decorative coatings industry, with a market share of 49.22% and a market value of around 34.25 billion in 2021. Asia-Pacific dominates the decorative coatings market due to several developing countries such as Vietnam. , Bangladesh, China and India. Additionally, the ever-increasing domestic producers and growing infrastructure sector are also helping to drive the growth of the region’s market. Additionally, the North American region is expected to post the fastest CAGR of 6.03% over the projection period. This growth is attributed to the progressive regulatory framework for real estate. The growing number of brewing facilities and commercial construction activities are helping to drive the growth of the market over the forecast period. However, growing demand for automotive sector products in the country is also driving the market growth in this region.

Key players operating in the global decorative coatings market are:

• PPG Industries Inc.
• The Sherwin-Williams Company
• AkzoNobel SA
• BASF SE
• Kansai Paints Co., Ltd.
• Limited Asian Paintings
• Nippon Paint Holdings Co., Ltd.
• Masco Corporation
• RPM International Inc.
• Jotun A/S

This study forecasts revenue at global, regional and country level from 2019 to 2030. The Brainy Insights has segmented the global decorative coatings market based on the segments mentioned below:

Global decorative coatings market by product type:

• Enamels
• Wooden cladding
• Emulsions
• Tempera
• Others

Global Decorative Coatings Market by Resin Type:

• Polyurethane
• Acrylic
• Vinyl
• Alkyd
• Others

Global decorative coatings market by type of coating:

• Exterior
• Interior

Global Decorative Coatings Market by Technology:

• Solvent-based coatings
• Water based coatings
• Powder coatings

Global Decorative Coatings Market by Application:

• Residential
• Non-residential

About the report:

The global decorative coatings market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.

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About The Brainy Insights:

The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.

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