Decorative Paints & Coatings Market By Resin Type (Acrylic, Alkyd, Epoxy, Polyurethanes), By Product

Published Date: January 2020 | Report Code : CH2058975

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The Global Decorative Paints & Coatings Market was valued at USD 57.17 billion in 2019 and is anticipated to grow at a CAGR of 5.4% during the forecast period, to reach USD 91.31 billion by 2028. Paints and coatings are not by themselves useful products but make other products better, more durable, stylish, safer and sellable. Therefore, paints and coatings are considered to allow materials that add value to the manufactured end products. Generally, it is used for providing protection from external damage, specific product attributes and aesthetic decorative value for the surfaces and products.  Besides this, decorative value is one of the key necessities of many paints and coatings end-use applications that are used in wood, masonry, along with metals and alloys that are widely being used in various industrial purposes.  The majority of the materials, metals, wood, and plastics, when exposed to the environment, are prone to degradation due to corrosion, erosion, or other forms of physical abuse reducing their service life. As a result, there has been a considerable need to protect these surfaces from environmental attack through paints & coatings. Decorative paints and coatings are mainly used in building exteriors, equipment, bridges, pipelines, superstructures, and monuments which are painted with a variety of colors, textures, and decorations.

Decorative paints & coatings marketDecorative Paints & Coatings Market Statistics

Increasing demand from the construction industry, technological advancements, and growing end-use industries are factors that will drive the global decorative paints & coatings market during the forecast period. In addition, rapid urbanization around the globe, calls for a rise in construction for different purposes, such as offices, apartments, retail spaces, and industries. This makes the decorative paints & coatings market more competitive for new and innovative products. The environmental damage caused due to the production of paints & coatings forces the government agencies to impose strict regulations on major manufacturers which in turn restrain the market growth. Another important challenge for the coating raw material industry has been to offer "green" raw materials which reduce the environmental footprint of coatings. With increasing awareness and consumer interest for using bio-based and greener raw materials, researchers and industries are trying to provide such raw materials at reasonable costs without sacrificing their efficiency. Hence demand for greener decorative paints and coatings is anticipated to grow in the coming years across the globe.

The decorative paints & coatings market relies heavily on creativity and on the constant advancement of science and technology towards new frontiers. CoatingsTech surveyed various different manufacturers of raw materials and coatings on the value of megatrends and other key drivers of technology adoption. In addition, BASF produces, manufactures a wide range of raw materials for highly demanding formulations of paints and coatings used for architectural coatings, as well as for decorative coating used in residential and commercial end-use applications or industrial coatings.

Key Factors Impacting the Growth of Decorative Paints & Coatings Market:

  • Change in lifestyle, renovation of old architectures and government regulations
  • Infrastructural growth in the Asia Pacific region
  • Increasing complex constructions in extreme environmental conditions
  • Increasing demand for bio-based coatings
  • Better lifespan and performance of products

Decorative paints & coatings market is segmented on the basis of resin, product, technology, application and geography. The decorative paints & coatings leaders are looking to the paints & coatings for infrastructural as one of the key cost-saving potential regions. The decorative paints & coatings market is currently witnessing high growth due to increased demand in order to provide better aesthetic look, durable and safer.

Global decorative paints & coatings market sizeDecorative Paints & Coatings Market Segmentation

Resin Type Outlook

Based on the resin type, the decorative paints & coatings market has been segmented into acrylic, alkyd, epoxy, polyurethanes, and others. The acrylic resin segment captured the highest market share of the decorative paints & coatings market in 2019. Acrylics type decorative paints and coatings are appreciated for outstanding properties such as transparency, chemical and physical resistance. Besides this, good color, gloss retention and low tendency to absorb UV light, acrylics resin type decorative paints and coatings are widely accepted in the various end-use application markets. It is available in different forms such as solvent, water, and powder.

Product Type Outlook:

Based on the product type the decorative paints & coatings market has been segmented into emulsion, enamel, distemper, and luster. The emulsion is the most dominated segment due to its superior quality, shinier finish and tougher paint with greater coverage on the substrate and ease in application.

Technology Outlook:

Based on the technology, the decorative paints & coatings market has been segmented into water-based, solvent-based and powder. High operating efficiencies, lower operating cost, non-flammability, low spark hazards, and no VOC emissions, these factors will drive the powder-based decorative paints and coatings market in the coming years. This segment is attractive from a pollution prevention point of view since no solvents are used in coating formation and there is little or no hazardous waste to be disposed of

End User Outlook:

Based on the end user, the decorative paints & coatings market has been segmented into residential, commercial, industrial and others. The residential segment captured a significant market share with a faster growth rate due to the increasing residential building & construction globally. Several factors such as rising per capita income that has resulted in increasing home ownership and urbanization across the globe are prominent market drivers over the forecast time frame.

Regional Outlook:

Based on the region, the decorative paints & coatings market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. The Asia Pacific and the Middle East region are expected to register substantial growth in decorative paints & coatings market during the forecast period due to the presence of numerous developing countries such as China, India, Vietnam, and Bangladesh. In the Asia Pacific region, growing investment by the government to develop public infrastructures, PPP in the construction sector along individual investment in home decorations are the prime factors that are anticipated to leverage the decorative paints and coatings market in the region. Asia Pacific region accounts for 60 percent of the world's population, which is 4.3 billion people, according to the United Nations Population Fund (UNPF). Moreover, despite funding gaps in Indonesia, Vietnam, and the Philippines, it is projected that the non-residential construction industry will grow faster due to government projects such as seaports, transportation, and electricity. North America and Western Europe are also major markets that are also traditional suppliers of chemicals. Major decorative paints & coatings companies in this market are headquartered in North America and Western Europe. These regions have been witnessing a number of transitions in terms of productions of decorative paints & coatings and respective applications by end-use industries. Eastern Europe has been largely dominated by Russia and Turkey with operations of major decorative paints & coatings giants in the region.

decorative paints & coatings market shareDecorative Paints & Coatings Market- Regional Analysis

The report analyzes factors affecting the decorative paints & coatings market from both demand and supply side and further analyses market dynamics affecting the market during the forecast year such as driver, restrain, opportunities and future trends. The report also provides comprehensive Porter’s model analysis on the decorative paints & coatings market for all six regions namely; North America, Western Europe, Eastern Europe, Asia Pacific, Middle East and the Rest of the world.

Competitive Landscape

New product development in the decorative paints & coatings market as per demand from the end-use industries and innovation in paints & coatings that solve problems and inspire people to decorate with color as per requirement are the strategies adopted by leading market players. Major companies are investing in research and development for new product development or to leverage the existing product lines. Besides, key market players are also adopting inorganic development strategies like the acquisition of local brands. Similarly, other business models such as joint venture and market entry strategies are helping prominent vendors to make their presence felt in the decorative paints & coatings market and increase their product portfolio. The key leading players in the market include Kansai Paints Co., Ltd., PPG Industries, Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Asian Paints Limited, Nippon Paint Holdings Co., Ltd., BASF SE, Masco Corporation, Jotun Group, and RPM International Inc.

This report also includes the profiles of key companies operating in the decorative paints & coatings market, along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Development:

  • In 2016, BASF acquired Chemetall, which provides various surface treatment products, services, and technologies across the globe. This acquisition helped BASF to increase its paints and coatings product portfolio with a strong geographical market presence across various end-use applications.
  • In Sep 2017, AkzoNobel N.V. has officially opened the World’s most advanced and sustainable paint plant in Ashington, the U.K. It represents the largest ever global investment by the company’s Decorative Paints business. 

What Does This Report Provide?

This report provides a detailed understanding of the global decorative paints & coatings market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Global Decorative Paints & Coatings Market TrendsDecorative Paints & Coatings Market Timeline (2017-2028)

Market Segmentation:

By Resin Type:

  • Acrylic
  • Alkyd
  • Epoxy
  • Polyurethanes
  • Others

By Product Type:

  • Emulsion
  • Enamel
  • Distemper
  • Luster

By Technology:

  • Water-Based
  • Solvent-Based
  • Powder

By End User:

  • Residential
  • Commercial
  • Industrial
  • Others

By Region:

  • North America
    • By Country (U.S., Canada, Mexico)
    • By Resin Type
    • By Product Type
    • By Technology
    • By Application
  • Western Europe
    • By Country (Germany, U.K., France, Italy, Spain, The Netherlands, Rest of Western Europe)
    • By Resin Type
    • By Product Type
    • By Technology
    • By Application
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Resin Type
    • By Product Type
    • By Technology
    • By Application
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Resin Type
    • By Product Type
    • By Technology
    • By Application
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Resin Type
    • By Product Type
    • By Technology
    • By Application
  • Rest of the World
    • By Region (South America, Africa)
    • By Resin Type
    • By Product Type
    • By Technology
    • By Application

 Reasons to Buy This Report:

  • Market size estimation of the decorative paints & coatings market on a regional and global basis
  • Unique research usage for market size estimation and forecast
  • Profiling of major companies operating in the decorative paints & coatings market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the decorative paints & coatings market

 Customization:

We provide customization of the study to meet specific requirements:

  • Country specific market sizing and forecasting by segment and sub-segment
  • In-depth company analysis, regional product offerings, distribution channel mapping, brand proposition
  • In-depth pricing analysis of raw materials and decorative paints and coatings with forecast

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