The Global Decorative Paints & Coatings Market was valued USD 57.17 billion in 2019 and is projected to reach USD 91.31 billion by 2028, at a CAGR of 5.4% over the forecast period. The need for developing innovative and sustainable solutions for architectural coatings, automotive and commercial vehicle coatings, and industrial coatings has resulted in an increase in demand for Decorative Paints & Coatings.
The global Paint and Coatings market benefits from high-performance products such as pigments, pigment preparations, dispersions, resins, and additives, which improve surface properties such as appearance, besides enabling unique effects and improving resistance to scratching or corrosion. The growing need for more sustainable paints and coatings will fuel the growth of the market in the future.
Decorative paints and coatings have applications in building exteriors, equipment, bridges, pipelines, superstructures, and monuments, which have a variety of colors, textures, and decorations. Increasing demand from the construction industry, technological advancements, and growing end-use industries are the major factors that will drive the global decorative paints & coatings market during the forecast period.
Developing and offering "green" raw materials to reduce carbon footprints will be a challenge for the coating raw material industry. With increasing awareness and growing consumer interest in bio-based and greener raw materials, researchers and industries are trying to provide such raw materials at reasonable costs without sacrificing their efficiency. Hence, the demand for greener decorative paints and coatings will grow in the coming years across the globe.
Decorative Paints & Coatings Market, By Resin Type:
Based on the resin type, the decorative paints & coatings market segmentation includes acrylic, alkyd, epoxy, polyurethanes, and others. The acrylic resin segment captured the highest market share of the decorative paints & coatings market in 2019. The Acrylics type decorative paints and coatings have outstanding properties, such as transparency, chemical, and physical resistance.
Decorative Paints & Coatings Market, By Product Type:
Based on the product type, the decorative paints & coatings market segmentation includes emulsion, enamel, distemper, and luster. The emulsion is the most dominant segment, and this can be mainly attributed to its superior quality, a shinier finish, greater coverage on substrates, and ease in application.
Decorative Paints & Coatings Market, By Technology:
Based on the technology, the decorative paints & coatings market segmentation includes water-based, solvent-based, and powder. Quick-drying and protective barrier properties have led to the growth of the water-based segment. On the other hand, high operating efficiencies, lower operating cost, non-flammability, low spark hazards, and no VOC emissions associated with powder-based decorative paints and coatings will drive the growth of this segment in the coming years.
Decorative Paints & Coatings Market, By End-user:
Based on the end-user, the decorative paints & coatings market segmentation includes residential, commercial, industrial, and others. The residential segment has captured a significant market share with a faster growth rate due to increasing residential building & construction activities globally.
Decorative Paints & Coatings Market, By Region:
In the Asia Pacific region, growing investment by the government to develop public infrastructures and PPP in the construction sector, along individual investment in home decorations, are the prime factors that will drive the decorative paints and coatings market in the region.
Some Major Developments in Decorative Paints & Coatings Market:
Some Key Findings of the Global Decorative Paints & Coatings Market Report Include:
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