Decorative Coatings Market to Grow with a CAGR of 4.49% through 2028
Surge in technological advancements is expected to drive the Global
Decorative Coatings Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Decorative
Coatings Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Decorative Coatings Market stood
at USD 84.12 billion in 2022 and is anticipated to grow with a CAGR of 4.49% in the
forecast period, 2023-2028. The initiatives taken by government based on Decorative
Coatings has led to favorable market conditions for the Global Decorative
Coatings Market. Several factors contribute to the growth of various Decorative
Coatings products.
Governments
worldwide are investing heavily in commercial and industrial infrastructure,
particularly in emerging countries. These investments often involve the
construction of new buildings and the renovation of existing ones, both of
which require a wide range of decorative coatings. From durable and
weather-resistant coatings for exteriors to aesthetically pleasing and
protective coatings for interiors, the demand for decorative paints and
coatings is expected to soar. For instance, the "Housing for All"
initiative by the Indian government, aimed at providing affordable housing to
all citizens, is expected to significantly boost the demand for decorative
paints and coatings.
Regulatory
bodies like the U.S. Environmental Protection Agency (EPA) are actively
introducing amendments to standards that have a direct impact on the use of
decorative coatings. For example, the EPA proposed changes to the Standards of
Performance for Industrial Surface Coating of Plastic, aiming to improve
environmental sustainability and reduce emissions in the industry. These
proposed amendments could potentially affect the types of coatings used,
driving the industry to adopt eco-friendlier and lower VOC (volatile organic
compound) coatings. Compliance with these evolving regulations will require
manufacturers to adapt their processes and formulations to meet the new
standards while continuing to deliver high-quality decorative coatings.
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Driven by
increasing consumer awareness and stringent regulatory frameworks,
manufacturers are making substantial investments in research and development to
create environmentally friendly decorative coatings. These sustainable products
not only have a reduced environmental impact but also offer enhanced
performance compared to traditional coatings.
Furthermore,
technological advancements have resulted in the development of innovative
application processes that improve efficiency and minimize wastage. For
instance, the utilization of high-volume, low-pressure (HVLP) sprayers enables
better control during application, resulting in a more consistent finish and
reduced overspray. These
technological advancements are significantly influencing the decorative
coatings market. The introduction of eco-friendly coatings enables
manufacturers to meet the rising demand for sustainable products, thereby unlocking
new market opportunities.
The Global
Decorative Coatings Market is segmented into resin type, technology, end user, regional
distribution, and company
Based on its technology, the Waterborne Coatings segment
held the largest share in the market. The excellent adhesion, heat resistance,
and abrasion properties of this product are some of the key factors
contributing to its popularity. In addition, it offers significant advantages
over solvent-borne alternatives. Not only does it exhibit lower toxicity and
flammability, but it also helps reduce air emissions, making it a more
environmentally friendly option. With these exceptional qualities, the demand
for this product is expected to witness a significant surge over the forecast
period.
On the other hand, solvent-borne technology is
projected to experience a notable decline in market share. This can be
attributed to the presence of volatile organic compounds (VOCs) and Hazardous
Air Pollutants (HAP) such as toluene, ethylbenzene, xylene, and methyl ethyl
ketone, which pose environmental and health risks. Additionally, solventborne
coatings tend to be more expensive compared to their counterparts. As a result,
the demand for solventborne coatings is estimated to exceed 7,100.0 kilotons by
2022.
Based on region, North America segment is expected to
grow during the forecast period.m The increasing demand for sustainable and eco-friendly
coatings in the region is driven by a growing consumer awareness of the
environmental impact of the products they use. This shift in consumer
preferences has created a need for coatings that are not only effective but
also environmentally friendly. Moreover, the region has witnessed a significant rise
in both residential and non-residential construction activities, further
fueling the demand for coatings. The construction industry plays a crucial role
in driving the growth of the coatings market in the region. In addition to the demand drivers, the presence of key
players such as PPG Industries, Sherwin-Williams, RPM International, and Axalta
Coating Systems, among others, strengthens the market landscape. These industry
leaders bring expertise, innovation, and a wide range of product offerings,
contributing to the overall growth of the coatings market in the region. With these factors combined, the region is poised for
sustained growth in the coatings market, meeting both the demand for
sustainability and the requirements of the thriving construction sector.
Major companies operating in Global Decorative
Coatings Market are:
- PPG Industries Inc.
- Axalta Coating Systems Ltd.
- Nippon Paint Holdings Co Ltd
- Kansai Paint Co Ltd
- Bayer AG
- Valspar Corporation
- Sherwin-Williams Company
- KCC Corporation
- Jotun A/S
- BASF SE
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“Growing application of Decorative Coatings in various
end user industries are key drivers of the Decorative Coatings market. Growth
in competitive landscape and presence of well-established companies in the
market who are dedicated to enhance their productivity of Decorative Coatings
with every passing year are anticipated to register an impressive growth to Global
Decorative Coatings Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Decorative Coatings Market By Resin
Type (Acrylic Resin, Alkyd Resin, Vinyl Resin, Polyurethane Resin, Others), By Technology
(Waterborne Coatings, Solvent-Borne Coatings, Powder Coatings), By End User (Residential
and Non-Residential), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Decorative Coatings Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Decorative Coatings Market.
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