Global Decorative Coating Market Size, Share, Growth, Forecast 2030

Global Decorative Coating Market Insights

According to Zion Market Research, the global Global Decorative Coating Market was worth USD 85.7 Billion in 2023. The market is forecast to reach USD 127.47 Billion by 2032, growing at a compound annual growth rate (CAGR) of 4.51% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Global Decorative Coating Market industry over the next decade.

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Market Overview

The Global Decorative Coating Market accounted for USD 69.11 Billion in 2020 and is expected to reach USD 96.35 Billion by 2028, growing at a CAGR of 4.30% from 2021 to 2028.

Decorative coatings are coatings and liquid paints applied to the inside or outside of a structure to stabilize and safeguard it. Roof coatings, deck accessories, wall colours, and house interior trim and fixtures in residential apartments will all benefit from it. The surface reflects the topcoat and bottom coat's antifungal, durability, anti-dampening properties and weather resistance, The three types of coatings available are, primers, enamels and emulsions.

Decorative coatings are widely used to protect metal, wooden, and concrete surfaces from bleaching, chalking, and corrosion by acting as a shielding agent and colorant. They boost working practices, productivity and results, and cost-benefit calculations. They are mostly used in the metal and plastic industries, as well as in residential and industrial construction and the automobile industry.

COVID-19 Impact Analysis

The Global Decorative Coating Market has continued to expand due to an increased demand for cleanliness in many areas. The value of anti-microbial decorative coating has increased dramatically because of the COVID-19 pandemic and the rise of healthcare-associated infections (HAIs). Anti-microbial paints are widely used in hospitals, colleges, and food processing facilities because these environments are prone to bacterial and microbial growth.

However, the global market suffered a downfall during the COVID-19 crisis as major revenue-contributing end-users such as construction, commercial renovation, infrastructure development, and home improvement activities witnessed a halt, especially during Q1 Q2 2020.

Furthermore, a labor shortage, along with possible supply chain bottlenecks of goods and machinery, is likely to trigger project delays in already financed programs, as well as lower investment on future projects. Furthermore, as manufacturing operations are halted, businesses are struggling with lost revenue and broken supply chains.

However, since the shock was a 'black swan occurrence' unrelated to current or underlying vulnerabilities in the industry or the world economy, it is estimated that the decorative coating market will rebound over the projected timeframe.

Growth Factors

One of the major growth drivers for the Decorative Coating Market is the Higher Economic Growth and Growing Disposable Income. Over the past few years, swift economic growth and increasing income have resulted in the construction of many new apartments and the remodelling of many older ones. Paints, stains, lacquers, primers, and cleaners are among the most popular decorative coatings used for upgrading both the interior and exterior constructions Recent advancements in construction material composition and technology have further improved the fade resistance, wearability, and longevity of decorative coatings. The demand for decorative coatings is escalating globally as the number of commercial buildings rises and consumers become more conscious of environmentally sustainable coatings.

Global Decorative Coating Market: Report Scope

Another factor of growth in this market is rising awareness about eco-friendly paints. The demand for decorative coatings is being driven by the emergence of new products and formulations, as well as the improvement of equipment and application technologies, because of increased knowledge about eco-friendly paints and coatings. By introducing luxury eco-friendly materials, decorative coatings firms are leading to a greener world. This will assist the businesses in achieving long-term sustainability in the immediate future.

Product Segment Analysis Preview

The emulsion-based paint industry is the fastest-growing sector with 42% in market share. Emulsion-based paints are gaining popularity among customers because they are less acidic, have no odor, and emit a low amount of VOCs. With rapid urbanization, the recovery of the economy, and increased disposable income, these paints have seen tremendous growth in recent years. The market for emulsion-based paint has steadily risen as solvent-based solutions have been replaced by water-based systems, which are more environmentally sustainable.

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Resin Type Segment Analysis Preview

The Decorative Coating Market was dominated by the acrylic resin segment. In 2020, the acrylic segment had the highest market share. Acrylics outperform oil-based paints, alkyds, and epoxies in terms of weathering and oxidation resistance because the main components of acrylic polymers have a polymer matrix with no ability to absorb UV radiation. Acrylics also have excellent color and gloss preservation.

They're well-known for their toughness, as they shield the underlying substrate from the effects of rain, snow, wind, and UV light.

Technology Segment Analysis Preview

The Decorative Coating Market was dominated by waterborne coating. The shift from solventborne to waterborne coatings has primarily been observed in the decorative coatings industry. The growing demand for green goods has necessitated the supply of green coatings raw materials, especially waterborne resins. Waterborne alkyd developments, for example, have allowed the manufacture of almost zero-VOC alkyd resins with performance comparable to solventborne alkyds.

Key Market Players and Competitive Landscape

Some of the prominent players operating in the Global Decorative Coatings Market are BASF SE, PPG Industries Inc., The Sherwin-Williams Company, Akzo Nobel N.V. , Asian Paints Limited , Kansai Paint Co., Ltd. , The Valspar Corporation , Arkema S.A. , Nippon Paints Co. Ltd , Tikkurila Oyj and Others.

Regional Segment Analysis Preview

The Global Decorative Coating Market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Due to the expanding construction industry, Asia Pacific is expected to develop at the fastest CAGR with 6.1% during the review period, from 2021 to 2028. Due to the high adoption rate by the construction industry, demand for decorative coatings is expected to rise in several Middle Eastern and African countries, including Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait. Furthermore, this area is smack dab in the center of the world's fastest-growing markets, allowing Dubai to establish itself as a global aviation hub.

North American Decorative Coatings Market is expected to rise at a rapid pace owing to the expanding production capacity and rising demand for decorative coating from commercial construction sector. Latin America is expected to have a positive outlook in the immediate future due to the region's rebound from the recent economic recession, which is expected to fuel increased investments. After a period of slow expansion, North America and Europe are expected to see significant development. In both countries, expansion in renovations activities is expected to fuel demand for decorative paints and coatings.

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In Europe, demand for decorative coatings is expected to rise in countries such as Italy, Germany, Spain, the United Kingdom, France, and Russia, owing to increased investment in innovation and rising customer buying power. Furthermore, the presence of major Decorative Coatings manufacturers, especially in Germany, is expected to fuel market growth. Because of the financial crisis, Latin American countries such as Argentina, Colombia, and Brazil are expected to see a downturn in the Decorative Coatings Market. Their debts have outstripped their incomes.

Decorative Coating Market: Competitive Analysis

The global Decorative Coating market is dominated by players like:

• BASF SE
• PPG Industries Inc
• The Sherwin-Williams Company
• Akzo Nobel N.V.
• Asian Paints Limited
• Kansai Paint Co., Ltd.
• The Valspar Corporation ,
• Arkema S.A. 
• Nippon Paints Co. Ltd 
• Tikkurila Oyj

The Decorative Coating Market is segmented as follows:-

Product

• Primer
• Enamel
• Emulsions
• Others

Resin Type

• Acrylic
• Alkyd

Technology

• Waterborne
• Solventborne
•  Powder

End-User

• Residential
• Commercial
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa