The decorative coatings market is expected to grow at a CAGR of 4.61% over the forecast period to reach a total market size of US$112.431 billion by 2025 increasing from US$85.783 billion in 2019
Enhanced durability and appearance of the surface and weather protection are some of the factors boosting the demand for decorative coatings from the real estate industry over the forecast period. Additionally, rising disposable income across the globe, increased awareness among consumers about decorative designs and the growing craze for interior designing are further expected to drive the market growth. Significant infrastructure development in emerging economies of Asia Pacific coupled with rising spending in current fiscal budgets by the government of India and China are the key factors behind the growth of decorative coating market in this region. However, harmful environmental effects by solvent-borne coatings coupled with stringent environmental regulations are expected to serve as a key market challenge over the next five years.
Increasing construction activities is driving the demand for decorative coatings
Rapid industrialization and growing construction activities in developing economies is expected to fuel the demand for decorative coatings in construction and other industries. Decorative coatings are used on the surface of structures such as buildings, roads and bridges for protection and aesthetic purposes also. The investment in the development of infrastructure is expected to increase, more specifically, in emerging and developing countries like India, China, and Brazil among others. For instance, India and China have been growing above 6% per annum for the last couple of years which is an indication of the development of infrastructure and growing urbanization. Moreover, in the United States, the construction spending has increased from US$788,322 million in 2011 to US$1,293,982 million in 2018 (source: United States Census Bureau) while a similar trend has been noticed in the European region.
Water based formation is holding significant share in the market
By formulation, the market has been characterized as water based, solvent based and powder based. Water based is holding significant share in the market owing to its wider adoption and one of the oldest form of decorative coatings. In addition, powder coatings are growing at an exponential rate over the forecast period on account of its advantage of low cost and high efficiency compared to other forms. Also, with the changing preference towards wood effects the market is growing with new players entering and expanding the scale of operations.
The Asia Pacific is estimated to hold a significant share in the market
By geography, the global decorative coatings market has been segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific (APAC) regions. The Asia Pacific accounts for the significant share of the global decorative coatings market in 2019 and is projected to remain at its position throughout the forecast period. The region is experiencing a significant increase in construction activities which is further driving the growth of the market over the forecast period. Also, increasing number of construction projects in the countries like China especially megaprojects like Beijing Daxing International Airport which started in 2014 and is one of the largest infrastructure project initiated by the country with an aim to process 72 million passengers a year which is expected to have four runways by 2025 is expected to drive the scope of demand for decorative coatings during the forecast period. Besides, increasing population density in urban areas coupled with rising investment in residential projects has been increasing the demand for decorative coatings from the couple of years and this trend is expected to continue in the coming years. Furthermore, Since, Tokyo will also be hosting the 2020 Olympic and Paralympics games, the construction investment is estimated to continue to increase which will widen up the growth opportunities for decorative coating vendors and manufacturers in the coming years. In North America, due to presence of major market players and increasing investment in infrastructure activities, the market is growing at a substantial rate. Similar trends have been noticed in the European region, which is witnessing exponential growth on account of increasing investment by market players.
Competitive Insights
Prominent key market players in the global spray adhesive market include Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., and DAW SE among others. The market players in the global decorative coatings market are adopting various growth strategies such as new product launches, M&A, and partnerships to expand their global footprint. For instance, in 2018, Bergen Paints invested nearly INR 200 Crore to set up a new integrated paint manufacturing plant in Uttar Pradesh. Also in July, 2019, AkzoNobel invested nearly three million Euros in its Changzhou powder coatings plant in China to add three new production lines, aiming to support supplies of acrylic powder coatings and powder primers among others for automotive sector and strengthening company’s ability to deliver more locally produced premium products. Furthermore, in May 2019, JSW groups enter into paint business with six hundred INR Crore, the company will manufacturer market industrial coil coatings and decorative paints at its two plants in Maharashtra and Karnataka.
The research study report categorizes the decorative paints & coatings market based on formulation, type, resin type, application and geography. The analysis presents in-depth information regarding the trends, development, and latest industry policies and regulations implemented in each of the geographical regions. Also, the overall regulatory framework of the market has been covered to offer stakeholders a better understanding of the key factors affecting the overall market environment during the forecast period.
Segmentation:
By Formulation
By Type
By Resin Type
By Application
By Geography
North America
South America
Europe
Middle East and Africa
Asia Pacific
Enhanced durability and appearance of the surface and weather protection are some of the factors boosting the demand for decorative coatings from the real estate industry over the forecast period. Additionally, rising disposable income across the globe, increased awareness among consumers about decorative designs and the growing craze for interior designing are further expected to drive the market growth. Significant infrastructure development in emerging economies of Asia Pacific coupled with rising spending in current fiscal budgets by the government of India and China are the key factors behind the growth of decorative coating market in this region. However, harmful environmental effects by solvent-borne coatings coupled with stringent environmental regulations are expected to serve as a key market challenge over the next five years.
Increasing construction activities is driving the demand for decorative coatings
Rapid industrialization and growing construction activities in developing economies is expected to fuel the demand for decorative coatings in construction and other industries. Decorative coatings are used on the surface of structures such as buildings, roads and bridges for protection and aesthetic purposes also. The investment in the development of infrastructure is expected to increase, more specifically, in emerging and developing countries like India, China, and Brazil among others. For instance, India and China have been growing above 6% per annum for the last couple of years which is an indication of the development of infrastructure and growing urbanization. Moreover, in the United States, the construction spending has increased from US$788,322 million in 2011 to US$1,293,982 million in 2018 (source: United States Census Bureau) while a similar trend has been noticed in the European region.
Water based formation is holding significant share in the market
By formulation, the market has been characterized as water based, solvent based and powder based. Water based is holding significant share in the market owing to its wider adoption and one of the oldest form of decorative coatings. In addition, powder coatings are growing at an exponential rate over the forecast period on account of its advantage of low cost and high efficiency compared to other forms. Also, with the changing preference towards wood effects the market is growing with new players entering and expanding the scale of operations.
The Asia Pacific is estimated to hold a significant share in the market
By geography, the global decorative coatings market has been segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific (APAC) regions. The Asia Pacific accounts for the significant share of the global decorative coatings market in 2019 and is projected to remain at its position throughout the forecast period. The region is experiencing a significant increase in construction activities which is further driving the growth of the market over the forecast period. Also, increasing number of construction projects in the countries like China especially megaprojects like Beijing Daxing International Airport which started in 2014 and is one of the largest infrastructure project initiated by the country with an aim to process 72 million passengers a year which is expected to have four runways by 2025 is expected to drive the scope of demand for decorative coatings during the forecast period. Besides, increasing population density in urban areas coupled with rising investment in residential projects has been increasing the demand for decorative coatings from the couple of years and this trend is expected to continue in the coming years. Furthermore, Since, Tokyo will also be hosting the 2020 Olympic and Paralympics games, the construction investment is estimated to continue to increase which will widen up the growth opportunities for decorative coating vendors and manufacturers in the coming years. In North America, due to presence of major market players and increasing investment in infrastructure activities, the market is growing at a substantial rate. Similar trends have been noticed in the European region, which is witnessing exponential growth on account of increasing investment by market players.
Competitive Insights
Prominent key market players in the global spray adhesive market include Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., and DAW SE among others. The market players in the global decorative coatings market are adopting various growth strategies such as new product launches, M&A, and partnerships to expand their global footprint. For instance, in 2018, Bergen Paints invested nearly INR 200 Crore to set up a new integrated paint manufacturing plant in Uttar Pradesh. Also in July, 2019, AkzoNobel invested nearly three million Euros in its Changzhou powder coatings plant in China to add three new production lines, aiming to support supplies of acrylic powder coatings and powder primers among others for automotive sector and strengthening company’s ability to deliver more locally produced premium products. Furthermore, in May 2019, JSW groups enter into paint business with six hundred INR Crore, the company will manufacturer market industrial coil coatings and decorative paints at its two plants in Maharashtra and Karnataka.
The research study report categorizes the decorative paints & coatings market based on formulation, type, resin type, application and geography. The analysis presents in-depth information regarding the trends, development, and latest industry policies and regulations implemented in each of the geographical regions. Also, the overall regulatory framework of the market has been covered to offer stakeholders a better understanding of the key factors affecting the overall market environment during the forecast period.
Segmentation:
By Formulation
- Water Based
- Solvent Based
- Powder Based
By Type
- Emulsion
- Primer
- Enamel
- Distemper
- Others
By Resin Type
- Acrylic
- Alkyd
- Vinyl
- Polyurethane
- Others
By Application
- Concrete
- Walls
- Wood
- Interior Fittings
- Others
By Geography
North America
- USA
- Canada
- Mexico
South America
- Brazil
- Argentina
- Others
Europe
- UK
- Germany
- France
- Russia
- Others
Middle East and Africa
- Saudi Arabia
- South Africa
- Others
Asia Pacific
- Japan
- China
- South Korea
- India
- Indonesia
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Decorative Coatings Market Analysis, by Formulation
6. Decorative Coatings Market Analysis, by Type
7. Decorative Coatings Market Analysis, by Resin Type
8. Decorative Coatings Market Analysis, by Application
9. Decorative Coatings Market Analysis, by Geography
10. Competitive Environment and Analysis
11. Company Profiles
Companies Mentioned
- PPG Industries, Inc.
- Akzo Nobel N.V.
- Sherwin-Williams
- DAW SE
- Jotun
- NIPSEA GROUP
- KANSAI PAINT CO.,LTD
- BASF SE
- Duluxgroup LTD.
- Berger Paints India Limited
- Hempel A/S
Methodology
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