The global decorative coatings market is anticipated to reach $115.2 billion by 2032, growing from $73.2 billion in 2022 at a CAGR of 4.7% from 2023 to 2032.
Decorative coatings serve the purpose of improving the visual appeal of surfaces like walls and furniture. They are available in an extensive range of colors and textures making them a favored option in both residential and commercial settings. Beyond their aesthetic qualities, these coatings are recognized for their durability and ability to withstand wear and tear.
The decorative coatings industry is expected to witness significant growth, driven by a rising demand for products that enhance surface durability, aesthetics, and protection against harsh environmental conditions. The surge in demand is particularly boosted by the need for surfaces to withstand challenges such as UV radiation, extreme temperatures, acid rain, and foreign particles. The industry's growth is further driven by the superior properties exhibited by these coatings, including moisture resistance, corrosion resistance, UV radiation resistance, bacteria resistance, and heat resistance.
Intense competition in the decorative coatings market poses a continual challenge for industry players. The presence of numerous suppliers, both regional and global, results in increased competition for market share. This competitive landscape exerts pressure on pricing strategies, often leading to price wars that can negatively impact profit margins. In addition, the constant need for innovation to stay ahead in the market places a strain on R&D budgets, making it challenging for companies to balance competitiveness with maintaining healthy profit margins.
The decorative coatings industry is expected to expand significantly due to major technological advancements. Nano-TiO2 photocatalysts, the development of ecologically friendly green coatings, and the adoption of drying time reduction methods stand out as major forces defining the industry's future. These developments not only improve the performance of decorative coatings, but they also align with the increased emphasis on environmentally friendly and energy-efficient solutions. The introduction of cutting-edge technologies demonstrates a dedication to ongoing improvement, which is supported by increased R&D investments. As the sector strives for innovation, the incorporation of these technical advancements is likely to drive significant market expansion during the forecast period, responding to changing customer needs and environmental concerns.
The extensive economic disruptions and lockdown measures during the COVID-19 pandemic slowed building and industrial operations significantly, directly influencing demand for decorative coatings. Many manufacturing facilities and construction sites were forced to close temporarily or operate at reduced capacity, resulting in a decrease in the production and consumption of decorative coatings. Price instability in the market was caused by supply chain interruptions and uncertainty around the pandemic, affecting both producers and consumers. However, when economies slowly recovered and construction activities began, the decorative coating industry regained speed, with a greater emphasis on creative solutions and sustainable practices in response to the changing post-pandemic world.
The key players profiled in this report include PPG, The Sherwin-Williams Company, Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., BASF SE, Asian Paints, Kansai Paint Co.,Ltd., Jotun, RPM International Inc., and Axalta Coating Systems. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and product launches.
Decorative coatings serve the purpose of improving the visual appeal of surfaces like walls and furniture. They are available in an extensive range of colors and textures making them a favored option in both residential and commercial settings. Beyond their aesthetic qualities, these coatings are recognized for their durability and ability to withstand wear and tear.
The decorative coatings industry is expected to witness significant growth, driven by a rising demand for products that enhance surface durability, aesthetics, and protection against harsh environmental conditions. The surge in demand is particularly boosted by the need for surfaces to withstand challenges such as UV radiation, extreme temperatures, acid rain, and foreign particles. The industry's growth is further driven by the superior properties exhibited by these coatings, including moisture resistance, corrosion resistance, UV radiation resistance, bacteria resistance, and heat resistance.
Intense competition in the decorative coatings market poses a continual challenge for industry players. The presence of numerous suppliers, both regional and global, results in increased competition for market share. This competitive landscape exerts pressure on pricing strategies, often leading to price wars that can negatively impact profit margins. In addition, the constant need for innovation to stay ahead in the market places a strain on R&D budgets, making it challenging for companies to balance competitiveness with maintaining healthy profit margins.
The decorative coatings industry is expected to expand significantly due to major technological advancements. Nano-TiO2 photocatalysts, the development of ecologically friendly green coatings, and the adoption of drying time reduction methods stand out as major forces defining the industry's future. These developments not only improve the performance of decorative coatings, but they also align with the increased emphasis on environmentally friendly and energy-efficient solutions. The introduction of cutting-edge technologies demonstrates a dedication to ongoing improvement, which is supported by increased R&D investments. As the sector strives for innovation, the incorporation of these technical advancements is likely to drive significant market expansion during the forecast period, responding to changing customer needs and environmental concerns.
The extensive economic disruptions and lockdown measures during the COVID-19 pandemic slowed building and industrial operations significantly, directly influencing demand for decorative coatings. Many manufacturing facilities and construction sites were forced to close temporarily or operate at reduced capacity, resulting in a decrease in the production and consumption of decorative coatings. Price instability in the market was caused by supply chain interruptions and uncertainty around the pandemic, affecting both producers and consumers. However, when economies slowly recovered and construction activities began, the decorative coating industry regained speed, with a greater emphasis on creative solutions and sustainable practices in response to the changing post-pandemic world.
The key players profiled in this report include PPG, The Sherwin-Williams Company, Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., BASF SE, Asian Paints, Kansai Paint Co.,Ltd., Jotun, RPM International Inc., and Axalta Coating Systems. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and product launches.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the decorative coatings market analysis from 2022 to 2032 to identify the prevailing decorative coatings market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the decorative coatings market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global decorative coatings market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Technology
- Water-based
- Solvent-based
By Type
- Emulsion
- Enamel
- Primer
- Others
By Application
- Exterior
- Interior
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- PPG Industries Inc.
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- Nippon Paint Holdings Co., Ltd.
- BASF SE
- Asian Paints
- Kansai Paints Co. Ltd.
- Jotun
- RPM International Inc.
- Axalta Coating Systems
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: DECORATIVE COATINGS MARKET, BY TECHNOLOGY
CHAPTER 5: DECORATIVE COATINGS MARKET, BY TYPE
CHAPTER 6: DECORATIVE COATINGS MARKET, BY APPLICATION
CHAPTER 7: DECORATIVE COATINGS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- PPG Industries Inc.
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- Nippon Paint Holdings Co., Ltd.
- BASF SE
- Asian Paints
- Kansai Paints Co. Ltd.
- Jotun
- RPM International Inc.
- Axalta Coating Systems
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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