The global decorative paints and coatings market is estimated to reach USD 232.71 Billion by 2028, at a CAGR of 5.8% during the forecast period from 2021 to 2028. Booming of construction industry across the world is the major driving factor that promote the growth of the market. Furthermore, increasing infrastructural development across the Asia pacific region provide the major boost to the decorative paints and coatings market. In addition, refurbishment activities in the developing region of the world like north America and Europe will further drive the growth of the market. However, unstable price of the raw material and high cost of the product will further restrain the growth of the market. Nonetheless, ongoing research and development in the field of architectural coating will bring the huge growth opportunities during the forecasted year.
Paint is the most commonly used material to protect steel. Modern specifications usually comprise a sequential coating application of paints or alternatively paints applied over metal coatings to form a 'duplex' coating system. The protective paint systems usually consist of primer and finish coats. The coatings industry is one of the most heavily regulated industries in the world, so producers have been forced to adopt low-solvent and solventless technologies in the past 40 years, and will continue to do so.
The number of coatings producers is large, but most are regional producers, with only 10 or so large multinationals. Production and consumption are nearly identical in each country, as trade is limited to relatively small quantities of high-value products. Generally, coatings grow in tandem with the economy, so growth will continue to focus on the developing world.
An unexpected problem hit the ground in a form of the COVID 19 pandemic. The virus first discovered in 2019 in China, and later it spread across the whole world. The demand for non-essential products decreases rapidly. The whole world looking after the manufacturing of health-related products. The demand for decorative paints and coatings will go decreases. The COVID 19 pandemic shown a negative impact on the decorative paints and coatings market and this pandemic curb the growth of the market for a limited period of time.
Based on type, the decorative paints and coatings market is classified into four types Primer, Enamel, Emulsions, and Others. The emulsion segment holds the largest market share in the year 2020. Increasing demand from the end-user industry is one of the major factors that propel the growth of the market. Improvement in the standard of living followed by a wide product portfolio in the emulsion is expected to bring huge growth opportunities during the forecasted year.
Based on Technology, the global decorative paints and coatings market is classified into waterborne coatings and solvent-borne coatings. Waterborne Coatings is the most demanding segment across the world. The segment holds the largest market share in the year 2020. The waterborne coatings segment accounts for more than 60% of the market share. Rising demand from the residential sector is the major factor driving the growth of the decorative paints and coatings market.
On the basis of end-user, the global market is classified into two types commercial and residential. The commercial and residential sectors are the two major consumers of the global decorative paints and coatings market. The residential segment holds the largest market share in the year 2020. The pattern will remain the same during the forecasted year. Heavy investment in residential infrastructure is the major factor that assists in boosting the global decorative paints and coatings market. The countries like India, Bangladesh received heavy investment in infrastructural development not only in the commercial sector but the residential sector too. This activity further hastens the sales of decorative paints and coatings across the developing nation.
Adroit Market Research report on global Decorative paints and coatings market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2026. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global Decorative paints and coatings market have been studied in detail.
The global decorative paints and coatings market report is classified into five major regions North America, Europe, Asia Pacific, Latin America & Middle East, and Africa. In terms of consumption, Asia Pacific holds the largest market share in the year 2020. The region accounted for more than 30% market share of the total decorative paints and coatings market. Economic rise in Asian countries like India, China, Indonesia is the major driving factor that’s promote the growth of the market. In North America, United States hold the largest market share followed by the Germany, France and UK in Europe. The rising per-capita expenditure in the following countries synergies the sales and growth of the decorative paints and coatings market.
Major current market players include PPG Industries Inc., The Sherwin-Williams Company, Akzonobel N.V. , Asian Paints Limited, Kansai Paints, Masco Corporation, Nippon Paints Co. Ltd,BASF Coatings GmbH and Others
Segment Overview of Global Decorative Paints and Coatings Market
Product Overview, 2019-2028 (USD Million)
Technology Overview, 2019-2028 (USD Million)
- Waterborne Coatings
- Solventborne Coatings
End-Use Overview, 2019-2028 (USD Million)
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa