Decorative Coatings Market to Record Sturdy Growth | 2026
The
global decorative coatings market was valued at US$ 52,525.2 Mn in
2017 and is anticipated to expand at a CAGR of 4.3% from 2018 to
2026, according to a new report titled ‘Decorative Coatings Market:
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,
2018–2026,’ published by Transparency Market Research (TMR) The
global decorative coatings market is driven by growing building and
construction activities across the globe.
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Report Overview @
Rise
in Demand for Decorative Coatings from Building & Construction
Industry to Drive Market
The
global decorative coatings market is primarily driven by advancements
in the building & construction industry, led by the rise in
demand for decorative coatings. Rise in the number of upcoming
commercial building projects, especially in Asia Pacific and Middle
East & Africa, is anticipated to propel the decorative coatings
market in these regions. These coatings are primarily used for
interior decoration such as wood flooring, wall painting, furniture,
and sculptures. Reconstruction and renovation activities in the
construction sector are also propelling the global decorative
coatings market. However, usage of toxic chemicals in coating
formulations is projected to hamper the market.
Regulations
to Reduce the VOC Content in Paints & Coatings to Drive Market
Rise
in awareness regarding the environment has led to the introduction of
quality products in the coatings market. Several nations have
implemented stringent environmental policies to lower the emission of
VOCs. These regulations are applicable to manufacturers, importers,
and sellers of architectural coatings. Implementation of safety
standards is also anticipated to boost the need for architectural
coatings that enhance the durability of building structures. The U.S.
Environmental Protection Agency’s (EPA’s) Architectural and
Industrial Maintenance (AIM) coating emission standards are
applicable for various coating products including decorative
coatings. Water-borne architectural coatings comply with these
regulations. Rising trend of going green and thereby reducing the
impact of VOC emissions on the environment is anticipated to propel
demand for decorative coatings in the next few years.
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Harmful
Environmental Effects of Solvent-borne Coatings to Restrain the
Market
Governments
across the world are implementing various regulations related to the
manufacturing and use of the paints & coatings due to the
extensive use of toxic chemicals and VOC content. They have laid down
stringent regulations to reduce VOC content of paints and coatings..
Concern among manufacturers about costs incurred for the
implementation of reformulations to ensure that coatings meet the
permissible VOC content standards is rising.
Acrylics
Segment to Dominate Global Decorative Coatings Market
Based
on resin, the decorative coatings market has been segmented into
acrylics, polyurethanes, alkyds, vinyl acetate emulsions, epoxies,
and other resins such as polyester and fluropolymer. Advantages of
acrylics include superior color retention, maintenance of film
clarity, resistance to chalking, and gloss retention. Acrylic-based
decorative coatings can be applied in the form of water-borne
coatings or solvent-borne coatings. Acrylics binders are preferred
over other types of binders owing to their high pigment-binding
capacity and water-resistance.
Water-borne
Coating Technology Segment Dominates Decorative Coatings Market
In
terms of technology, the decorative coatings market has been
classified into water-borne, solvent-borne, UV-cured, and other
technologies including powder-based and oil-based. Water-borne
decorative coatings is estimated to expand at a rapid pace during the
forecast period due to their eco-friendly nature. Water-borne
decorative coatings meet the standards imposed by the U.S. and
European Union on VOC emissions.
Residential
Application Segment Dominates the Decorative Coatings Market
Based
on application, the decorative coatings market has been divided into
residential and non-residential. Decorative coatings are used in the
residential construction sector. In this sector these coatings are
used for new construction and repainting. Rising population and
increase in urbanization in emerging economies are anticipated to
drive the decorative coatings market. Decorative coatings are
primarily used in interior applications in residential constructions
and include coating for furniture, shelves, and decorative
structures.
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Asia
Pacific Dominates the Global Decorative Coatings Market
In
terms of region, the global decorative coatings market can be
segregated into North America, Europe, Asia Pacific, Latin America,
and Middle East & Africa. Based on consumption, Asia Pacific is
expected to create lucrative opportunities in the decorative coatings
market during the forecast period. The market in countries in Asia
Pacific, especially China and India, is expanding significantly.
This, in turn, is boosting the demand for building and construction
materials, which includes decorative coatings. Rising population is a
key factor fueling the decorative coatings market in the region.
Furthermore, North America is projected to be a highly lucrative
region owing to the recovery of the construction industry. Major
players operating in the decorative coatings market are focusing on
acquisitions to increase their market share. This, in turn, is
anticipated to propel the market.
High
Degree of Competition among Market Players
High
degree of competition exists among market players operating in the
decorative coatings market. The market is dominated by few major
players and is moderately consolidated. Key players operating in the
decorative coatings market include Akzo Nobel N.V, PPG Industries,
Inc., Kansai Paint Co., Ltd., BASF Coatings GmbH, The Sherwin
Williams Company, RPM International Inc., Axalta Coating Systems,
Clariant, Nippon Paint, and Celanese Corporation.
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