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Global Decorative Coatings Industry Expected To Reach $98.9 Billion By 2027: Market Analysis And Forecast
The global decorative coatings industry is projected to grow from USD 71.3 Billion in 2021 to USD 91.6 Billion by 2026, at a CAGR of 5.1% between 2021 and 2026, according to a new report by MarketsandMarkets™. The growth of the market is primarily attributed to the rising demand for decorative paints from the residential and non-residential construction sectors. In addition, increasing consumer spending on home décor and renovation activities across the globe is expected to drive market growth further.
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The decorative coatings market finds application in various industries and sectors. Some common applications of decorative coatings include:
Architectural and Construction: Decorative coatings are extensively used in the architectural and construction industry for enhancing the aesthetic appeal of buildings, both interior and exterior. They are applied on walls, ceilings, facades, doors, windows, and other surfaces to provide color, texture, and protection.
Automotive: Decorative coatings are employed in the ...
... automotive industry for enhancing the appearance of vehicles. They are used on car exteriors, including metal surfaces, plastic trims, and interior components to provide color, gloss, and decorative effects.
Furniture and Wood Coatings: Decorative coatings are widely utilized in the furniture industry to add color and finish to wooden furniture pieces. They protect the wood from damage and give a polished and attractive appearance.
Consumer Goods: Decorative coatings are applied to various consumer goods, such as appliances, electronics, jewelry, cosmetics packaging, and household items. These coatings enhance the visual appeal, provide protection against corrosion or wear, and offer unique decorative effects.
Printing and Packaging: Decorative coatings are utilized in the printing and packaging industry to create eye-catching designs, finishes, and special effects on packaging materials, labels, promotional items, and printed products.
Textiles and Fabrics: Decorative coatings find application in the textile industry for adding color, patterns, and special effects to fabrics, including clothing, upholstery, curtains, and other textile products.
Art and Crafts: Decorative coatings are used in artistic and craft applications for creating paintings, murals, sculptures, and other creative works. They offer a wide range of colors, textures, and finishes to artists and crafters.
The market is segmented on the basis of resin, technology, product, end use, and region. On the basis of resin, the market is divided into alkyd, acrylic, polyurethane, epoxy, and others. The acrylic segment is anticipated to witness the fastest growth during the forecast period. Acrylic resin-based coatings possess superior properties such as superior adhesion, flexibility, and durability. This product is used in various end-use industries such as construction, automotive, and furniture due to its excellent properties.
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Professional is the largest user type segment of the overall decorative coatings market.
This segment consists of high-performance coatings used in commercial and industrial settings, such as for metal, concrete, wood and other surfaces. These coatings are designed for long-term protection and to withstand heavy wear and tear. Professional coatings are typically more expensive than DIY coatings and require a more specialized application process. Professional coatings are often used in settings that require greater durability and protection, such as warehouses, hospitals, schools, and other commercial and industrial settings.
Polyurethane is the fastest-growing resin segment of the overall decorative coatings market.
Polyurethane is a versatile polymer used in a variety of applications, including coatings for automotive, aerospace, and industrial applications. It is a highly durable and flexible material, making it an ideal choice for a wide range of decorative coatings. Polyurethane coatings are available in a variety of colors and finishes, making them an attractive option for consumer applications. Additionally, polyurethane coatings can offer superior protection against ultraviolet radiation, chemicals, and abrasion. As consumer demand for decorative coatings continues to rise, the polyurethane segment of the market is expected to grow accordingly.
China is the largest decorative coatings market in Asia Pacific during the forecast period.
The Asia-Pacific (APAC) decorative coatings market is expected to be the fastest-growing region during the forecast period. Moreover, the rapid development of infrastructure in countries such as China, India, and Japan is also expected to contribute to the growth of the market in the region. The demand for decorative coatings in China is driven by improving living standards, growing infrastructure development, and rising demand for housing. Rapid urbanization and industrialization have also fuelled the demand for decorative coatings in the country. The growth of the automotive sector in the country is driving the demand for decorative coatings in the automotive industry, as well. The government's initiatives in the country to develop smart cities and establish green buildings are also expected to propel the demand for decorative coatings in the country during the forecast period.
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The key players profiled in the decorative coatings market report are The Sherwin-illiams Company (US), PPG Industries Inc. (US), AkzoNobel N.V. (Netherlands), BASF SE (Germany), Asian Paints Limited (India) and others.
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