Decorative Paints & Coatings Market - Forecast(2023 - 2028)
Overview
The decorative coatings market is forecast to reach $97 billion by 2023, growing at a CAGR of 4% during 2018-2023. The decorative coatings market’s shift towards water-borne coatings has proven to be a successful approach aimed at reduction of Volatile Organic Compound (VOC) emissions. Stringent environmental regulations regarding the use of toxic chemicals in coating formulations are leading to continuous innovations in the formulation, technology, and product development and intensifying competition in the decorative coatings market; thereby collectively promoting market growth.
Report Coverage
The report: “Decorative Coatings Market – Forecast (2018-2023)”, by IndustryARC covers an in-depth analysis of the following segments of the Decorative Coatings Market.
Key Takeaways
· APAC is the major market for decorative coatings, holding more than 40% share owing to increasing construction activities and rapid urbanization in emerging economies such as India and China.
· Globally, there is increasing traction towards the integration of nanotechnology in the sector of the decorative coatings. For self-cleaning and repulsion applications, nanotechnology is used for coatings.
· The Sherwin Williams Company and PPG Industries, Inc. are two major global manufacturers of decorative coatings. Together they accounted for approximately 20% share of the overall decorative coatings market.
Resin Type - Segment Analysis
In terms of the type of resin, the acrylic segment held the largest share, accounting for 37%, in the decorative coatings market in 2018. Acrylic decorative surface coatings are used in various applications such as architectural, protective and decorative for coating purposes. Acrylic resins feature excellent transparency and durability properties.
In a wide range of decorative and commercial architectural coatings, waterborne acrylic resins are used. Moreover, most of the companies are using waterborne acrylic resins for the manufacture of paints and coatings to meet VOC regulations. Acrylics have excellent resistance to UV light, are tough and resistant to grain cracking over wood, and also hydrolytically stable. New advancements in waterborne acrylic technology are leading to enhanced performance. For developing new formulating coating systems, water is the best choice to use as a carrier. To reduce or eliminate organic solvents from formulations, the solvents should be replaced partially or entirely with an environmentally safe solvent (e.g., water) to ensure zero or low VOC content. Waterborne acrylic resins tend to reduce VOC impact and carbon footprints. They are durable and highly resistant to corrosion.
Formulation - Segment Analysis
Based on formulations, the decorative coatings market is segmented into water-based and solvent-based decorative coatings. The water-based formulations held the largest market share in the total decorative coatings market in 2018, amounting to approximately 80%. Environmental considerations are leading to increased utilization of water-based systems for the production of heat-resistant coatings. Water-based silicone resins significantly reduce VOC emissions in coating formulations as compared to traditional solvent-based resins.
Application - Segment Analysis
The residential and commercial segments of the architectural sector have contributed significantly to the growth of the decorative coating industry. The residential application segment is the fastest growing with a CAGR of 5.11%, while the overall architectural application held the major segment share of 84% in the global decorative coatings market. The architectural segment in the decorative coatings market incorporates specialty coatings for buildings and walkways, pavements, floors for construction applications. They are intended to provide protection and also act as a decorative layer on the surface of architectural features and installations for both interior and exterior applications.
Geography - Segment Analysis
The Asia Pacific held the largest market share, with a revenue of $34 billion in 2018, which accounted for more than 40% share of the global market. This can be attributed to increasing construction activities and rapid urbanization in emerging countries such as India and China.
Drivers – Decorative Coatings Market
· Growing infrastructure investments to boost demand for decorative coatings
One of the primary growth factors in the construction industry is the investments made through FDI and other sources such as UNCTAD. The government has initiated several policies for driving investments in infrastructure. Owing to the huge investments being made in the infrastructure sector, there will be increased demand for more durable products that will require lesser maintenance. This will boost the use of cast polymers for residential as well as non-residential buildings.
· Increasing demand for superior quality products in the remodeling industry
Since decorative coatings are available in various colors and at affordable prices, they are predominantly used for remodeling purposes in old residential and commercial buildings.
Decorative coatings offer advantages in terms of performance, such as minimal maintenance requirements and resistance to stains, impact, moisture, and other damages caused by wear and tear.
Challenges – Decorative Coatings Market
· Fluctuations in crude oil prices
Fluctuations in crude oil prices over the forecast period will lead to increased feedstock prices which will directly affect the price of all synthetic resins used for decorative coating applications
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the decorative coatings market. As of 2018, the market for the decorative coatings is consolidated with the top five players accounting for xx% of the market share. The major players in the decorative coatings market include PPG Industries Inc., The Sherwin Williams Company, The Valspar Corporation, Axalta Coating Systems, BASF SE, Masco Corporation, Hempel A/S, AkzoNobel NV, RPM International Inc., and Jotun.
Acquisitions/Product Launches
Jotun developed ø In 2017, a unique NORSOK-approved maintenance coating system for offshore operators which offers benefits such as optimal protection, durability, and ease of use, at a reduced cost.
Ø In 2017, PPG Industries Inc. completed its acquisition from the Emerging Europe Accession Fund (EEAF) of DEUTEK S.A., a leading Romanian paint and architectural coatings manufacturer. With this acquisition, PPG Industries have added the fastest-growing paint brand to their product portfolio.
Ø In May 2016, Valspar introduced Fluropon Pure as an addition to its Fluropon 70% PVDF family of coil and extrusion coatings. Fluropon Pure is the first product of its kind in the coating industry to be formulated with real transparency.
LIST OF TABLES
1.Global Decorative Paints & Coatings By Resin Type Market 2019-2024 ($M)1.1 Acrylic Market 2019-2024 ($M) - Global Industry Research
1.2 Alkyd Market 2019-2024 ($M) - Global Industry Research
1.3 Polyurethane Market 2019-2024 ($M) - Global Industry Research
2.Global Decorative Paints & Coatings By Product Type Market 2019-2024 ($M)
2.1 Emulsions Market 2019-2024 ($M) - Global Industry Research
2.2 Wood Coating Market 2019-2024 ($M) - Global Industry Research
2.2.1 Varnishes Market 2019-2024 ($M)
2.2.2 Stains Market 2019-2024 ($M)
2.3 Enamels Market 2019-2024 ($M) - Global Industry Research
2.4 Distempers Market 2019-2024 ($M) - Global Industry Research
3.Global Decorative Paints & Coatings Market By Technology Market 2019-2024 ($M)
3.1 Water-Based Market 2019-2024 ($M) - Global Industry Research
3.1.1 Types of Water-Based Decorative Paints & Coatings Market 2019-2024 ($M)
3.1.2 Applications Market 2019-2024 ($M)
3.1.3 Advantages & Disadvantages Market 2019-2024 ($M)
3.2 Solvent-Based Market 2019-2024 ($M) - Global Industry Research
3.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
4.Global Decorative Paints & Coatings By Resin Type Market 2019-2024 (Volume/Units)
4.1 Acrylic Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Alkyd Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Polyurethane Market 2019-2024 (Volume/Units) - Global Industry Research
5.Global Decorative Paints & Coatings By Product Type Market 2019-2024 (Volume/Units)
5.1 Emulsions Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Wood Coating Market 2019-2024 (Volume/Units) - Global Industry Research
5.2.1 Varnishes Market 2019-2024 (Volume/Units)
5.2.2 Stains Market 2019-2024 (Volume/Units)
5.3 Enamels Market 2019-2024 (Volume/Units) - Global Industry Research
5.4 Distempers Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Decorative Paints & Coatings Market By Technology Market 2019-2024 (Volume/Units)
6.1 Water-Based Market 2019-2024 (Volume/Units) - Global Industry Research
6.1.1 Types of Water-Based Decorative Paints & Coatings Market 2019-2024 (Volume/Units)
6.1.2 Applications Market 2019-2024 (Volume/Units)
6.1.3 Advantages & Disadvantages Market 2019-2024 (Volume/Units)
6.2 Solvent-Based Market 2019-2024 (Volume/Units) - Global Industry Research
6.2.1 Advantages & Disadvantages Market 2019-2024 (Volume/Units)
7.North America Decorative Paints & Coatings By Resin Type Market 2019-2024 ($M)
7.1 Acrylic Market 2019-2024 ($M) - Regional Industry Research
7.2 Alkyd Market 2019-2024 ($M) - Regional Industry Research
7.3 Polyurethane Market 2019-2024 ($M) - Regional Industry Research
8.North America Decorative Paints & Coatings By Product Type Market 2019-2024 ($M)
8.1 Emulsions Market 2019-2024 ($M) - Regional Industry Research
8.2 Wood Coating Market 2019-2024 ($M) - Regional Industry Research
8.2.1 Varnishes Market 2019-2024 ($M)
8.2.2 Stains Market 2019-2024 ($M)
8.3 Enamels Market 2019-2024 ($M) - Regional Industry Research
8.4 Distempers Market 2019-2024 ($M) - Regional Industry Research
9.North America Decorative Paints & Coatings Market By Technology Market 2019-2024 ($M)
9.1 Water-Based Market 2019-2024 ($M) - Regional Industry Research
9.1.1 Types of Water-Based Decorative Paints & Coatings Market 2019-2024 ($M)
9.1.2 Applications Market 2019-2024 ($M)
9.1.3 Advantages & Disadvantages Market 2019-2024 ($M)
9.2 Solvent-Based Market 2019-2024 ($M) - Regional Industry Research
9.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
10.South America Decorative Paints & Coatings By Resin Type Market 2019-2024 ($M)
10.1 Acrylic Market 2019-2024 ($M) - Regional Industry Research
10.2 Alkyd Market 2019-2024 ($M) - Regional Industry Research
10.3 Polyurethane Market 2019-2024 ($M) - Regional Industry Research
11.South America Decorative Paints & Coatings By Product Type Market 2019-2024 ($M)
11.1 Emulsions Market 2019-2024 ($M) - Regional Industry Research
11.2 Wood Coating Market 2019-2024 ($M) - Regional Industry Research
11.2.1 Varnishes Market 2019-2024 ($M)
11.2.2 Stains Market 2019-2024 ($M)
11.3 Enamels Market 2019-2024 ($M) - Regional Industry Research
11.4 Distempers Market 2019-2024 ($M) - Regional Industry Research
12.South America Decorative Paints & Coatings Market By Technology Market 2019-2024 ($M)
12.1 Water-Based Market 2019-2024 ($M) - Regional Industry Research
12.1.1 Types of Water-Based Decorative Paints & Coatings Market 2019-2024 ($M)
12.1.2 Applications Market 2019-2024 ($M)
12.1.3 Advantages & Disadvantages Market 2019-2024 ($M)
12.2 Solvent-Based Market 2019-2024 ($M) - Regional Industry Research
12.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
13.Europe Decorative Paints & Coatings By Resin Type Market 2019-2024 ($M)
13.1 Acrylic Market 2019-2024 ($M) - Regional Industry Research
13.2 Alkyd Market 2019-2024 ($M) - Regional Industry Research
13.3 Polyurethane Market 2019-2024 ($M) - Regional Industry Research
14.Europe Decorative Paints & Coatings By Product Type Market 2019-2024 ($M)
14.1 Emulsions Market 2019-2024 ($M) - Regional Industry Research
14.2 Wood Coating Market 2019-2024 ($M) - Regional Industry Research
14.2.1 Varnishes Market 2019-2024 ($M)
14.2.2 Stains Market 2019-2024 ($M)
14.3 Enamels Market 2019-2024 ($M) - Regional Industry Research
14.4 Distempers Market 2019-2024 ($M) - Regional Industry Research
15.Europe Decorative Paints & Coatings Market By Technology Market 2019-2024 ($M)
15.1 Water-Based Market 2019-2024 ($M) - Regional Industry Research
15.1.1 Types of Water-Based Decorative Paints & Coatings Market 2019-2024 ($M)
15.1.2 Applications Market 2019-2024 ($M)
15.1.3 Advantages & Disadvantages Market 2019-2024 ($M)
15.2 Solvent-Based Market 2019-2024 ($M) - Regional Industry Research
15.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
16.APAC Decorative Paints & Coatings By Resin Type Market 2019-2024 ($M)
16.1 Acrylic Market 2019-2024 ($M) - Regional Industry Research
16.2 Alkyd Market 2019-2024 ($M) - Regional Industry Research
16.3 Polyurethane Market 2019-2024 ($M) - Regional Industry Research
17.APAC Decorative Paints & Coatings By Product Type Market 2019-2024 ($M)
17.1 Emulsions Market 2019-2024 ($M) - Regional Industry Research
17.2 Wood Coating Market 2019-2024 ($M) - Regional Industry Research
17.2.1 Varnishes Market 2019-2024 ($M)
17.2.2 Stains Market 2019-2024 ($M)
17.3 Enamels Market 2019-2024 ($M) - Regional Industry Research
17.4 Distempers Market 2019-2024 ($M) - Regional Industry Research
18.APAC Decorative Paints & Coatings Market By Technology Market 2019-2024 ($M)
18.1 Water-Based Market 2019-2024 ($M) - Regional Industry Research
18.1.1 Types of Water-Based Decorative Paints & Coatings Market 2019-2024 ($M)
18.1.2 Applications Market 2019-2024 ($M)
18.1.3 Advantages & Disadvantages Market 2019-2024 ($M)
18.2 Solvent-Based Market 2019-2024 ($M) - Regional Industry Research
18.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
19.MENA Decorative Paints & Coatings By Resin Type Market 2019-2024 ($M)
19.1 Acrylic Market 2019-2024 ($M) - Regional Industry Research
19.2 Alkyd Market 2019-2024 ($M) - Regional Industry Research
19.3 Polyurethane Market 2019-2024 ($M) - Regional Industry Research
20.MENA Decorative Paints & Coatings By Product Type Market 2019-2024 ($M)
20.1 Emulsions Market 2019-2024 ($M) - Regional Industry Research
20.2 Wood Coating Market 2019-2024 ($M) - Regional Industry Research
20.2.1 Varnishes Market 2019-2024 ($M)
20.2.2 Stains Market 2019-2024 ($M)
20.3 Enamels Market 2019-2024 ($M) - Regional Industry Research
20.4 Distempers Market 2019-2024 ($M) - Regional Industry Research
21.MENA Decorative Paints & Coatings Market By Technology Market 2019-2024 ($M)
21.1 Water-Based Market 2019-2024 ($M) - Regional Industry Research
21.1.1 Types of Water-Based Decorative Paints & Coatings Market 2019-2024 ($M)
21.1.2 Applications Market 2019-2024 ($M)
21.1.3 Advantages & Disadvantages Market 2019-2024 ($M)
21.2 Solvent-Based Market 2019-2024 ($M) - Regional Industry Research
21.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
LIST OF FIGURES
1.US Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)2.Canada Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
3.Mexico Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
4.Brazil Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
5.Argentina Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
6.Peru Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
7.Colombia Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
8.Chile Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
9.Rest of South America Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
10.UK Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
11.Germany Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
12.France Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
13.Italy Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
14.Spain Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
15.Rest of Europe Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
16.China Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
17.India Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
18.Japan Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
19.South Korea Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
20.South Africa Decorative Paints & Coatings Market Revenue, 2019-2024 ($M)
21.North America Decorative Paints & Coatings By Application
22.South America Decorative Paints & Coatings By Application
23.Europe Decorative Paints & Coatings By Application
24.APAC Decorative Paints & Coatings By Application
25.MENA Decorative Paints & Coatings By Application
26.PPG Industries Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Akzonobel N.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.The Sherwin-Williams Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Masco Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.DAW SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Duluxgroup Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Jotun A/S, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Kansai Paints, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Nippon Paints Co. Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)