Decorative Coatings Global Market Report 2024

Decorative coatings, also known as architectural coatings, serve the purposes of protection, durability, and decoration when applied to buildings and structures. These coatings, including paints, are specifically designed for use in coating buildings and homes to safeguard against wear and tear while providing an aesthetic finish.

The primary types of products in the decorative coatings sector include emulsions, wood coatings, enamels, and others. Emulsions consist of small polymer particles where pigments are trapped. These particles are suspended in water and fuse together as the paint dries, forming a protective film. Emulsions are considered water-based coatings. Different resin types used in decorative coatings include acrylic, alkyd, vinyl, polyurethane, and others, and these coatings come in various formulations such as water-based, solvent-based, and powder-based. Decorative coatings find application in various settings, including both residential and non-residential properties.

The decorative coatings market research report is one of a series of new reports that provides decorative coatings market statistics, including decorative coatings industry global market size, regional shares, competitors with a decorative coatings market share, detailed decorative coatings market segments, market trends and opportunities, and any further data you may need to thrive in the decorative coatings industry. This decorative coatings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The decorative coatings market size has grown strongly in recent years. It will grow from $87.84 billion in 2023 to $94.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to several factors, including an increased emphasis on architectural and interior design trends, the expansion of the real estate and construction industry, a rise in renovation and remodeling projects, preferences for color and aesthetics, and growth in the commercial and hospitality sectors.

The decorative coatings market size is expected to see strong growth in the next few years. It will grow to $125.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing focus on health and wellness considerations, a trend toward customization and personalization, the effects of an aging population and the promotion of universal design, the growth of e-commerce and online sales, emerging market expansion, and urbanization coupled with infrastructure development. Major trends expected in the forecast period encompass the adoption of sustainable and low-VOC (volatile organic compounds) coatings, the integration of digital color matching and visualization, the development of smart and functional coatings, advancements in technology, and the introduction of coatings with antimicrobial or allergen-reducing properties.

The anticipated increase in urbanization globally is expected to drive the growth of the decorative coatings market. Urbanization involves the migration of the population from rural to urban areas and the consequent rise in human population densities in urban settings. This phenomenon leads to an increased demand for residential and non-residential structures, consequently propelling the decorative coatings industry. As per the United Nations Department of Economic and Social Affairs, it is projected that by 2050, 68% of the world's population, equivalent to 2.5 billion people, will reside in urban areas. This ongoing trend of urbanization across the globe serves as a significant driver for the growth of the decorative coatings market.

The expansion of the construction industry is also expected to contribute to the growth of the decorative coatings market. The construction industry encompasses various activities related to planning, designing, building, and maintaining structures and infrastructure. Decorative coatings play an integral role in architectural plans and designs right from the early stages of construction. Architects and designers collaborate closely with coatings experts to select finishes that align with the overall vision for the building. According to Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020. It is anticipated to witness a 42% increase, reaching $15.2 trillion by 2030. This growth trajectory in the construction industry significantly contributes to the demand for decorative coatings, thereby driving the growth of the market.

A key trend gaining popularity in the decorative coatings market is the emergence of new product innovations. Major companies operating in the decorative coatings sector are actively focusing on the development of advanced products to enhance their market positions. For instance, in November 2021, Covestro AG, a Germany-based manufacturer of premium polymers, introduced Decovery SP-8310. This breathable, multi-purpose resin has a 37% bio-based composition and is designed to enable exterior coatings with improved outdoor durability. Part of Covestro's Decovery® family of resins with up to 52% bio-based content, this innovative solution meets the demand for more durable outdoor coatings in the decorative coating industry. This trend emphasizes the industry's commitment to sustainability and the development of high-performance solutions to meet evolving market demands.

Major companies in the decorative coatings market are actively leveraging new technologies to enhance their profitability, exemplified by innovations like Nature's Embrace. Nature's Embrace represents a captivating assortment of decorative paint colors inspired by the serene beauty of the natural world. In April 2023, HMG Paints Limited, a UK-based paint manufacturing company, introduced this stunning collection of decorative paint colors, utilizing AI technology. The initiative involved instructing ChatGPT to develop ten unique hues, each crafted to evoke a specific natural scene in response to the latest décor trends. The resulting design, Nature's Embrace, stands out with distinctive, fashionable color names and references that admirably capture the splendor of nature. This innovative use of AI in color creation underscores the commitment of companies like HMG Paints Limited to bring fresh, technologically advanced offerings to the decorative coatings market.

In a strategic move, PPG Industries Inc., a US-based coatings and specialty materials company, acquired Tikkurila in June 2021 for an undisclosed amount. This acquisition reflects PPG Industries Inc.'s intent to leverage Tikkurila's regional network and a robust portfolio of decorative brands to provide clients with access to new technologies and resources. Tikkurila, a Finland-based chemical manufacturing company, specializes in the production of decorative paints and coatings. This acquisition aligns with the broader industry trend of major players seeking to expand their capabilities and offerings through strategic acquisitions, reinforcing their positions in the competitive decorative coatings market.

Major companies operating in the decorative coatings market include PPG Industries Inc., Akzonobel NV, Sherwin-Williams Co., Valspar Corp., Asian Paints Ltd., Berger Paints Ltd., Cabot Corporation, DAW SE, Jotun Paints Ltd., Masco Corp., Brillux GmbH & Co. KG, BASF SE, Vogel Paint and Wax Company, Kansai Paint Co. Ltd., Kelly-Moore Paints Company Inc., RPM International Inc., Nippon Paint Holdings Co. Ltd., Axalta Coating Systems Ltd., Teknos AG, Mankiewicz India Pvt. Ltd., Meffert AG Farbwerke, Corporate Identification Number, Cromology SL, Tikkurila OYJ, Wörwag Pharma GmbH & Co. KG, Hempel AS, Clariant AG, Celanese Corporation, Benjamin Moore & Co., Dunn-Edwards Corporation, Behr Process Corporation, Farrow & Ball Ltd.

The Asia-Pacific was the largest region in the decorative coatings market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the decorative coatings market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the decorative coatings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The decorative coatings market consists of sales of polyester resins and alkyd resins. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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