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Decorative Coating Market Overview
A prominent trend identified in the global decorative coating market is the growing demand for water-based low-volatile-organic-compound (VOC) paints and coatings. Traditional paints contain VOCs, such as formaldehyde, benzene, ammonia, xylene, and toluene, which need to evaporate, for the paint to dry. On evaporation, they react with the oxides of nitrogen, to form ozone, which is a precursor to smog. Further, this can contribute to the ‘sick building syndrome’ as well as health problems including allergies, which aids in the rise of the demand for water-based, low-VOC, and eco-friendly paints.
Decorative coatings are the paints applied on interior and exterior surfaces to enhance the aesthetics and provide a protective layer, in order to guard the surface against peeling, fading, chalking, blistering, corrosion, ultraviolet (UV) radiation, bacteria, and moisture. They are available in various colors to meet the requirement of different sectors, such as healthcare, education, and industrial, and also with anti-microbial, anti-graffiti, urine-repellent, fire-resistant, and anti-slip properties. The decorative coating market is segmented on the basis of resin type, product, technology, application, and geography.
The market is categorized, on the basis of resin type, into alkyd, acrylic, polyurethane, epoxy, and others. Among these, the acrylic resin holds a significant share in the decorative coating market, owing to the properties it adds to paints, such as strength, durability, water solubility while wet, ability to be cleaned easily with soap and water, little odor, no fumes, non-flammable nature, and compatibility with non-toxic thinners.
On the basis of product, the decorative coating market is categorized into primer, emulsion, enamel, and others. Emulsion holds the prominent share in the market due to the fact that it is water based, smells less, dries comparatively quickly, is easily applicable, and offers larger coverage on the substrate. Enamel-based coatings are also preferred due to their hard, glossy finish, washable, nature, and heat resistance.
On the basis of technology, the decorative coating market is bifurcated into water-based and solvent-based coatings. Water-based coatings dominate the market, as they are environment-friendly, provide good color retention over time, dry faster than the alternatives, produce less odors, and can be used over existing oil-based coatings, which is not possible with solvent-based variants.
By application, the decorative coating market is bifurcated into residential and commercial applications. Residential applications hold a significant share in the market, on account of the rising population, for whom residences are required, which is leading to the surging demand for decorative coating products. Moreover, a rise in people’s per capita income has led to the increasing home ownership rate, which also raises the demand for decorative coatings.
Based on geography, the decorative coating market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and the Middle East and Africa (MEA). Among all regions, APAC accounts for the substantial share in the market, as it is a leading manufacturer of coated goods for countries throughout the world, particularly the U.S. and those in Western Europe. Additionally, the domestic consumption of paints and coatings is increasing, as regional countries are raising their standard of living with a surge in the per capita income.
Decorative Coating Market Dynamics
The rising construction and infrastructure development activities, to cater to the booming population, is one of the factors which is driving the demand for decorative coatings. For instance, as per the United Nations Department of Economic and Social Affairs, it is expected that the current world population of 7.6 billion will reach 8.6 billion in 2030, 9.8 billion in 2050, and 11.2 billion in 2100, with roughly 83 million people being added to the world’s population every year. Further, the increase in consumers’ disposable income raises their spending power, which will give them the confidence to go for renovation work. This will also impacting the decorative coating market in a positive way.
Decorative coatings contain several VOCs, such as benzene, ethylene glycol, formaldehyde, methylene chloride, tetrachloroethylene, toluene, xylene, and 1,3-butadiene, which ill-effect the environment. The fluctuating raw material prices are another factor which can restrain the growth of the market.
Decorative Coating Market Competitive Landscape
Some of the major companies operating in the global decorative coating market are PPG Industries Inc., Akzo Nobel N.V., The Sherwin-Williams Company, Kansai Paint Co. Ltd., Asian Paints Limited, Nippon Paint Holdings Co. Ltd., Masco Corporation, Berger Paints India Limited, DuluxGroup Ltd., and Benjamin Moore & Co.
The study provides the historical as well the forecast market size for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, South Korea, Brazil, Argentina, Saudi Arabia, and South Africa.
Market Size Breakdown by Segment
The Decorative Coating Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014-2030.
Based on Resin Type
Based on Product
Based on Technology
Based on Application