Faux Finish Coatings Market To Generate $3,498.2 Million Revenue by 2030
- Published: February 2024
From USD 2,221.9 million in 2023, the global faux finish coatings market revenue is expected to reach USD 3,498.2 million by 2030, with 6.9% CAGR between 2024 and 2030. This is attributed to the increasing construction activities and rising disposable income. Due to the latter, people are choosing to renovate their homes, which is expected to boost the demand for such materials in the near future.
Faux finishing, also called false painting, are decorative paints used to imitate the appearance of marble, wood, or stone. Faux finish is usually done on ceilings and walls and, often, on furniture as well.
Plaster Category Holds Significant Share
By type, plasters accounted for 20% share in 2023 as they create a strong and good finish on walls. It is a classical technique in which plaster is used directly on an interior wall. This is commonly seen in ceiling moldings and decorative walls.
The metallic category leads the market from the point of revenue generation. This is due to the large variety of metallic faux finish coatings available, such as gold, silver, bronze, and copper. A metallic finish may give the appearance of glitter, pearlescent, sparkle, silver, gold, bronze, or chrome.
The wall glaze category is growing rapidly in the market. A glaze is a partially transparent paint mixture applied on the top of a painted wall with a brush or sponge. to create texture. It is a cheaper process and completely customizable, which makes it popular among people wanting to personalize the atmosphere of their home or office.
Water-Based Category Accounted for Largest Share
The water-based category held the largest share, of 70%, in the faux finish coatings market in 2023. These materials have excellent adhesion and better color retention than solvent-based paints. They also have low VOC levels and cause low HAP emissions, which has made them rapidly popular in a world hell bent on fighting climate change and reducing the risk of carcinogenesis.
Acrylic-based faux finish coatings also fetch a significant chunk of the revenue for the market players. The high solubility, elasticity, versatility, non-toxic nature, as well as water-resistance of acrylic compounds contributed to the high demand for paints and coatings with these formulations.
New Construction Dominates Market
By category, new construction dominates the market. This is attributed to the increasing degree of urbanization and rising population, government initiatives to build flyovers, buildings, schools, and other pieces of public infrastructure, as well as corporate offices, shopping complexes, and other commercial structures.
Mergers and Acquisitions Are Foremost Trend in Market
Companies are engaging in mergers and acquisitions to expand their market share some of the acquisitions are given below:
- In September 2021, Hempel A/S acquired Farrow & Ball Limited, a decorative paint and wallpaper company with an annual turnover of over $114.0 million (EUR 100 million). The acquisition strengthens the decorative paints segment of the former company.
- In April 2020, Akzo Nobel N.V. completed the 100% acquisition of the shares of Mauvilac Industries Limited, a decorative paint and coating company based in Les Pailles, Mauritius. The transaction included a local production facility, four concept stores, and access to a strong distribution network.
Some of the key players are Sherwin-Williams Company, Nippon Paint Holdings Co. Ltd., Axalta Coating Systems Ltd., Kansai Paint Co. Ltd., Faux Effects International Inc., Jotun A/S, PPG Industries Inc., RPM International Inc., Hempel A/S, BASF SE, Akzo Nobel N.V., and Asian Paints Ltd.