“The decorative paints & coatings market is projected to register a CAGR of 4.2% between 2019 and 2024.”
The decorative paints & coatings market is projected to grow from USD 67.0 billion in 2019 to USD 82.4 billion by 2024, at a CAGR of 4.2% between 2019 and 2024. The market in APAC is witnessing high growth, which is expected to continue in the near future because of increasing residential construction and improved home remodeling practices along with rising per capita paints consumption.
“Residential is projected to be the largest and fastest-growing segment in decorative paints & coatings market”
Better economic growth and higher incomes in the last few years have resulted in the construction of several new houses and remodeling of old ones. Decorative paints and coatings for residential construction applications include new paint and repainting. These coatings mainly include architectural and functional products, such as paints, stains, lacquers, enamels, and emulsions. New paint is mainly associated with newly built residential constructions, which include both their interior and exterior application areas. So, this drives the demand for residential decorative paints and coatings.
“Acrylic resin was the fastest-growing segment of the decorative paints & coatings market”
Acrylic was the fastest-growing segment in 2018 because of its preferred choice in major applications. Acrylic paints & coatings are easy to apply and can be cleaned up with water. The weathering and oxidation resistance of acrylics is better than oil-based paints, alkyds, or epoxies as the chief components of acrylic polymers provide a polymer structure that has little tendency to absorb UV light. Acrylics possess good color and gloss retention. Moreover, they are in high demand as they are low-cost materials that provide good chemical as well as photochemical resistance, better stain protection, water resistance, and have better adhesion to surfaces.
“APAC accounts for the largest decorative paints & coatings market amongst other regions”
APAC is projected to be the fastest-growing market, in terms of both volume and value, during the forecast period. The market in the region is driven by the growing population and economic growth. Both residential and non-residential sectors are expected to grow in China and India during the forecast period, which, in turn, will drive the demand for decorative paints & coatings in this industry.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and subsegments.
Breakdown of Primary Interviews:
- By Company Type: Tier 1 – 50%, Tier 2 – 20%, and Tier 3 – 30%
- By Designation: D Level – 40%, C Level – 20%, and Others – 40%
- By Region: APAC – 40%, North America – 20%, Europe – 20%, South America- 10%, and the Middle East & Africa – 10%
Key companies profiled in this report are PPG Industries, Inc. (US), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (US), Kansai Paints Co., Ltd. (Japan), Asian Paints Limited (India), and Nippon Paint Holdings Co., Ltd. (Japan).
The decorative paints & coatings market has been segmented on the basis of Resin Type (Acrylic, Alkyd, Vinyl, PU), Technology (Waterborne, Solventborne, Powder), Coating Type (Interior, Exterior), User Type (DIY, Professional), Application (Residential, Non-Residential), Product Type (Emulsions, Wood Coatings, Enamels) and region (North America, Europe, APAC, Middle East & Africa, and South America). The end-use industry and type segments are further analyzed for each country in the respective regions.
Reasons To Buy the Report
From an insight perspective, this research report focuses on various levels of analyses industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on decorative paints and coatings offered by top players in the market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the decorative paints & coatings market.
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for decorative paints and coatings across regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the decorative paints & coatings market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the decorative paints & coatings market.