The global decorative paints and coatings market size was USD 72.06 billion in 2020 and expected register a revenue CAGR of 4.4% over the forecast period, according to the latest report by Reports and Data. Decorative paints and coatings market revenue growth is due to high demand for these products from the construction sector.
Decorative paints and coatings is used to act as protective layer and prevent walls from cracks, water seepage, fungus, and algae. Decorative paints also increase aesthetic appeal of a structure and offer benefits such as protection from various environmental effects such as UV radiations, moisture, microorganisms, and heat, along with properties such as insulation, light absorption, reflection, and anti-skid features.
Major manufacturers are investing heavily to develop and launch advanced products in order to cater to ongoing demand from the construction sector, which is expected to drive market revenue growth. In addition, increasing need for aesthetically appealing infrastructures, commercial buildings, and residential buildings is driving demand for decorative paints and coatings. Governments of various countries across the globe are funding in infrastructure development, which is fueling decorative paints and coatings market revenue growth.
The COVID-19 outbreak has had an adverse effect on construction sector. Construction of new establishments has slowed down due to lockdown restriction, and no availability of labors and other workforce to construct and renovate buildings and new structures. Number of business startups have also decreased drastically, which hampered adoption rate of decorative paints and coatings in both, commercial and residential constructions. The pandemic has led to production cut on a large scale due to low product demand, and storage of large volumes of stocks, as well as companies in the construction sector are shifting focus in other business plans to survive this encumberment.
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Some Key Highlights in the Report
- In September 2021, Asian Paints launched “ColourNext 2021” for top engineers, architect, and interior designers across Bangladesh. Color of the year “Cherish” was a source of inspiration for this year’s color range launch. Asian Paints collaborates with experts from different fields to put together comprehensive collection of materials, textures, colors, finishes and trends.
- Acrylic segment accounted for a significantly large revenue share in 2020 as it provides better weathering and oxidation resistance than alkyds or epoxies. The acrylic resins are durable, transparent, and water-resistant, as well as provide glossy external finish, and resistance to harsh weather conditions. Acrylic paints are durable, versatile and dries rapidly. It is water-based which means it can be thinned by mixing with water.
- Emulsions segment is expected to register a robust revenue growth rate during the forecast period. Emulsions are high-quality paints used in interiors such as surface walls and ceilings, as these offer great coverage and ease of application, and are less toxic and contain low Volatile Organic Compounds (VOCs).
- Solvent-based coatings segment is expected to register significantly fast revenue growth rate during the forecast period. Some of the commonly used solvents in the industry are aliphatic hydrocarbons, lacquer thinner, toluene, and xylene. China is the leading consumer of solvent-borne paints due to high product usage in the industrial and commercial construction.
- Residential segment accounted for larger revenue share in 2020. Decorative paints and coatings are majorly used in the construction sector. Rising disposable income is resulting in improving lifestyles, which is driving adoption of decorative paints and coatings for high-end decorations in houses as these products provide excellent aesthetic finishes and protection to the buildings.
- Market in Asia Pacific accounted for significantly large revenue share in 2020. Large population base and rapid urbanization, rising disposable income and purchasing power in Asia Pacific, and increasing demand for decorative paints and coatings are factors driving revenue growth of decorative paints and coatings market in the region. Countries such as Japan, Korea, Australia, and mainly China are expected to be major revenue contributors in the Asia Pacific market.
- Companies profiled in the global market report include The Sherwin-Williams Company, PPG Industries, Inc., Akzo Nobel N.V., BASF SE, Asian Paints Limited, RPM International Inc., Jotun Group, Masco Corporation, Nippon Paint Holdings Co., Ltd., and Kansai Paint Co. Ltd.
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