Global Decorative Coatings Market, By Product (Primer, Enamel, Emulsions, and Others), Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), Formulation (Water-Based, and Solvent-Based), Substrate (Metal, Plastic, Glass, and Others), Coat Type (Top Coat, Base Coat, and Others), Application (Architectural, Automotive, Domestic Appliances, Medical, Sporting Goods, Jewellery, Cosmetics, and Aerospace) - Industry Trends and Forecast to 2030.
Decorative Coatings Market Analysis and Size
Rising environmentally-friendly coating systems is the vital factor escalating the market growth, also increasing durable coatings with better performance and aesthetics, rising urbanization and industrialization all over the globe, rising advancements and developments in the market, increasing demand for these products in buildings as it enhances durability and appearances of the surface as well as protecting it from harsh weather and external conditions such as UV radiation, extreme temperature, acid rain, and foreign particles, rising use in construction applications across various countries including China, U.S., Mexico, Qatar, U.A.E., India, Vietnam, and Singapore and increasing superior properties including moisture, corrosion resistance, UV radiation, bacteria, and heat resistance are the major factors among others driving the decorative coatings market.
Moreover, rising growth in less regulated regions, rising research and development activities in the market and increasing investments in emerging markets will further create new opportunities for the decorative coatings market in the forecast period.
Data Bridge Market Research analyses that the decorative coatings market which was USD 66.32 billion in 2022, is expected to USD 95.76 billion by 2030, and is expected to undergo a CAGR of 4.7% during the forecast period of 2023 to 2030.
“Architectural” dominates the application segment of the decorative coatings market due to the large and diverse market, including residential and commercial construction.
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Decorative Coatings Market Scope and Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2023 to 2030
|
|
Base Year
|
2022
|
|
Historic Years
|
2021 (Customizable to 2015-2020)
|
|
Quantitative Units
|
Revenue in USD Billion, Volumes in Kilo Tons, Pricing in USD
|
|
Segments Covered
|
Product (Primer, Enamel, Emulsions, and Others), Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), Formulation (Water-Based, and Solvent-Based), Substrate (Metal, Plastic, Glass, and Others), Coat Type (Top Coat, Base Coat, and Others), Application (Architectural, Automotive, Domestic Appliances, Medical, Sporting Goods, Jewellery, Cosmetics, and Aerospace)
|
|
Countries Covered
|
U.S., Canada, Mexico, Brazil, Argentina, rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and the Rest of Middle East and Africa
|
|
Market Players Covered
|
PPG Industries Inc. (U.S.), Akzo Nobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), Axalta Coating Systems LLC (U.S.), NIPSEA GROUP (Singapore), Kansai Paint Co. Ltd. (Japan), Bayer AG (Germany), KCC CORPORATION (South Korea), Jotun (Norway), Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Benjamin Moore & Co. (U.S.), Masco Corporation (U.S.), DAW SE (Germany), The Arkema Group (France), Berger Paints India Limited (India), Cabot Corporation (U.S.), Clariant (Switzerland), Eastman Chemical Company (U.S.), Tikkurila (Finland), Cromology (France), HEMPEL A/S (Denmark), Ashland (U.S.), RPM International Inc. (U.S.)
|
|
Market Opportunities
|
|
Market Definition
Decorative coatings encompass a diverse range of materials and finishes applied to surfaces primarily for aesthetic enhancement. They find extensive applications across various industries and creative domains. In architecture, these coatings adorn and safeguard buildings, while in the automotive sector, they add beauty and protection to vehicles. Woodwork and furniture benefit from decorative coatings for both aesthetics and preservation.
Decorative Coatings Market Dynamics
Drivers
- Growing Construction Industry
The global decorative coatings market is driven by the continued growth of the construction industry. Increasing urbanization, population growth, and infrastructure development projects worldwide are boosting the demand for decorative coatings in architectural applications. These coatings are essential for protecting and beautifying buildings, both residential and commercial, contributing significantly to market growth.
- Rising Environmental Concerns
The rising environmental consciousness among consumers and stringent government regulations are driving the adoption of eco-friendly decorative coatings. Water-based formulations, which have lower VOC emissions compared to solvent-based counterparts, are gaining popularity. Companies investing in sustainable and low-VOC coatings are positioned to meet consumer preferences and comply with environmental regulations, thus driving market growth.
- Increasing Innovation and Technological Advancement
Advancements in coating technologies are propelling the market forward. Innovations in paint formulations, such as self-cleaning coatings, anti-microbial coatings, and coatings with enhanced durability, are creating new opportunities for manufacturers. These innovations cater to various application areas, from residential homes to healthcare facilities, driving demand for specialized coatings.
Opportunities
- Emerging Markets
The decorative coatings market offers significant growth opportunities in emerging economies with rising middle-class populations and increased disposable incomes. As more consumers in these regions seek aesthetically pleasing and durable coatings, manufacturers can tap into these markets to expand their customer base and revenue.
- Customization and Personalization
Consumer preferences for customized and personalized coatings are growing. Manufacturers can capitalize on this trend by offering a wide range of colors, finishes, and textures. Customization allows companies to meet the unique demands of consumers, including interior designers and architects, and can differentiate them in a competitive market.
Restraints/Challenges
- Raw Material Price Volatility
The decorative coatings industry is sensitive to fluctuations in raw material prices, especially those derived from petrochemicals. Rapid price changes can affect production costs and profit margins for manufacturers. Maintaining stable pricing in the face of raw material price volatility is a significant challenge.
- Regulatory Compliance Costs
Meeting stringent environmental and safety regulations, particularly regarding VOC emissions, can be costly for manufacturers. Compliance necessitates investments in research, development, and technology to produce low-VOC coatings. These compliance costs can put pressure on profitability and limit the market entry of smaller players.
- Intense Competition
The decorative coatings market is highly competitive, with numerous established players. Entering or expanding within this market presents challenges related to market saturation and the need for product differentiation. Companies must invest in research and marketing to distinguish themselves and gain market share.
- Supply Chain Disruptions
The industry is vulnerable to supply chain disruptions caused by factors such as natural disasters, geopolitical tensions, and transportation issues. These disruptions can lead to delays in production and increased costs, impacting manufacturer’s ability to meet customer demand and maintain profitability. Robust supply chain management is crucial to mitigate these challenges.
This decorative coatings market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the decorative coatings market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Development
- In September 2023, Grasim Industries Ltd, an Aditya Birla group company, is set to launch its new paints venture, Birla Opus, in the fourth quarter of FY24 with a committed investment of ₹10,000 crore ($1.34 billion). The move marks their entry into the high-growth Indian decorative paints market. With advanced research and manufacturing facilities across multiple Indian states, the firm aims to become a strong contender in the industry. The estimated value of India's decorative paints sector is ₹70,000 crore, driven by increasing consumer demand and government initiatives. Grasim's entry adds competition to established players like Asian Paints and Berger Paints
Global Decorative Coatings Market Scope
The decorative coatings market is segmented on the basis of product, resin type, formulation, substrate, coat type, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Primer
- Enamel
- Emulsions
- Others
Resin Type
- Acrylic
- Alkyd
- Polyurethane
- Epoxy
- Polyester
- Others
Formulation
- Water-Based
- Solvent-Based
Substrate
- Metal
- Plastic
- Glass
- Others
Coat Type
- Top Coat
- Base Coat
- Others
Application
- Architectural
- Automotive
- Domestic Appliances
- Medical
- Sporting Goods
- Jewellery
- Cosmetics
- Aerospace
Decorative Coatings Market Regional Analysis/Insights
The decorative coatings market is analysed and market size insights and trends are provided by product, resin type, formulation, substrate, coat type, and application are referenced above
The countries covered in the decorative coatings market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America in South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, and the Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, and the Rest of Asia-Pacific in Asia-Pacific, and U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and the Rest of the Middle East and Africa in Middle East and Africa
Asia-Pacific dominates the decorative coatings market due to rising construction spending along with rapid economic development in China, India, Indonesia, South Korea, and Thailand and growing domestic producers along with increasing infrastructure sector in this region during the forecast period.
Middle East and Africa is expected to witness the fastest growth during the forecast period due to increasing construction activities mainly in U.A.E. and Qatar due to economic recovery, advanced real estate regulatory framework, and increasing infrastructure projects in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Decorative Coatings Market Share Analysis
The decorative coatings market competitive landscape provides details by competitors. details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the company's focus related to the decorative coatings market.
Some of the major players operating in the decorative coatings market are:
- PPG Industries Inc. (U.S.)
- Akzo Nobel N.V. (Netherlands)
- The Sherwin-Williams Company (U.S.)
- Axalta Coating Systems LLC (U.S.)
- NIPSEA GROUP (Singapore)
- Kansai Paint Co. Ltd. (Japan)
- Bayer AG (Germany)
- KCC CORPORATION (South Korea)
- Jotun (Norway)
- Koninklijke DSM N.V. (Netherlands)
- BASF SE (Germany)
- Benjamin Moore & Co. (U.S.)
- Masco Corporation (U.S.)
- DAW SE (Germany)
- The Arkema Group (France)
- Berger Paints India Limited (India)
- Cabot Corporation (U.S.)
- Clariant (Switzerland)
- Eastman Chemical Company (U.S.)
- Tikkurila (Finland)
- Cromology (France)
- HEMPEL A/S (Denmark)
- Ashland (U.S.)
- RPM International Inc. (U.S.)
SKU-