The Decorative Coatings Market, valued at $45,653.87 million in 2022, is set for substantial growth with an anticipated CAGR of 4.5% over the forecast period. The burgeoning trend of urbanization, particularly in emerging economies, is fueling increased construction activities, subsequently driving the demand for decorative coatings in both residential and commercial spaces.
Aesthetic Revolution: The Impact of Changing Design Preferences
The global shift toward urbanization, especially in emerging economies, is contributing to a surge in construction activities. This, in turn, is propelling the demand for decorative coatings, driven by changing architectural and design preferences. A growing emphasis on aesthetics, visual appeal, and innovative coatings is evident in both construction and interior design industries.
Stringent environmental regulations and a collective move towards sustainable practices are encouraging the use of eco-friendly and low-VOC (volatile organic compound) decorative coatings. This aligns with global environmental concerns and reflects the industry’s commitment to responsible practices. The growing real estate sector, spanning residential, commercial, and industrial construction projects, is generating significant demand for decorative coatings. Developers are seeking visually appealing and durable solutions, and the industry is responding with innovative and reliable coating materials.
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Product Dynamics: Emulsion Paints Taking the Lead
Segmented into emulsions, enamel, primer, and others based on product type, the emulsion segment dominated in 2022. Water-based emulsion paints are gaining popularity due to their low VOC content in comparison to solvent-based alternatives. This aligns with the increasing environmental consciousness and regulatory pressures, making emulsions an attractive choice for consumers and industries alike.
Emulsion paints are known for their low odor, contributing to a healthier and more comfortable environment, especially in residential and indoor spaces. The ease of application, versatility, durability, affordability, and continuous technological advancements further drive the widespread adoption of emulsion paints. As consumer preferences and environmental considerations continue to shape the market, emulsion paints are expected to maintain their strong position in the decorative coatings industry.
Asia-Pacific Driving Growth: A Hub of Economic and Construction Activities
Asia-Pacific has emerged as the leading market for decorative coatings in 2022. The region’s robust economic growth has resulted in increased construction activities, both residential and commercial. Rapid urbanization has led to a surge in infrastructure development, including residential and commercial buildings, thus boosting the demand for decorative coatings.
Ongoing real estate development, especially in emerging economies within the Asia-Pacific region, has led to increased demand for high-quality decorative coatings. Moreover, some countries in the region have introduced policies promoting sustainable and energy-efficient construction practices, further driving the demand for coatings that offer aesthetic appeal alongside energy efficiency and sustainability.
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Key Companies Profiled: AkzoNobel, PPG Industries, Sherwin-Williams, Valspar, Benjamin Moore, Asian Paints, Nippon Paint, Jotun, Berger Paints
Global Decorative Coatings Market, Report Segmentation
Decorative Coatings Market, By Resin Type
- Acrylic
- Polyurethane
- Alkyd
- Vinyl
- Other
Decorative Coatings Market, By Product
- Enamel
- Primer
- Emulsions
- Others
Decorative Coatings Market, By Technology
- Waterborne Coatings
- Solventborne Coatings
- Powder Coatings
Decorative Coatings Market, By By Coating Type
- Interior
- Exterior
Decorative Coatings Market, By Application
- Residential
- Non-Residential
Decorative Coatings Market, Regional Outlook
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- Spain
- Russia
- France
- Italy
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
CSA
- Brazil
- Argentina
MEA
- UAE
- Saudi Arabia
- South Africa
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