Market Insights
The global decorative coatings
market demand is primarily supported by the ongoing boom in the construction
industry. Upon this, Market Research Future Reports has published its latest
reports on global decorative coatings market which states that it will propel
outstandingly during the assessment period, 2017 to 2023.
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Global decorative coatings market
has observed a drastic change since the past decade. However, it has managed to
maintain a positive growth rate until the present time. Decorative coatings are
considered as a part of architectural coatings that are primarily applied to
buildings, commercial offices, and complexes. Thus, the purpose these
decorative coatings serve is mainly for decoration and protection against UV
radiation, extreme temperature, moisture, and microorganisms. Also, these offer
many benefits such as light absorption, insulation, and reflection that helps
in increasing the durability of the structure. On the other hand, decorative
coatings are also widely used as a protectant and colorant especially for
metal, wooden and concrete structures.
Market Key Players:
·
BASF SE
·
PPG Industries Inc.
·
The Sherwin-Williams Company
·
Akzo Nobel N.V.
·
Asian Paints Limited
·
Kansai Paint Co., Ltd.
·
The Valspar Corporation
·
Arkema S.A.
·
Nippon Paints Co. Ltd
·
Tikkurila Oyj
Global Decorative Coatings Market: Drivers & Trends
As per the market’s analysis,
some of the prominent market factors that are identified as growth makers for
the market include rising construction sector, higher usage of ingredient like
nanoparticles in water-based decorative coatings. Adding to this, the market
share for the decorative coatings is also proliferating owing to the
contribution from manufacturers who are supporting green trend and prefer using
water-soluble decorative coatings. Such water-soluble decorative coating offers
high durability, dries quickly and lasts with less stench. These factors are
making the global decorative coatings market to spur radically in the years to
come.
Moreover, the demand for
decorative coatings is also expected to witness significant growth over the
assessment period owing to the surging population coupled with the booming
construction industry for building residential area, office spaces, complexes
and more. Thus, the rising disposable income in the emerging economies is also
predicted to boost the development of the market at the time of assessment
period, 2017 to 2023.
Moving forward, the ongoing
development of products by various companies to manufacture cost-efficient and
high-performance coatings is also further expected to drive the demand for
decorative coatings market over the next five years. However, the execution of
strict regulations by various government bodies has restricted the use of toxic
organic chemicals being used in the production of decorative coatings is
assumed to hamper the growth of the market.
Global Decorative Coatings Market Segmentation
As per the analysis of MRFR
reports of global decorative coatings market, it is segmented on the basis of
type, technology, application, and region.
By the segmentation of type, the
market is bifurcated into primer, enamel, emulsion, and others.
By the segmentation of
technology, the market is segmented into waterborne and solvent-borne.
By the segmentation of
application, the decorative coatings market is categorized into residential,
non-residential and others.
Regional Outlook
On a graphical front, the market
has covered significant regions such as Asia Pacific, Europe, Latin America,
North America, and the Middle East & Africa.
Asia Pacific is expected to
proliferate at the highest CAGR during the review period, 2017 to 2023 accounting
on expanding construction industry. The demand for decorative coatings is
estimated to surge in the Middle East & Africa, the United Arab Emirates,
Saudi Arabia, Iran, and Kuwait owing to a high adoption rate in the
construction industry. Also, this region is firmly known for the world’s
fastest growing markets which is contributing a more substantial share on the
global level. Besides, the rising awareness about durable coatings and
environmental concerns in various countries such as China, India, Malaysia,
Thailand, and Japan is also expected to raise the demand for eco-friendly based
decorative coatings and thus, fueling the demand for decorative coatings over
the forecast period, 2017 to 2023.
Whereas, North America region is
also predicted to witness a tremendous growth on account of high consumption,
increasing production capacities, and rising economic growth rate. In 2016, the
U.S accounted for one of the largest global market shares by value &
volume, which is now estimated to grow with the moderate CAGR due to growth in
decorative coatings application in the furniture segment.
Next, in Europe, the demand for
decorative coatings is also mounting in countries such as Italy, Germany,
Spain, U.K, France, and Russia accounting for increasing expenditure in
innovation and growing purchasing power of consumers. Besides, due to the
presence of major decorative coatings manufacturers, specifically in Germany is
hence making the market to give a momentum towards a considerable growth in the
future timeline. The Asia Pacific, decorative coatings market, is predicted to
grow with the moderate CAGR due to developing construction industry and
expanding middle-class populace in India and China.
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