Market Insights:
Decorative Coatings Market are widely used as a protectant and colorant for metal, wooden and concrete structures against bleaching, chalking and general deterioration. In the market, Decorative Coatings are available as water borne and solvent borne coatings. These coatings have major applications as enhancing the visual appeal of substrates in coating wall and ceilings, furniture, and wooden flooring of the buildings. Additionally, they are used as coatings for metal objects and plastic materials.
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As per our Analysis, some of the prominent market factors and trends identified in the Global Decorative Coatings Market include rapid rise in human development index (HDI), rising demand for dazzling colors that are in resonance with the environmental regulations and policies, and increasing expenditure on construction activities. Moreover, demand for decorative coatings is predicted to witness significant growth over the assessment period due to the surging population. Rising population and necessity to lodge the expanding population across the globe is anticipated to be an important driver for Decorative Coatings Market during the review period. Increasing renovation and colorants customization along with rising disposable income in the emerging economies is predicted to propel the growth of the market during the assessment period, 2017 to 2023. However, implementation of strict regulations by various government bodies have restricted the use of toxic organic chemicals used in the production of decorative coatings, which is expected to hamper the growth of the 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
Regional Analysis:
The Global Decorative Coatings Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific is predicted to grow with the highest CAGR during the review period, 2017 to 2023 on account of expanding construction industry. The demand for Decorative Coatings is predicted to surge in numerous countries of the Middle East & Africa such as Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait due to high adoption rate by the construction industry. Moreover, this region is firmly in the middle of the world’s fastest growing markets and allowed Dubai in particular, to turn itself into a global hub for aviation, tourism and logistics.
North American Decorative Coatings Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. As of 2016, the U.S accounted for one of the largest global market shares in terms of value & volume and is estimated to grow with the moderate CAGR on account of growth in Decorative Coatings application in furniture sector. In Europe, the demand for Decorative Coatings is predicted to grow in various countries such as Italy, Germany, Spain, U.K, France, and Russia on account of increasing expenditure in innovation and growing purchasing power of consumers. Moreover, presence of major Decorative Coatings manufacturers specifically in Germany is expected to give a momentum to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are predicted to experience decline in the Decorative Coatings Market owing to the financial crisis where the regional debts has surpassed their incomes. 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. Moreover, rising awareness about durable coatings and environmental concerns in various economies of Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to raise the demand for ecofriendly based decorative coatings which in turn is predicted to fuel the demand for decorative coatings over the forecast period, 2017 to 2023.
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Industry Segmentation:
The Global Decorative Coatings Market is categorized on the basis of type, technology, application, and region. On the basis of type, the market is bifurcated into primer, enamel, emulsion, and others. On the basis of technology, the market is segmented into water borne and solvent borne. On the basis of application, the Decorative Coatings Market is categorized into residential, non-residential and others. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Intended Audience
- Decorative Coatings Manufacturers
- Traders and Distributors of Decorative Coatings
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
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