7th November 2019 – The global decorative
coatings market size is expected to value at USD 106.97 billion by
2022. The market is subject to witness a substantial growth due to the growing
construction activities, rapid urbanization, increasing population and growing
infrastructural spending by both developing and developed economies across the
globe.
Growing constructional activities for
shopping malls and business parks in the developing economies across the Asia
Pacific region such as India, China, Malaysia, Thailand and Singapore are
expected to drive the growth of the market in the upcoming years. Globally, the
decorative coatings market is predicted to grow at CAGR of 6.1% in forecast
period, providing numerous opportunities for market players to invest in
research and development in the market.
Increasing demand for decorative coating
from building & construction industry owing to the benefits associated with
its use such as higher durability and attractive appearances of the surfaces
are expected to influence market growth over the forecast period. Additionally,
decorative coating also provides protection against harsh weather and external
environmental factors such as ultra-violet radiation, high temperatures, acid
rain and pollution particles. These factors are predicted to boost market
demand for decorative coating during the forecast period.
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The recent technological advancement and
development of novel products has led to addition of superior properties such
as protection from moisture, corrosion resistance, bacteria and heat
resistance, thus escalating market progress, in the recent years. Growing need
for environmental-friendly alternatives due to stringent laws and regulation by
regional governments across the globe are expected to boost the growth of
decorative coatings industry over the forecast period. Moreover, recent joint
ventures, mergers and partnerships among number of major manufactures and
vendors along with local industry players are anticipated to amplify market
value in the upcoming years.
Strong economic growth in the developing
economies, particularly in the Asia-Pacific region along with recent
infrastructure development has led to high-end demand for decorative coatings,
thus fostering market growth in the last few years. In addition, stringent
environmental laws to regulate volatile organic compounds (VOCs) to improve
indoor air quality in North America and European region is estimated to
increase adoption of waterborne technology in domestic and commercial buildings
over the forecast period.
However, frequent changes in cost of raw
materials such as alkyd, epoxy, acrylic, and titanium dioxide is negatively
hampering market growth, in the recent years. Additionally, environmental
hazards with excessive use of solvent-borne coating is expected to acts as a
major challenge for sustained market growth over the next seven years.
The recent technological advancement in
decorative coating industry such as Nano-TiO2 photo catalysts, green coatings
and adoption of latest technology that limits drying time are estimated to
expand market reach in the upcoming years. Furthermore, rising research &
development by prominent industry players in the industry are projected to
stimulate market growth as well.
Waterborne coatings is considered as one
of the fastest growing segment in the decorative coatings market with substantial
revenue generation in the last couple of years. Growing popularity of the
waterborne coating market segment is attributed to the superior adhesion
properties, heat resistance and abrasion properties.
The decorative coatings industry is
divided by region as North America, Europe, Asia-Pacific, Latin America and
Africa. North America has shown major growth in recent years owing to the rise
in the implementation of latest technologies in building & construction
activities in the region and existence of well-established manufacturing
sector. Asia-Pacific region is predicted to hold major market share in the
decorative coating market with massive growth in forecast period.
Countries such as India, China and
Singapore are leading the Asia-Pacific market with growing constructional
activities, strong economic growth, and significant investment by leading
industry players considering potential growth opportunities in the region. The
key players in the decorative coatings industry are PPG Industries, Inc., Sherwin-Williams
Company, Akzo Nobel N.V., Nippon Paint and Valspar Co., Asian Paints Ltd.,
Berger Paints Ltd., Cabot Co., DAW SE, Jotun A/S, Masco Co., Benjamin Moore
& Co., and Axalta Coating Systems Pvt., Ltd.
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