The global decorative coatings market was valued at US$ 52,525.2 Mn in 2017 and is anticipated to expand at a CAGR of 4.3% from 2018 to 2026, according to a new report titled ‘Decorative Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global decorative coatings market is driven by growing building and construction activities across the globe.
Rise in Demand for Decorative Coatings from Building & Construction Industry to Drive Market
The global decorative coatings market is primarily driven by advancements in the building & construction industry, led by the rise in demand for decorative coatings. Rise in the number of upcoming commercial building projects, especially in Asia Pacific and Middle East & Africa, is anticipated to propel the decorative coatings market in these regions. These coatings are primarily used for interior decoration such as wood flooring, wall painting, furniture, and sculptures. Reconstruction and renovation activities in the construction sector are also propelling the global decorative coatings market. However, usage of toxic chemicals in coating formulations is projected to hamper the market.
Regulations to Reduce the VOC Content in Paints & Coatings to Drive Market
Rise in awareness regarding the environment has led to the introduction of quality products in the coatings market. Several nations have implemented stringent environmental policies to lower the emission of VOCs. These regulations are applicable to manufacturers, importers, and sellers of architectural coatings. Implementation of safety standards is also anticipated to boost the need for architectural coatings that enhance the durability of building structures. The U.S. Environmental Protection Agency’s (EPA’s) Architectural and Industrial Maintenance (AIM) coating emission standards are applicable for various coating products including decorative coatings. Water-borne architectural coatings comply with these regulations. Rising trend of going green and thereby reducing the impact of VOC emissions on the environment is anticipated to propel demand for decorative coatings in the next few years.
Harmful Environmental Effects of Solvent-borne Coatings to Restrain the Market
Governments across the world are implementing various regulations related to the manufacturing and use of the paints & coatings due to the extensive use of toxic chemicals and VOC content. They have laid down stringent regulations to reduce VOC content of paints and coatings.. Concern among manufacturers about costs incurred for the implementation of reformulations to ensure that coatings meet the permissible VOC content standards is rising.
Acrylics Segment to Dominate Global Decorative Coatings Market
Based on resin, the decorative coatings market has been segmented into acrylics, polyurethanes, alkyds, vinyl acetate emulsions, epoxies, and other resins such as polyester and fluropolymer. Advantages of acrylics include superior color retention, maintenance of film clarity, resistance to chalking, and gloss retention. Acrylic-based decorative coatings can be applied in the form of water-borne coatings or solvent-borne coatings. Acrylics binders are preferred over other types of binders owing to their high pigment-binding capacity and water-resistance.
Water-borne Coating Technology Segment Dominates Decorative Coatings Market
In terms of technology, the decorative coatings market has been classified into water-borne, solvent-borne, UV-cured, and other technologies including powder-based and oil-based. Water-borne decorative coatings is estimated to expand at a rapid pace during the forecast period due to their eco-friendly nature. Water-borne decorative coatings meet the standards imposed by the U.S. and European Union on VOC emissions.
Residential Application Segment Dominates the Decorative Coatings Market
Based on application, the decorative coatings market has been divided into residential and non-residential. Decorative coatings are used in the residential construction sector. In this sector these coatings are used for new construction and repainting. Rising population and increase in urbanization in emerging economies are anticipated to drive the decorative coatings market. Decorative coatings are primarily used in interior applications in residential constructions and include coating for furniture, shelves, and decorative structures.
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Asia Pacific Dominates the Global Decorative Coatings Market
In terms of region, the global decorative coatings market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Based on consumption, Asia Pacific is expected to create lucrative opportunities in the decorative coatings market during the forecast period. The market in countries in Asia Pacific, especially China and India, is expanding significantly. This, in turn, is boosting the demand for building and construction materials, which includes decorative coatings. Rising population is a key factor fueling the decorative coatings market in the region. Furthermore, North America is projected to be a highly lucrative region owing to the recovery of the construction industry. Major players operating in the decorative coatings market are focusing on acquisitions to increase their market share. This, in turn, is anticipated to propel the market.
High Degree of Competition among Market Players
High degree of competition exists among market players operating in the decorative coatings market. The market is dominated by few major players and is moderately consolidated. Key players operating in the decorative coatings market include Akzo Nobel N.V, PPG Industries, Inc., Kansai Paint Co., Ltd., BASF Coatings GmbH, The Sherwin Williams Company, RPM International Inc., Axalta Coating Systems, Clariant, Nippon Paint, and Celanese Corporation.