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Global Decorative Coatings Market Report 2023: Growth Potential in Less-Regulated Economies Presents Opportunities
Global Decorative Coatings Market
Dublin, March 09, 2023 (GLOBE NEWSWIRE) -- The "Global Decorative Coatings Market by Resin Type (Acrylic, Alkyd, vinyl, Polyurethane), Technology, Coating Type (Interior and Exterior), Color Type, User Type (DIY and Professional), Product Type, Application), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global decorative coating market size is projected to grow from USD 82.0 billion in 2022 to USD 98.9 billion by 2027, at a CAGR of 3.8%, between 2022 and 2027.
The decorative coatings market is mainly characterized by four main resin types: acrylic, alkyd, vinyl, and polyurethane. Decorative coatings have significant use in residential (new construction and remodel & repaint) and non-residential (commercial, industrial, and infrastructure) applications.
There is high demand for decorative coatings in the emerging markets of Asia Pacific due to the significant growth of the construction industry. Environment-friendly characteristics, durability, and better aesthetic appearance drive consumption in various applications. Stringent and time-consuming regulatory policies act as a restraint to the decorative coatings market. New construction activities and repainting and growing investment in emerging markets and less regulated regions are the key factors providing market players with growth opportunities. However, the adoption of new technologies and volatility in titanium dioxide prices are the major challenges for market players.
The major players have followed strategies, such as investments, expansions, new product developments, acquisitions, partnerships, agreements, and collaborations, to address the rising demand and increase their global footprint. Market players are exploring more applications of these decorative coatings by focusing on continuous research & development (R&D). They mostly adopted acquisitions to strengthen their market position and increase their presence in emerging economies. Stringent rules and regulations laid down for volatile organic compounds (VOCs) in coatings have forced producers to shift toward VOC-free decorative coatings.
The exterior segment is one of the fastest-growing coating type segments during the forecast period
Exterior surfaces of any building or structure are considered residential, commercial, institutional, and industrial buildings. Coatings are used on exterior surfaces for decoration and general maintenance. The exterior decorative coatings market is expected to grow significantly in the next few years as the demand for these coatings continues to increase. These coatings can provide a variety of benefits, such as better resistance to wear and tear, greater durability, and improved aesthetic appeal. Additionally, these coatings can help to protect the underlying substrate from various environmental hazards, such as sun damage and moisture. Because of these benefits, decorative coatings are becoming increasingly popular in various emerging countries.
These surfaces get exposed to UV rays, snow, and rain, along with pollution. Various decorative coatings are used to keep surfaces protected from such environmental conditions. The surface types of exteriors can vary from facades to overexposed horizontal and vertical sides.
DIY segment in user type is expected to hold one of the highest growth during the forecast period
DIY requires end-users to opt for the paint job themselves. The users generally opt for DIY because of cost constraints. However, there can be other reasons, such as having creative control over the paint job. Many international players experienced increased demand in different regions for a DIY range of decorative coatings as consumers renovated their houses during the lockdown. However, DIY jobs require various painting tools, such as scrapers, protection sheets, and extension poles. There is also advanced equipment available for this purpose, which can be costly. This type of painting can be witnessed mostly in residential construction works.
Middle East & Africa decorative coatings market is estimated to register one of the highest CAGR during the forecast period
The countries considered in the Middle East & Africa are Saudi Arabia, South Africa, and the rest of the Middle East & Africa. This region comprises 20% of the world's population, which demands huge residential construction. This demand, along with the increasing middle-class population, is expected to lead to moderate coatings industry development. The economic growth of the Middle Eastern countries is a key factor in generating business opportunities in the Gulf Cooperation Council (GCC). Most Middle East & African countries have invested a considerable amount in the construction sector. This is to diversify their economies from oil and oil-related business activities to other industrial sectors. However, fluctuating oil prices and geopolitical tensions are expected to affect the growth rate marginally. Africa is the world's least competitive decorative coatings market. It is a developing economy and faces challenges such as unfledged infrastructure and political unrest.
Research Coverage:
This report provides detailed segmentation of the decorative coatings market based on Resin Type (Acrylic, Alkyd, vinyl, Polyurethane, and Others).
Based on the technology (Waterborne, Solventborne, and Powder Coatings).
Based on the coating type (Interior and Exterior). Based on the color type (White and Others). Based on the user type (DIY and Professional).
Based on the product type (Emulsions, Wood Coatings (Varnishes and Stains), Enamels, Others). Based on the application (Residential and non-residential).
Based on the region, the market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Market Dynamics
Drivers
Growth of the Construction Industry
Environment-Friendly Coating Systems
Durable Coatings with Better Performance and Aesthetics
Restraints
Stringent Regulatory Policies and Time-Consuming Approvals
Opportunities
Growth Potential in Less-Regulated Economies
Investments in Emerging Markets
Challenges
Adoption of New Technologies
Volatility in Prices of Titanium Dioxide
Key Attributes:
Report Attribute | Details |
No. of Pages | 322 |
Forecast Period | 2022 - 2027 |
Estimated Market Value (USD) in 2022 | $82 Billion |
Forecasted Market Value (USD) by 2027 | $98.9 Billion |
Compound Annual Growth Rate | 3.8% |
Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Decorative Coatings Market, by Technology
7 Decorative Coatings Market, by Resin Type
8 Decorative Coatings Market, by Coating Type
9 Decorative Coatings Market, by User Type
10 Decorative Coatings Market, by Product Type
11 Decorative Coatings Market, by Application
12 Decorative Coatings Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent and Related Markets
16 Appendix
Companies Mentioned
Akzonobel N.V.
Asian Paints Limited
Basf Coating GmbH
Benjamin Moore & Co
Berger Paints India Limited
Brillux GmbH & Co. KG
Carpoly Chemical Group Co.,
Cloverdale Paint Inc.
Cromology (Formerly Materis Paints)
Daw SE
Diamond Vogel Paint Company
Fujikura Kasei Co. Ltd.
Guangdong Maydos Building Materials Co. Ltd.
Hempel A/S
Jotun A/S
Kansai Paint Co. Ltd.
Kelly-Moore Paints
Lanco Paints
Masco Corporation
Nippon Paint Holdings Co. Ltd.
PPG Industries, Inc.
Rpm International, Inc.
Shalimar Paints
Sherwin-Williams Company
Sto Corp
For more information about this report visit https://www.researchandmarkets.com/r/4feji2
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