In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Decorative Coatings Market Report. The global decorative coatings market by revenue is expected to grow at a CAGR of over 5% during 2021–2026.
New York, April 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Decorative Coatings Market - Global Outlook and Forecast 2021-2026" - https://www.reportlinker.com/p06063362/?utm_source=GNW
The introduction of anti-microbial coatings is expected to boost the global decorative paints market growth. These coatings use chemicals to prevent the growth of disease-causing micro-organisms. They provide lasting and effective protection against harmful bacteria, mold, and fungi. A growing concern for cleanliness in several surroundings has led to the continued growth of the market. Due to the outbreak of the COVID-19 pandemic and the growth of healthcare-associated infections (HAIs), the importance of anti-microbial decorative coating has grown significantly. Hospitals, schools, and food production facilities are experiencing the high application of anti-microbial paints as these places are susceptible to bacterial and microbial growth. However, the global market suffered a downfall during the COVID-19 crisis as major revenue-contributing end-users such as construction, commercial renovation, infrastructure development, and home improvement activities witnessed a halt, especially during Q1 Q2 2020.
The following factors are likely to contribute to the growth of the decorative coatings market during the forecast period:
• Construction and Rapid Urbanization
• Introduction of New Technologies
• Introduction of DIY Paint
• High Demand from Manufacturing Sector in Developing Country
The study considers the present scenario of the decorative coatings market and its market dynamics for 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Global Decorative Coatings Market Segmentation
The global decorative coatings market research report includes a detailed segmentation by resin type, formation, product, end-user, surface type, geography. The demand for water-borne acrylic coatings is likely to augment during the forecast period due to their low volatile organic component (VOC) content, high gloss retention, and promising drying times. Acrylic decorative coatings are used in residential and non-residential sectors. Increasing government initiatives to construct commercial and industrial infrastructure in emerging countries will offer acrylic coatings manufacturers opportunities. Also, the demand for eco-friendly water-based acrylic coatings is expected to boost the growth during the forecast period. Europe and North America are the major end-users of these solutions due to the high preference for environment-friendly solutions. Acrylic water-borne coatings have replaced solvent-borne in North America and Western Europe and several developing economies.
The water-borne decorative coatings market is expected to reach over USD 51 billion by 2026. Stringency on VOC and emission standards regulations have contributed to the market growth. These regulations have increased the demand for water-borne coatings in the APAC region. New VOC regulations for solvent-based coatings in Europe have reduced CO2 emission levels. There is a shift toward water-based coatings and other environment-friendly systems with low VOC content. APAC dominates the market for water-borne coatings due to increased direct foreign investments and the booming manufacturing sector. The growing middle-class population, rising per capita income, and increasing living standards are further expected to drive the market.
Emulsion-based paints are becoming increasingly popular among consumers as they are less toxic with no odor and release a small quantity of VOCs. These paints have witnessed enormous growth over the past few years with rapid urbanization, the revival of the economy, and increased disposable incomes. The emulsion-based paint market is the fastest-growing segment and has been on a growth trajectory in the last few years. The demand for emulsion-based paint has been continuously increased due to the substitution of solvent-based systems with water-based ones, which are environment friendly.
Residential end-users dominated the decorative coating market in 2020. The rise in disposable income, growing living standards, rising nuclear families, rising concern for sustainability and eco-friendliness are expected to drive the market for the next five years in the residential sector. The increased emphasis on rapid urbanization is likely to push construction across the globe. The rise in the construction of buildings and civic infrastructure will drive the market for decorative coatings. Another major trend that has led to the significant demand for the decorative coatings industry is DIY product usage. The use of decorative coatings in the DIY process is prevalent in developed countries such as the US, the UK, and Germany. However, the trend the rapidly expanding to developing countries.
Interior decorative coating products have minimal impact on the environment and have a low odor and offer many performance properties. The interior decorative coatings market share is growing due to increasing commercial construction and the high focus on commercial and residential maintenance. An increase in disposable incomes is another important factor boosting the market. Changing lifestyles and rising standards of living have encouraged customers to use premium quality decorative products.
• UV Cured
o New Construction
o Renovating & Remodeling Activities
INSIGHTS BY GEOGRAPHY
By value, APAC is the largest region in the decorative paints & coatings market. India and China are major contributors to the market, with China accounting for over $6 billion. Low labor costs, inexpensive raw materials, growing population, increased infrastructure investments, rising construction activities, and rapid urbanization are expected to boost the market during the forecast period. India is expected to dominate the market due to expanding the construction sector with increasing government and private spending on commercial and residential constructions. The Indian government plans to develop 100 new airports by 2035. Therefore, the rise in the construction industry is likely to drive the decorative coatings market.
• North America
o South Korea
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
INSIGHTS BY VENDORS
AkzoNobel, PPG Industries, Sherwin- Williams Company, Axalta, RPM International, and Nippon Paint are the major players in the market. Vendors are expanding their businesses via a profitable partnership or acquiring small or medium-sized active vendors, whereas domestic vendors are capitalizing with product portfolios based on the requirement. Large-scale manufacturers have shifted toward environment-friendly coatings with low or no VOC. The introduction of innovative and proprietary products that cater to customer demands requires companies to devote significant effort and resources. The research and development team needs to continuously analyze market trends to design, develop, and manufacture new product categories and new products with distinctive features and added advantages.
• PPG industries
• Sherwin Williams
• RPM International Inc
• Axalta Coatings System
Other Prominent Vendors
• Asian Paints
• BASF Chemical Company
• Berger Paints Company
• Brillux Gmbh & CO. KG
• Cabot Corporation Chemical Company
• Carpoly Chemical Group
• Clariant AG Chemical Company
• Cromology SAS Company
• DAW SE
• Diamond Vogel Paint Company
• DSM Corporation
• Dulux Group Limited
• Dunn Edwards Paints
• Eastman Chemical Company
• Fujikura Kasei Company Ltd.
• H.B. Fuller
• Hempel Group
• Jotun Chemical Company
• Kansai Paint Company Limited
• KCC Corporation
• Masco Manufacturing Company
• Nippon Paint Holdings Limited
• NOROO Paint & Coatings Company Ltd.
• Nuplex Industries Limited
• Premium Coatings and Chemicals Pvt Ltd.
• Sacal International Group Limited
• SK Kaken Company Limited
• Teknos Group OY
• Tikkurila OYJ
• Tnemec Company Inc.
• Wacker Chemie AG
KEY QUESTIONS ANSWERED
1. How big is the global decorative coatings market?
2. What is the North American decorative coating market size?
3. How has the COVID-19 pandemic affected the decorative coatings market?
4. Which region is highly to account for the highest revenue share in the global decorative coatings market?
5. Who are the major manufacturers in the decorative coatings market?
6. Which segment is likely to contribute maximum revenue to the decorative coatings market?
Read the full report: https://www.reportlinker.com/p06063362/?utm_source=GNW
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