Decorative paints and coatings market is related to the commodities applied in the construction and building industry to enhance the visual appeal and aesthetics of the place. The global decorative coatings and paints market demand is driven by the lucrative boom in the construction industry. These coatings provide numerous advantages to the infrastructure such as reflection, anti-skid, insulation and light absorption properties to prevent walls and flooring from severe environmental conditions such as moisture, UV radiations, temperature, and microorganisms. Decorative paints and coatings, which also involves architectural coatings, are used in buildings and associated structures such as commercial offices and complexes including railway stations, malls, airports, museums, and old monuments. The coatings and paints market is triggered due to its application in various application industries such as the construction, automotive, and architectural sector. The growing awareness of customers towards unique designs and ideas are the major growth drivers in the market. Additionally, the surging craze of interior designing and decorations are accountable for the astounding capitalization in the global decorative coating and paints market. The trending Do-it-Yourself (DIY) ideology has attracted the customers to decorate their commercial or residential surrounding with the help interior decorators and professional artists which is tremendously inducing the market growth. Research and development works in the paints and coatings industry have introduced new organic and sustainable formulates which are environment friendly. These effective R&D activities are a result of stringent government policies regarding the environmental concerns raised due to toxic chemicals used in the development of various paints and coatings. Therefore, the key players in the coatings and paints market are thriving to influence the market with the production of environment friendly paints.
The global Decorative Coatings And Paints Market size was $76 billion in 2018 and the demands in the market are projected to grow at a positive CAGR of 5.3% during the forecast period of 2019 to 2025.
Geographical Analysis in the Decorative Coatings and Paints Market
The Asia-Pacific region was observed as the most lucrative region in the coatings and paints market. The region grabbed 44% of the total coatings and paints market place. This remarkable market share is a result of rising economic growth and increasing production facilities in the region. The incessant growth in the construction and infrastructure industries has strengthened the demands for new buildings, bridges, roads, utility, and other infrastructures. This has incredibly hiked the employment of all sorts of paints and coatings which will justify the market outlook of the decorative paints and coatings market. As per a report by The International Financial Corporation (IFC), a member of the World Bank Group, almost 75% of the infrastructure that will exist in 2050 is yet to be built and the annual essential investment to meet the objective is estimated to be around $3.3 trillion. And the report also recognizes the major development and construction activities are subjected to emerge from the APAC region. The rapid urbanization and heavy construction activities prevalent in the emerging economies such as India and China are burgeoning the market share in Asia-Pacific in the decorative coatings and paints market. According to the India Brand Equity Foundation, investment worth of $700 billion is expected in the infrastructure industry by 2022. Government initiatives such as ‘Smart City Mission’ and ‘Housing for All’ are projected to drive the growth in the construction sector which, in turn, will benefit the APAC decorative coatings and paints market. This increasing stimulus to build infrastructure in the country is inducing the usage of decorative paints and coatings thereby its market value in this region.
Application Analysis in the Global Decorative Coatings and Paints Market
The primary application in the decorative coatings and paints market is the use of paints and coating in the architectural infrastructures. The demands in the same are projected to grow at a positive CAGR of 5.6% during the forecast period. Decorative paints and coatings are widely used for interior and exterior applications in the architectural sector to enhance the aesthetics of the infrastructure and to give a fresh look to the structures. Additionally, the application of decorative coatings and paints protects the infrastructure from harsh environmental conditions and prevents fading and cracking. Other than the architectural application, the coatings and paints market witness tremendous demands from the automotive and the residential sector.
Top Trends in the Decorative Coatings and Paints Market
- Integration of Nanotechnology: The key players and a few of the rival niche companies are incorporating nanotechnology to improvise the coating and painting process. In this process, a small amount of paint is applied at a certain portion and the desired portion is selected through a special “containing tape”. Just like photosynthesis, these special nanotechnology pigments are embedded in the paint and coatings which converts light energy into chemical energy that enables the coating to paint itself on the required surface. These type of coatings and paints are being designed majorly for the external use on building and infrastructures that are hard to access. Application of this astonishing technology is projected to reduce the risks involved in the maintenance of the building.
- Clear Coatings: Clear coatings are enamels and solutions that are applied on the external surface of vehicles and the walls of the buildings. Both automotive and the construction industry is using these coatings. Application of these coatings makes the surface scratch-resistant, water-resistant, and corrosion resistance. With such appealing features, the demands for such coatings are ever-increasing and are projected to benefit the global decorative coatings and paints market.
- Environment-Friendly Coatings and Paints: The growing awareness of the harmful effects of chemical-based paints have encouraged the coating companies to develop paints that are sustainable and environment friendly. The companies are working with advanced polymers and chemistry to develop such paints. Additionally, the increasing government regulation for sustainable development is boosting the demands for these environment friendly paints.
Decorative Paints and Coatings Market Competitive Landscape
The companies influencing the decorative paints and coatings market are AkzoNobel, The Sherwin-Williams Company, PPG Industries, Asian Paints, Kansai Paints, Arkema, BASF, Benjamin Moore, Berger Paints, DowDuPont, Masco Corporation, DuluxGroup, NIPPON PAINT, DAW SE, Cromology.