According to the World Paints & Coating Industry Association, the global paints & coating market was valued at $164.9 billion with an augmented increase of 4.9% in 2018. China incorporates about two third of the APAC region’s consumption. The decorative paints market is segmented, based on type, into watercolor, synthetic, and cave painting. Due to the development in water-based technology, residential construction has started using decorative paints commonly as their main decoration, and thus, the decorative paints market is anticipated to propel in the future.
As per a newly compiled market research report from IndustryARC titled “Decorative Paints Market: By Product Type (Water Based Decorative Paints, Solvent-Based Decorative Paints), By Application (Commercial Sector, Residential Sector), By Price (Premium Range, Medium Range, Distemper Range) & Geography – Forecast (2019 – 2025),” the global market size was valued to be around $76.655 billion as of 2018, and the analyst has estimated a CAGR of around 5.30% during the forecast period 2019 to 2025. The APAC region accounted for close to one half of the global decorative paint market demand share at more than 44% as of 2018. The application in architectural coatings will observe a CAGR of 5.6% during the forecast period of 2019-2025.
Decorative Paints Market: Recent Developments
Some of the key players in the decorative paints market are listed below with recent developments and innovations:
- Sherwin-Williams Company- In April 2018, the company made the most innovative development ever by introducing ColorSnap Visualizer application with augmented reality, through which the customers can make faster selections. In May 2018, they also introduced new Cool Feel color technology in the market to its SuperDeck Solid Color Stain which will help in reducing the deck surface temperature to 20 degrees.
- Pittsburgh Plate Glass (PPG) – In December 2018, PPG has announced that it has signed an agreement with Whitford Worldwide Company for customer products and industrial applications in the market. Also, PPG completed its acquisition of SEM Products Inc.
- AkzoNobel Coatings NV- In December 2018, the company completed its acquisition of Swire Industrial Limited by holding complete ownership of the company in decorative paints. In November 2018, the company acquired 100% share of Colourland Pints which already had a stronghold in the Malaysian market.
- NIPPON Paints – In November 2018, the company announced its acquisition with 70% stake in Shanghai Mega Coatings Co., Ltd. and Mega Coatings (Nantong) Co., Ltd, which is expected to be completed in 2019. In October 2018, Nippon Paints Holding made a decision to invest in Chiba Plant, Japan, which is wholly into industrial paints and coating business.
- Kansai Paint Group – In April 2018, the company took approval from the U.S. Environmental Protection Agency for their new invention of Kansai Anti-Mosquito Paint.
- Asian Paints Ltd- In 2018, Asian Paints Ltd is setting up a new plant for paints manufacturing at Mysuru district in Karnataka, India with 6 lakh KL p.a capacity with an approximate cost of $32 million dollars.
In accordance with the recent development that is observed in the decorative paints market, there is a significant growth in the decorative paints market since the past few years. APAC has major dominance by having close to half of the world’s share.
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