Decorative Coatings Market is Expected to be Worth US$ 79,903.6 Mn by 2026
Decorative Coatings Market
Decorative coatings improve the esthetics of and provide protection to surfaces. They are applied to commercial and residential buildings. These coatings protect surfaces from elements such as moisture, UV radiation, and microbes. Decorative coatings include paints, wood stains or transparent coatings, enamels, and lacquers for floors, roofs, walls, ceilings, decks, pavements, walkways, concrete surfaces, and other building and construction applications. Reconstruction and renovation activities in the construction sector are propelling the 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 excellent color and gloss retention, maintenance of film clarity, and resistance to chalking. Acrylic-based decorative coatings can be applied in the form of water-borne coatings or solvent-borne coatings. Acrylics binders with superior pigment-binding capacity and water-resistance are preferred over other types of binders.
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Polyurethanes are commonly used for decorative metal coatings. Polyurethane coatings offer flexibility in terms of finishes, which include high-gloss finish, semi-gloss finish, and matte finish. They are often used as a topcoat on epoxy primer. Key properties of polyurethanes are weather resistance, corrosion resistance, abrasion resistance, chemical resistance, and oil resistance. Expansion of the segment can be attributed to properties of polyurethanes such as high tensile strength and abrasion resistance.
In terms of technology, the decorative coatings market has been classified into water-borne, solvent-borne, UV-cured, and other technologies, which include powder-based and oil-based. The water-borne segment is estimated to expand rapidly 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.
Based on application, the decorative coatings market has been bifurcated into residential and non-residential. Decorative coatings are used for new construction and repainting of residential constructions. Increase in population and rise 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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In terms of region, the global decorative coatings market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Based on consumption, Asia Pacific is expected to create lucrative opportunities for the decorative coatings market during the forecast period. The market in countries in Asia Pacific, especially China and India, is expanding at significantly thus, 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 exists among market players operating in the decorative coatings market. The market is dominated by few big 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.