The global decorative coating market size to reach over USD 78 billion by 2026, growing at a CAGR of around 5% during the forecast period.
According to the latest Arizton's market research report, the global decorative coating market size to reach over USD 78 billion by 2026, growing at a CAGR of around 5% during the forecast period.
Global Decorative Coating Market Growth Analysis
The decorative coating market is moving toward more environment-friendly and zero to low VOCs in products, which is determining the market leadership and the competitive scenario. Online platforms are providing good inspiration for DIY paints and coatings. Advancements in technologies and stringent government regulations toward VOCs and the usage of lead content have fueled the adoption of water-borne decorative coating products. The global decorative coating market is the largest segment in the coatings industry and accounts for around 42% share. Construction of brand-new houses and remodeling of existing homes is expected to drive the demand for decorative coatings in the global market. With more than 5,450 construction projects in the pipeline, the demand for decorative coatings is expected to surge during the forecast period. Advancements in technologies and stringent government regulations toward VOCs and the usage of lead content have fueled the adoption of water-borne coating products.
What’s Trending in the Market?
- In North America, the usage of DIY decorative coatings surged during the pandemic, which enforced people to stay at home and increased the sale of DIY decorative coatings as home improvement projects became popular during the lockdown period.
- Axalata Coating systems is planning to introduce new products that are durable and sustainable. The company has over 50 manufacturing units, 47 customer training facilities, and four technology centers.
- Saudi Arabia is the largest economy in the Middle East and hosts the largest paints and coatings market in the region.
- The Italian government will continue to invest in the construction sector during 2020-2021.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by resign type, formation, product, end-user, surface type, and geography
- Competitive Landscape – 5 Key Company Profiles and 32 Other Prominent Vendors
Is APAC Dominating the Global Decorative Coating Market?
APAC is known as the world’s largest coating market and is growing at above average rates for several years. The region accounts for around 34% share of the global decorative coating market. Countries with major contributions to the decorative coatings market are India and China. The development of high-quality infrastructure in China and India has become a significant factor driving the growth for the decorative coatings market. For instance, the Indian government is planning to construct 100 new airports by 2035, out of which 70 airports will be greenfield constructions and 30 would represent expansions of existing airports. Such activities in the construction industry will drive the market for decorative coatings in the region. In APAC, major coating manufacturers are working on smart coatings that will improve mold and dirt resistance, and environment-friendly coatings that are water-borne, to reduce the concentration of VOCs, and are formaldehyde-free.
What Strategies are Adopted by the Global Decorative Coating Market Players?
Several players in the decorative coating market are expected to expand their presence worldwide especially in the fast-developing countries in the APAC region to gain more market share. 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 with added advantages. The growth of the players in the market depends on the competitive landscape, GDP growth, and industry development. The high capital requirements and rapid advancements in technologies are the major entry barriers for new players in decorative coating market. There has been mergers and acquisitions among many companies over the past decade. Mergers and acquisitions benefit companies in purchasing raw materials, distribution, R&D, and is largely driven by consolidation.
One of the prominent player Sherwin-Williams offer innovations according to customer requirements this creates lucrative development opportunities. The company is leading the market share in the North American region, where customers prefer performance coatings. Sherwin-Williams has world-class R&D that supports maintenance and durability, new product developments, visual appeal, and custom solutions.
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