Decorative Coatings Market 2023-2027 | Key Players Sherwin-Williams Company , PPG Industries, Inc, AkzoNobel N.V, BASF Coating GMBH, Jotun A/s, Asian Paints Limited

The global decorative coating market size is projected to grow from USD 82.0 billion in 2022 to USD 98.9 billion by 2027, at a CAGR of 3.8%, between 2022 and 2027. The decorative coatings market is mainly characterized by four main resin types: acrylic, alkyd, vinyl, and polyurethane. Decorative coatings have significant use in residential (new construction and remodel & repaint) and non-residential (commercial, industrial, and infrastructure) applications.

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There is high demand for decorative coatings in the emerging markets of Asia Pacific due to the significant growth of the construction industry. Environment-friendly characteristics, durability, and better aesthetic appearance drive consumption in various applications. Stringent and time-consuming regulatory policies act as a restraint to the decorative coatings market. New construction activities and repainting and growing investment in emerging markets and less regulated regions arethe key factors providing market players with growth opportunities. However, the adoption of new technologies and volatility in titanium dioxide prices are the major challenges for market players.

The major players have followed strategies, such as investments, expansions, new product developments, acquisitions, partnerships, agreements, and collaborations, to address the rising demand and increase their global footprint. Market players are exploring more applications of these decorative coatings by focusing on continuous research & development (R&D). They mostly adopted acquisitions to strengthen their market position and increase their presence in emerging economies. Stringent rules and regulations laid down for volatile organic compounds (VOCs) in coatings have forced producers to shift toward VOC-free decorative coatings.

The exterior segment is one of the fastest-growing coating type segments during the forecast period.

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Exterior surfaces of any building or structure are considered under residential, commercial, institutional, and industrial buildings. Coatings are used on exterior surfaces for decoration and general maintenance. The exterior decorative coatings market is expected to grow significantly in the next few years as the demand for these coatings continues to increase. These coatings can provide a variety of benefits, such as better resistance to wear and tear, greater durability, and improved aesthetic appeal. Additionally, these coatings can help to protect the underlying substrate from various environmental hazards, such as sun damage and moisture. Because of these benefits, decorative coatings are becoming increasingly popular in various emerging countries.

These surfaces get exposed to UV rays, snow, and rain, along with pollution. Various decorative coatings are used to keep surfaces protected from such environmental conditions. The surface types of exteriors can vary from facades to overexposed horizontal and vertical sides.

DIY segment in user type is expected to hold the one of the highest growth during the forecast period.

DIY requires end-users to opt for the paint job themselves. The users generally opt for DIY because of cost constraints. However, there can be other reasons, such as having creative control over the paint job. Many international players experienced increased demand in different regions for a DIY range of decorative coatings as consumers renovated their houses during the lockdown. However, DIY jobs require various painting tools, such as scrapers, protection sheets, and extension poles. There is also advanced equipment available for this purpose, which can be costly. This type of painting can be witnessed mostly in residential construction works.

Middle East & Africa decorative coatings market is estimated to register one of the highest CAGR during the forecast period.

The countries considered in the Middle East & Africa are Saudi Arabia, South Africa, and the rest of the Middle East & Africa. This region comprises 20% of the world's population, which demands huge residential construction. This demand, along with the increasing middle-class population, is expected to lead to moderate coatings industry development. The economic growth of the Middle Eastern countries is a key factor in generating business opportunities in the Gulf Cooperation Council (GCC). Most of the Middle East & African countries have invested a considerable amount in the construction sector. This is to diversify their economies from oil and oil-related business activities to other industrial sectors. However, fluctuating oil prices and geopolitical tensions are expected to affect the growth rate marginally. Africa is the world's least competitive decorative coatings market. It is a developing economy and faces challenges such as unfledged infrastructure and political unrest.

Information was gathered from secondary research and In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the decorative coatings market to verify the market size of several segments and subsegments.

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By Company Type: Tier 1 - 46%, Tier 2 - 36%, and Tier 3 - 18%
By Designation: C Level - 21%, D Level - 23%, and Others - 56%
By Region: North America - 37%, Asia Pacific- 26%, Europe - 23%, Middle East & Africa - 10%, and South America- 4%

The key companies profiled in this report are The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US), and others.

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This release was published on openPR.