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Decorative Coatings Market Soars to $94.12 Billion in 2024 - Anticipates Continued Growth to $125.44 Billion by 2028
Decorative Coatings Market
The decorative coatings market has experienced robust growth, surging from $87.84 billion in 2023 to a projected $94.12 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 7.1%. This momentum is poised to continue, with forecasts anticipating substantial expansion to $125.44 billion by 2028, maintaining a formidable CAGR of 7.4%.
Catalysts for Market Surge:
Urbanization as a Driving Force: The global upswing in urbanization is anticipated to be a major driver for the decorative coatings market. Urbanization, marked by the migration of populations from rural to urban settings, is fueling the demand for both residential and non-residential structures. Projections from the United Nations Department of Economic and Social Affairs indicate that 68% of the world's population, approximately 2.5 billion people, are expected to reside in urban areas by 2050, underlining the significant impact of urbanization on the decorative coatings industry.
Construction Industry's Role: The flourishing construction industry is set to propel the decorative coatings market forward. As an integral part of architectural plans, decorative coatings are incorporated early in the construction process. With the global construction output projected to increase by 42% to $15.2 trillion between 2020 and 2030, as reported by Oxford Economics, the growth of the construction industry becomes a pivotal factor in driving the decorative coatings market.
Explore the Global Decorative Coatings Market with a Detailed Sample Report:
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Key Industry Players:
Major contributors to the decorative coatings market include industry giants like PPG Industries Inc., Akzonobel NV, Sherwin-Williams Co., and Valspar Corp. These key players play a crucial role in shaping the industry landscape through strategic initiatives and innovations.
Industry Dynamics and Innovations:
Technological Innovations Redefining Products: The decorative coatings market is witnessing a surge in technological innovations leading to the development of advanced products. Covestro AG, for example, introduced Decovery SP-8310, a breathable resin with a 37% bio-based composition, catering to the demand for more durable outdoor coatings. This innovation reflects the industry's commitment to sustainability and enhanced outdoor durability.
AI-Generated Hues and Nature's Embrace: HMG Paints Limited unveiled 'Nature's Embrace,' a collection of decorative paint colors generated using AI technology. This innovative approach, inspired by the natural world, introduces captivating hues to the decorative coatings market. The fusion of AI technology with artistic endeavors showcases a new dimension in the industry, catering to current décor trends and consumer preferences.
Regional Dynamics and Market Segmentation:
In 2023, Asia-Pacific emerged as the largest region in the decorative coatings market, with North America expected to be the fastest-growing region in the forecast period.
The decorative coatings market covered in this report is segmented -
1) By Product Type: Emulsion, Wood Coatings, Enamels, Other Product Types
2) By Resin Type: Acrylic, Alkyd, Vinyl, Polyurethane, Other Resin Types
3) By Formulation: Water Based, Solvent Based, Powder Based
4) By Application: Residential, Non-Residential
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Decorative Coatings Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Decorative Coatings Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on decorative coatings market size, decorative coatings market drivers and trends, market major players, competitors' revenues, market positioning, and market growth across geographies. The decorative coatings market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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