Decorative coatings are the paint applied to enhance and also to protect the interior or exterior surface of the structure. It can be applied on residential apartments, building, trims and fittings. Decorative coatings are available in various attractive colors which give a well-finished look to the wall or any application. They are mainly applied for decorative purpose as well as for protecting the surface from water seepage, fungus and algae, corrosion, and UV radiation. These types of coatings include wall paints, wood finishes, and enamel products.
The global decorative coatings market is segmented on basis of their types as water-based and solvent-based coatings. Of which, the water-based decorative coatings dominate the decorative coatings market. Based on the resins used, the global market is segmented as acrylic, alkyd, ester, and vinyl. These are further classified into interior and exterior coatings, which include a range of finishing products such as stains, varnishes, house paint, primers, and others. Based on end-user segmentation, the global decorative coatings market is segmented as commercial, residential, automotive and infrastructural.
Rising awareness among the consumers about decorative ideas and designs and growing craze of interior decoration are driving the growth of the global decorative coatings markets. Do-It-Yourself (DIY) ideology has attracted many interior decorators and arts professionals to implement such type of coating, resulting in consumers focusing on attractive ideas to decorate their residential or commercial properties. The wide use of color customization concept in the automobile sector is also one of the factors boosting the growth of the global decorative coatings market. In addition, consumer’s preference towards the eco-friendly products to create the safe and healthy environment in the house has increased the demand for water-based decorative coatings globally. Decorating house with elegant colors, which gives a royal look to the interior as well as exterior, is been a trend and is also acknowledged as a status symbol. Hence, this increases the demand for the product, fostering the growth of the decorative coatings market. Rising population is the result of large-scale urbanization across the world, which is leading the requirement of constructing residences, resulting in rising demand for the decorative coatings products. Latest product development, mergers, acquisitions, and joint ventures are the key strategies undertaken by the global market players in order to boost the of decorative coatings market.
Asia Pacific is leading the decorative coatings market. This trend is followed by Europe and North America, mainly owing to rise in construction and growing automobile sectors in these regions.
Some of the major players dominating the decorative coatings market are AkzoNobel Coatings NV, Kansai Paint Co. Ltd., Sherwin-Williams Co., ICI Paints, DuPont Coatings and Color Technologies Group, BASF Coatings AG, PPG Industries Inc., and Dow Coating Materials. Other key players influencing the global market are Hempel A/S, Ashland Inc., The Valspar Corporation, RPM International Inc., Arkema SA, and Nippon Paint Co. Ltd.
Decorative Coatings Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa