According to the latest report by IMARC Group, titled "Decorative Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global decorative coatings market reached a value of US$ 67.6 Billion in 2022. Decorative coatings provide a bright color to metal and plastic substrates. They are applied to the interior and exterior surfaces of residential, commercial, institutional, and industrial buildings. Based on their use for aesthetic and protective purposes, they can be classified into surface preparatory products, such as putty and primer, and paints utilized for aesthetic and defensive purposes, namely, top coat and base coat. The top and base coat display aesthetic properties and offer weather resistance, washability, anti-fungal, and anti-dampening properties to the surface. They are widely used in many applications, including automotive interior and exterior components and consumer items, such as smartphones, computers, cameras, jewelry, watches, bathroom equipment, door handles, and eyewear. They protect the surface from corrosion, bacteria, moisture, and UV radiation.
Global Decorative Coatings Market Trends:
The global market is majorly driven by the increasing demand for environmentally friendly decorative coatings. In line with this, the rising demand for durable coatings with better performance and aesthetic appeal is significantly contributing to the market growth. Apart from this, the key players are focusing on adopting advanced technologies, such as waterborne, solvent-borne, and UV-cured, which are expected to catalyze the market. Moreover, multiple manufacturers are developing eco-friendly and VOC-free products for customers, which are anticipated to propel the market expansion. Besides, the escalating need for building and construction materials and rapid technological advancements, such as Nano-TiO2 photocatalysts and green coatings, are favoring the market. Additionally, ongoing product development to enhance the performance of decorative coatings is likely to strengthen the market. Other factors, including rapid urbanization, stringent regulations on reducing VOC content in coatings and paints, the increasing residential construction and renovation activities, and the rising infrastructural development activities, are also expected to impel the growth of the market. On account of the factors above, the market is anticipated to reach a value of US$ 87.5 Billion by 2028, exhibiting a CAGR of 4.1% during 2023-2028.
- On the basis of the technology, the market has been categorized into waterborne coatings, solvent-borne coatings, and powder coatings.
- Based on the product, the market has been classified into the primer, enamel, emulsions, and others.
- Based on the resin type, the market has been segmented into acrylic, polyurethane, alkyd, vinyl, epoxy, and others.
- Based on the coating type, the market has been divided into interior and exterior.
- Based on the application, the market has been classified into residential and commercial.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Akzo Nobel N.V., Arkema S.A, Ashland Global Holdings Inc., Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Berger Paints India Limited, Clariant AG, Eastman Chemical Company, Kansai Paint Co. Ltd., KCC Corporation, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc. and The Sherwin-Williams Company.
|Base Year of the Analysis
||Technology, Product, Resin Type, Coating Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Akzo Nobel N.V., Arkema S.A, Ashland Global Holdings Inc., Asian Paints Limited, Axalta Coating Systems Ltd., BASF SE, Berger Paints India Limited, Clariant AG, Eastman Chemical Company, Kansai Paint Co. Ltd., KCC Corporation, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc. and The Sherwin-Williams Company
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