Decorative Paints Market Gaining Traction from Thriving Construction Industry

As per the findings of a newly published market research report by IndustryARC, the decorative paints market size hovered around $76,655 million in 2018, and the market demand is projected to grow at a notable CAGR of around 5.30% during the forecast period of 2019 to 2025. The report is titled “Decorative Paints Market: by product type (water based decorative paints, solvent based decorative paints), by application (commercial sector, residential sector), by price (premium range, medium range, distemper range) & geography – forecast (2019 - 2025).”

Decorative paints are a specific type of paints that are used on the interiors and exteriors of both not-for-profit and commercial buildings such as homes, schools, and office spaces. Decorative paints are used to protect homes from UV radiation, extreme temperatures, acid rain, and moisture. More often than not, synthetic decorative paints are used to make cave paintings on walls and ceilings in homes and historical places. The demand for decorative paints emerges from household painting, architectural, and other display purposes.  Demand is also expected to peak during the festive seasons as compared to other periods owing to a sudden surge in household cleaning, and revamping.

On an average, around 900,000 tons per annum of decorative paint is consumed globally and supplied by the major paint companies. The rise in disposable income, and increasing construction and renewing the existing buildings are the factors driving the growth of the decorative paints market during the forecast period of 2019 to 2025. Additionally, reconstruction and renovation activities in the construction industry are boosting the global decorative paints market. 

APAC is  noted as the key region for the growth of decorative paints market, with the maximum share of 44% during the forecast period. The growth rate is increasing in APAC, because of rapid industrialization and growth in the automotive industry. The surge in the construction industry, especially in countries like China and India is increasing the purchase size of decorative paints. Decorative paints have a share of 75% of the overall paint market in India. Asian Paints is leading the market in this segment. Analyst of the report says that, architectural coatings application is dominating among other diverse applications such as commercial, and residential sectors; it is estimated to grow with a good CAGR around 5.6% during the forecast period 2019-2025. Architectural coatings are the coatings applied on profitable and non-profitable buildings for both decorative and protective purposes.

AkzoNobel reported paint and coatings sales of $11.46 billion as of 2017, with 33% of revenue breakdown by business unit for decorative paints in APAC. In 2108, Company opened the world’s most advanced and sustainable paint plant in Ashington, U.K. This will be the production center for its leading global brand, Dulux, which was also voted the healthiest brand in the UK.

Some of the other players operating in the global decorative paints market are 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.

Related Reports:

Decorative Coatings Market: By Resin Types (Acrylic, Alkyd, Polyurethanes and Others); By Formulation (Water-Based coatings and Solvent-Based Coatings); By Substrate, By Coat Type By Application (Architectural Coatings, Automotive, Domestic Appliances, and Others) & By Geography (North America, Europe, APAC and Row) - Forecast(2018-2023)

 

Paints and Coatings Market: By Formulation (High Solids, Water Borne, and Others); By Component (One Component and Two Component); By Resin (Alkyd, Epoxy, and Others); By Application (Decorative/Architectural, Automotive OEM, and Others); & By Geography - Forecast (2019-2025)