The global decorative coatings market is exhibited to grow at an extravagant growth rate during the forecast period (2017-2027), exerts Market Research Future (MRFR).
Market Drivers and Restraints
The growth of the decorative coatings market is apparent on the face of growing application of decorative coatings for enhancing the visual appeal of substrates in coating wall as well as ceilings, wooden flooring of the buildings and furniture. Also, they are used as coatings for metal objects along with plastic materials.
The key players competing in the global decorative coatings market include Akzo Nobel N.V. (the Netherlands), Asian Paints Limited (Switzerland), BASF SE (Germany), PPG Industries Inc. (U.S.), Kansai Paint Co., Ltd. (U.S.), Nippon Paints Co. Ltd (Japan), The Sherwin-Williams Company (U.S.), The Valspar Corporation (U.S.), Arkema S.A. (France) and Tikkurila Oyj (Finland) among others.
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Moreover, growing awareness among the consumers regarding decorative ideas and designs coupled with the increasing craze of interior decoration are responsible for the astounding market performance of decorative coatings. With Do-It-Yourself (DIY) ideology attracting several interior decorators and arts professionals to implement such type of coating, consumers are now focusing on attractive ideas to decorate their residential or commercial properties. Apart from this, the extensive use of color customization concept in the automobile industry has catapulted the development of the global decorative coatings market as well. But the implementation of stringent regulations by various government bodies has restricted the use of toxic organic chemicals which are used in the production of decorative coatings. This factor could be detrimental to the growth of the decorative coatings market.
The global decorative coatings market is segmented on the basis of type, technology, application, and region. By type, the market is segmented into primer, enamel, emulsion, and others. The emulsion has turned out to be the dominant type of product owing to its superior quality providing greater coverage on the substrate and also the ease of application. However, emulsions are closely followed by enamel and lusters.
By technology, the market is segmented into waterborne and solvent-borne. Application-wise, the decorative coatings market is segmented into residential, non-residential and others. Among these, the residential sector claims the sizeable share of the global market due to the growing residential constructions across the globe. Key factors such as increasing per capita income resulting in increasing home ownership and urbanization have been instrumental in the growth of the segment.
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Region-wise, the market is segmented into Latin America, Asia Pacific, Europe, North America, and the Middle East & Africa.
Among these, the North America decorative coatings market is forecasted to experience a remarkable growth as a result of the increasing production capacities and rising economic growth rate. As of 2016, the United States (U.S) was one of the largest markets in terms of value & volume and the market is predicted to grow further with a moderate CAGR on the back of growing decorative coatings application in the furniture sector.
The Europe market is set to grow at a healthy rate on account of the ever-increasing demand for decorative coatings in various countries like Italy, Germany, Spain, the U.K, France, and Russia. This growth is evident because of the increasing expenditure in innovation coupled with the growing purchasing power of consumers. Furthermore, the presence of major decorative coatings manufacturers, particularly in Germany is deemed to give a significant push to the market growth.
Latest product development along with mergers and acquisitions as well as joint ventures have been the popular strategies undertaken by the market players in a bid to boost the decorative coatings market.
Case in point being Dutch Boy Paints, a company that has recently launched Dutch Boy Forever paint + primer, which is a line of stain-blocking interior and ceiling paints that features the Arm & Hammer Odor Eliminating technology.
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