Decorative Coatings Market Revenue, Top Companies, Report 2032

Published Date : 05 Jun 2024

Decorative Coatings Market Revenue and Opportunity

The global decorative coatings market revenue was valued at USD 80.60 billion in 2023 and is poised to grow from USD 92.19 billion in 2024 to USD 126.76 billion by 2032, at a CAGR of 4.06% during the forecast period 2023 - 2032. These decorative coatings are important in transforming the ordinary surface into an attractive and modern one. The growing mindset of using environment-friendly products helps the market to grow exponentially.

Decorative Coatings Market Statistics

Market Overview

Decorative coatings contain various materials which give an enhanced finish to the surface where applied. These can be used to protect the exterior walls of the house from heavy rainfall, dust, and strong winds. These coatings have high durability and high flexibility and provide resistance to heat, chemicals, and waterproofing. The companies are continuously evolving the quality of decorative coatings to provide better protection to houses and environment-friendly products the demand in the market is also increasing rapidly. Nowadays architects and designers are using these coatings very often to give the walls of the house a unique look. These are applied in both interiors and exteriors as it is useful for external damage protection and also helps to enhance the look of the house. One of the reasons for the rising decorative coatings market is also growing urbanization which develops a mindset to follow trends.

Eco-friendly decorative coatings market rising rapidly

As companies are producing eco-friendly decorative coatings is one of the major reasons people are demanding these products. Various factors like globalization, urbanization, rising living standards, growth in purchase power parity, and infrastructural development are the main reasons behind the growing demand for the decorative coatings market. Currently, these decorative coatings are considered a symbol of sustainability and innovation.

Now everybody chooses some unique designs along with safety in their houses and to fulfill these, companies are conducting regular research which helps in bringing revolution to the decorative coatings market. Rapid infrastructure development and the rising economy increased this trend of creating unique-style walls. The growth of the construction market also increases the demand for decorative coatings. In the ever-growing site of decorative coatings, bio-based coverings appear as a sign of sustainability and revolution. Unlike predictable coatings trusting on fossil fuels, eco-based coatings influence renewable properties and contribute to compact environmental influence. This eco-friendly method spreads to their industrial procedures, recognized for being more ecologically friendly and associated with petroleum-based complements.

On the other hand, the severe instructions on making decorative coatings that use damaging VOC compounds can produce contrary impressions on the atmosphere and is an important factor warning the development of the decorative coatings market. Furthermore, the probable variations in instructions can create indecision during the value chain. This ambiguity mentions the producers take a separate bulge to receive the new rule and implement new expertise. Additionally, the numerous time-uncontrollable supervisory changes in other regions can affect channel associates, fresh material producers, end-users, and also formulators. Consequently, the changeable fresh material charges are one more factor that can hinder the market's growth.

Decorative Coatings Market Highlights

Report Attribute Key Statistics
Market Revenue in 2024 USD 92.19 Billion
Market Revenue by 2032 USD 126.76 Billion
Market CAGR CAGR of 4.06%
Quantitative Units Revenue in USD million/billion, Volume in units
Largest Market North America
Base Year 2023
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Top Companies in Decorative Coatings Market

  • Asian Paints
  • Sherwin-Williams
  • BASF
  • Hempel
  • Benjamin Moore
  • RPM International Inc
  • Shalimar Paints
  • Sirca Paints
  • Nippon Paint
  • Axalta
  • Jotun
  • Masco
  • DAW
  • Indigo Paints
  • Chugoku Marine Paints Ltd
  • Kansai Paint
  • Berger Paints
  • AkzoNobel N.V.
  • SK Kaken

Recent Development by AkzoNobel N.V.

  • Recently Gregoire (Greg) Poux-Guillaume joined AkzoNobel in November 2022 as Chief Executive Officer and Chairman of the Board of Management. Recently, in April 2024 AkzoNobel invested in the Dutch research labs to continue innovation in the field of coatings.

Regional Insight

Asia-Pacific is expected to grow at the fastest CAGR during the forecast period because of growing construction expenditure along with fast economic growth in China, India, Indonesia, South Korea, and Thailand and rising local manufacturers along with a growing infrastructure segment in this area during the estimated period. Manufacturers in India are also investing in decorative coatings which is increasing the revenue in Asia Pacific region.

  • For instance, in February 2024, Aditya Birla Group Chairman Mangalam Birla said the company is targeting an initial revenue of Rs. 10,000 crores. Grasim aims to be the second largest in the decorative coatings market.

The North American dominated the decorative coatings market in 2023 due to the elevated focus on environment-friendly results that are boosting the market development in this area. Moreover, the government guidelines requiring lower VOC material in coatings and fast urbanization also support drive market growth. The huge and growing addressable inhabitant base and fast-growing building actions are predictable to subsidize the market for decorative coatings. Additionally, the ever-growing expenditure on infrastructural growth and low-cost fresh materials also supports the enhancement of the decorative coatings market development. Also, the low labor charges and growing disposable revenue are serving to enlarge the decorative coatings market development.

Market Potential and Growth Opportunity

Advancements and infrastrcture development

The developing financial prudence is capitalizing on large-scale structure advancement projects. Additionally, the markets in these thrifts are noticing more advanced development with time. In accumulation, an unchanging economy, speedy urbanization, and growing construction inventiveness have fuelled the mandate for decorative coatings in some regions. This factor is adding to push the decorative coatings market development during the predicted period. Moreover, the advanced skills that comprise green layers, Nano TiO2 photocatalysts, and presenting procedures to decrease the aeration time are chances for market development. Furthermore, the growth in the R & D funds along with continuing product evolution that improves the product's presentation is helping to push the market development during the estimated period.

Progressions in coating skills are pushing the decorative coatings market frontward. Inventions in paint preparations, like self-washing coatings, anti-microbial coverings, and coverings with improved toughness, are producing new chances for producers. These inventions supply numerous application zones, from inhabited homes to healthcare services, pouring demand for dedicated coatings.

Decorative Coatings Market News

  • In May 2024, Pidilite collaborated with Haisha Paints to embrace a unique endearing style and to give the market a new edge.
  •  In February 2022, Hempel acquired an Omani company named Khimji Paints. This is considered to be the first acquisition in the decorative coatings market in the Middle East.

Market Segmentation

By Resin Type

  • Acrylic
  • Polyurethane
  • Alkyd
  • Vinyl
  • Others

By Product

  • Enamel
  • Primer
  • Emulsions
  • Others

By Technology

  • Waterborne Coatings
  • Solventborne Coatings
  • Powder Coatings

By Coating Type

  • Interior
  • Exterior

By Application

  • Residential
  • Non-Residential

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