CHICAGO, Oct. 8, 2021 /PRNewswire/ — According to the new market research report «Decorative Coatings Market Resin Type (Acrylic, Alkyd), Technology (Waterborne, Solvent-borne, Powder), User Type (DIY, Professional), Coating Type (Interior, Exterior), Application (Residential, Non-Residential), and Region – Global Forecast to 2026«, published by MarketsandMarkets™, the Decorative Coatings Market size is projected to reach USD 91.6 Billion by 2026.The market size for Decorative Coatings is projected to grow from USD 71.3 Billion in 2021 to USD 91.6 Billion in 2026, at a CAGR of 5.1%. Growing demand for Decorative Coatings from construction industry to drive the market.
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Water borne technology is the fastest-growing segment of the overall Decorative Coatings market.
The main technology type used for decorative coatings is waterborne technology, which accounted for 76.0% of the overall market, in terms of value, in 2020. The market for conventional solvent-borne coatings has lost its dominance due to the growing use of solvent-free coatings. . This trend is due to various rules and legislation. Greater emphasis is given on higher functionality coating for both interiors as well as exterior applications. For the exterior, aesthetic appearance and sustainability are maximized, along with durability for asset protection through polymer design improvements and properties such as dirt pickup resistance, which is critical in countries with higher levels of pollution in tropical climates. For the interior segment, the trend is toward waterborne coatings where advanced polymer systems are formulated into a low odor, low-VOC coatings with low odor thresholds.
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APAC is the largest Decorative Coatings market during the forecast period.
APAC is the largest decorative coatings market with a 37.2% market share valued at USD 24.7 billion in 2020. It has been growing faster than the global and matured markets on account of relatively higher growth in the economy, especially in China and India. China is the largest part of the APAC market, comprising nearly 42.0% of the volume. Including the next two largest markets, India and Indonesia, the top three markets account for over 82.0% of the volume of the APAC region.
APACs pace of economic growth is expected to stabilize in the medium term; the region is likely to maintain its leading position in the upcoming years. To accommodate the shift in focus toward domestic demand, the construction spending in this region is expected to increase in the residential and non-residential (commercial, industrial, and infrastructure) sectors, thereby driving the decorative coatings market. In addition, consumers in this region are becoming more aware of recent trends and designs for home decoration and improving their standard of living, which leads to the increase in consumption of decorative coatings.
The key players profiled in the Decorative Coatings market report are PPG Industries Inc. (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), BASF SE (Germany), and Asian Paints Limited (India).
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