According to a new market research report the “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″, is projected to grow from USD 71.3 Billion in 2021 to USD 91.6 Billion by 2026, at a CAGR of 5.1% between 2021 and 2026. There is high demand for decorative coatings in the emerging markets of APAC due to the significant growth of the construction industry in the region. Environment-friendly characteristics, durability, and better aesthetic appearance of these coatings drive their consumption in various applications.
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This report also provides a comprehensive analysis of the companies listed below:
- The Sherwin-illiams Company (US), PPG Industries Inc. (US), AkzoNobel N.V. (Netherlands), BASF SE (Germany), and Asian Paints Limited (India).
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Professional is the largest user type segment of the overall decorative coatings market.
A major reason to opt for a professional is to ensure a high-quality finish and to avoid the risk of damaging furniture or floors. Such paint works also finish faster and can benefit the end-users if time is a major constraint. Moreover, the shift towards the use of professional or Do-it-for me is becoming more evident because of the increasing numbers of elderly and a large number of young people who haven’t learned how to do DIY.
Polyurethane is the fastest-growing resin segment of the overall decorative coatings market.
Polyurethanes are versatile materials, which can be tailored to achieve the required hardness, cure speeds, viscosities, and mechanical and thermal properties for many different applications. Polyurethane resin imparts toughness and abrasion resistance to wood coatings, floor finishes, and coatings for other demanding applications. Other applications where polyurethane coatings can be used are heavy-duty exterior and interior structures, paper mills, power plants, offshore structures, oil field machinery, exterior surfaces of steel tanks, handrails, conveyors, and chemical processing equipment.
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China is the largest decorative coatings market in Asia Pacific during the forecast period.
The market in China is driven by rising demand from housing activities, new construction and renovation activities, government and private investment in residential and non-residential projects, and growing consumer spending power. Increasing population, improved lifestyle, economic labor, and restructured environmental regulations are expected to fuel Chin as demand for decorative coatings. China is the world’s largest producer and consumer of coatings. Many major players are investing in the country to build new manufacturing facilities due to cheap labor and cheap and accessible raw materials.
