The report “Decorative Coatings Market by Resin Type (Acrylic, Alkyd, vinyl, Polyurethane), Technology, Coating Type (Interior and Exterior), Color Type, User Type (DIY and Professional), Product Type, Application), and Region – Global Forecast to 2027″, size is projected to grow from USD 82.0 billion in 2022 to USD 98.9 billion by 2027, at a CAGR of 3.8%. The decorative coating market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. China and India, among other countries, are leading the decorative coatings market globally. The market in Asia Pacific is witnessing high growth, which is expected to continue because of increasing residential construction and improved home remodeling practices.
• 370 Market data Tables
• 64 Figures
• 337 Pages and in-depth TOC on “Decorative Coatings Market – Global Forecast to 2027″
Some of the prominent key players are:
· The Sherwin-illiams Company (US)
· PPG Industries Inc. (US)
· AkzoNobel N.V. (Netherlands)
· BASF SE (Germany)
· Asian Paints Limited (India)
Opportunity: Investments in emerging markets
Emerging economies are investing in large-scale infrastructure development projects. The markets in these economies are witnessing higher growth than those in North America and Europe. This is attributed to the leading companies investing heavily in these regions as there is a tremendous opportunity. Asia Pacific, especially China and India, provides remarkable growth opportunities for decorative coatings manufacturers. Rapid urbanization, a stable economy, and a growing construction industry have fueled the demand for decorative coatings in some Asia Pacific countries. More residential buildings are being constructed in the region to meet the needs of the growing population in major cities of Indonesia, Malaysia, Thailand, Vietnam, and other countries.
The alkyd segment shows tremendous growth during the forecast period.
Alkyds are formed because of the polymerization reaction between an alcohol and an acid, modified by the addition of oils. Usually, they are made from polyols, dibasic acids, and fatty acids. They are also known as oil-modified polyesters. The oil content of the final product can extremely vary (from 30 to more than 70% of the total volume of the resin), which greatly influences the physico-chemical properties. The polymer structure of alkyd resins makes them particularly suitable to be used as a basis for enamels and paints with specific characteristics. Alkyds are the oldest type of binders used in coatings. One of their most important attributes is good compatibility with other coating polymers. For example, vinyl resins, i.e., copolymers of vinyl chloride and vinyl acetate, contain hydroxyl groups, which can be formulated with alkyd resins to improve their application properties.
Asia Pacific decorative coatings market is estimated to register the highest CAGR during the forecast period.
Asia Pacific is a rapidly developing region that offers opportunities for various industry players. Most of the leading players in North America and Europe are planning to move their production bases to this region because of the availability of inexpensive raw materials, low production costs, and the need to serve the local markets better. The demand for premium products is increasing in the region due to the growth of the middle-class population. Government initiatives are also helping the growth of the building and construction industry. These factors are expected to play an important role in driving the decorative coatings market.
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