The global decorative coatings market 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 demand for decorative coatings is primarily influenced by the demand trends in the building and construction industry and in the growing economy. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launches, and joint ventures to increase their global presence and maintain sustained growth in the decorative coatings market.
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Coatings used on the interior and exterior surfaces of residential, commercial, institutional, or industrial buildings, applied at room temperature, are known as decorative coatings. These coatings can be categorized based on their use for aesthetics and protective purposes. Weather resistance, washability, low VOC, anti-fungal, and anti-dampening are properties that the topcoat and base coat imparts to the surface. The economic growth in emerging economies, increasing investment in infrastructure, stringent environmental regulations, growing purchasing power, and the rising demand for green and environment-friendly coatings are leading to market growth.
Asia Pacific is the largest decorative coatings market in terms of value and volume and is projected to be the fastest-growing market during the forecast period. The region has witnessed significant economic growth over the last decade. According to the IMF and World Economic Outlook, China and Japan were the world’s second and third-largest economies, respectively, in 2022. The United Nations Population Fund states that Asia Pacific accounts for 60% of the world’s population, which is 4.7 billion people, including the world’s most populous countries, such as China and India. This is projected to become an increasingly important driver of the global construction industry over the next two decades. This will also be fueled by the rapidly rising household income and the fast-growing demand from smaller towns and rural areas because of increased customer awareness.
There are various small, medium, and large players operating in the market. Some of the major market players include The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.
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PPG Industries, Inc: PPG Industries, Inc. is a US-based supplier of paints, coatings, optical products, specialty materials, glass, and fiberglass. The company operates through three business segments, namely, performance coatings, industrial coatings, and glass. It caters to the needs of a number of end-use industries, such as construction, consumer products, industrial, and transportation. The company offers automotive coatings under its industrial coatings segment. It has a presence in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, with operations in over 156 countries.
- In October 2021, The COMEX brand by PPG launched Comex VINIMEX TOTAL Antiviral and Antimicrobial paint. It reduces 99.9% of bacteria and viruses responsible for the most common gastrointestinal and respiratory illnesses, including Influenza A H1N1 and the COVID-19 virus, SARS-CoV-2.
The Sherwin-Williams Company: Sherwin-Williams is a diversified coatings company and a leading supplier of advanced technology liquid and powder coatings for the global OEM market through 15 manufacturing and 79 facility locations across the US, Canada, Mexico, and China. The company has a wide product portfolio, which includes brands, such as Sherwin-Williams, HGTV HOME by Dutch Boy, Krylon, Minwax, and Thompson’s Water Seal. Sherwin-Williams has a strong customer base and operates in various countries in Europe, North America, Asia Pacific, and other regions.
- In January 2021, The Sherwin-Williams Company launched SuperPaint. The Living Well collection includes two products that expand the popular SuperPaint product line with added air purifying and sanitizing technologies. They provide rich, long-lasting color, and exceptional durability. They are low-VOC paints and can help in improving indoor air quality in many rooms. These paints are recommended for high-traffic areas, such as kitchens and bathrooms.
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