Decorative Coatings Market Overview to 2023:
Decorative Coatings are widely used as a protectant and colorant for metal, wooden and concrete structures against bleaching, chalking and general deterioration. Other than enhancing the visual appearance of the surface they are applied to; they also provide protection against bleaching, chalking, and general deterioration. Market Research Future (MRFR) perceives the outlook of the global decorative coatings market to be positive and exhibit a steady CAGR over the forecast period of 2017-2023.
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The rapid rise in human development index coupled with a rise in per capita income has positioned the global decorative coatings market in a place of growth. The coatings market tends to rely upon overall economic activity, especially construction spending. Economic upturn will ultimately lead to increased investment in properties and real estate which is expected to augment the growth of the decorative coatings market.
Competitive Landscape
- Nippon Paints Co. Ltd
- Kansai Paint Co., Ltd.
- Asian Paints Limited
- The Valspar Corporation
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- Tikkurila Oyj
- PPG Industries Inc.
- BASF SE
- Arkema S.A.
Segmental Analysis;
The global decorative coatings market has been segmented based on type, technology, and application.
By type, the global decorative coatings market has been segmented into primer, enamel, emulsion, and others.
By technology, the global decorative coatings market has been segmented into waterborne and solvent borne.
By application, the global decorative coatings market has been segmented into residential, non-residential and others.
Regional Analysis:
By region, the global decorative coatings market has been segmented into North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
North America is domineering the global decorative coatings market and is expected to exhibit remarkable growth over the forecast period. Remarkable economic growth and resurgence of construction activities in the region which generate huge demand within the global decorative coatings market. Moreover, a substantial number of market players are based in the US which acts as an advantage for market growth. The US is the key contributor to the North America market.
Europe has commanded the second position in the global decorative coatings market. High expenditure on interior decoration purveyed by increasing purchasing power fosters the growth of the market. Moreover, improving economic conditions and the existence of major decorative coatings manufacturers in Germany is likely to boost the growth of the market. The UK, France, Spain, Italy, and Russia are the country-specific markets within the Europe decorative coatings market.
APAC is poised to showcase considerable growth in the coming years. Rapid sophistication of the middle-class population group along with the expanding construction industry in the developing economies of the region are factors supporting market growth. Moreover, the growing demand for eco-friendly decorative coatings in countries such as China, India, Malaysia, Thailand, and Japan are expected to drive the APAC market.
Economic depression in Latin America is likely to lead to a decline in the demand for decorative coatings.
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