According to the new market research report “Decorative Paints Coatings Market by Resin Type (Acrylic, Alkyd, Polyurethane), Product Type (Emulsion, Enamel, Wood Coating), Technology (Water-Based, Solvent-Based), Application (Residential, Non-Residential), and Region - Global Forecast to 2021”, published by MarketsandMarkets™, the decorative paints & coatings market is projected to grow from USD 87.06 Billion in 2016 to USD 114.72 Billion by 2021, at a CAGR of 5.7% from 2016 to 2021.
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The growth of the decorative paints & coatings market is mainly attributed to the expansion of the construction industry. This industry is anticipated to witness significant growth during the forecast period, due to rise in infrastructural developments, increase in population, and rise in standard of living.
The residential application segment is projected to lead the decorative paints & coatings market
Based on application, the residential segment is the fastest-growing application segment of the decorative paints & coatings market. This growth is mainly attributed to the increase in residential construction activities and the rise in home ownership rates in emerging markets. The residential segment of the decorative paints & coatings market has been further classified into new construction/new paint and reconstruction/repainting. New painting activities are mainly associated with newly build residential constructions, whereas, repainting/reconstruction activities are associated with offering a new look to an old and dilapidated building.
Acrylic is most widely used resin type in the decorative paints & coatings market
Based on resin type, the acrylic segment is projected to grow at the highest CAGR during the forecast period, due to their chemical characteristics and unique aesthetic properties. These resins encompass properties such as durability, exceptional weather ability, waterproofing, and excellent electrostatic characteristics. Acrylics are available as emulsions (latex), lacquers, enamels, and powders. In addition, acrylic-based paints possess good color and gloss retention, along with durability and protection from degradation.
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Asia-Pacific is the largest market for decorative paints & coatings
Asia-Pacific is projected to be the largest and fastest-growing market for decorative paints & coatings both, in terms of value and volume. The growth of the decorative paints & coatings market in the Asia-Pacific region is primarily driven by rapid urbanization, increase in disposable income of the middle-class population, and expansion of the construction industry in this region. China, India, Australia & New Zealand, Indonesia, Japan, and South Korea, among others, are witnessing an increase in demand for decorative paints & coatings. Among all countries, China accounted for the largest share of the Asia-Pacific decorative paints & coatings market in 2015, owing to increased focus on eco-friendly products and rise in construction activities. In addition, several leading players are shifting their production base to China, due to low-cost labor and easy accessibility of raw materials in this country.
Key players operating in the decorative paints & coatings market include PPG Industries (U.S.), AkzoNobel N.V. (Netherlands), Sherwin-Williams Company (U.S.), Masco Corporation (U.S.), Nippon Paint Co., Ltd. (Japan), Jotun A/S (Norway), Asian Paints (India), Kansai Paint Co., Ltd. (Japan), and DuluxGroup Ltd. (Australia), among others.
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