As per a recent survey by FMI, the global decorative paints market size is expected to top US$ 57.8 Bn in 2021. Increasing construction of commercial, residential, and institutional buildings across the world is driving the market. On account of this, the decorative paints market is projected to surpass US$ 87.8 Bn by the end of 2031.
Sales of decorative paints grew at a CAGR of 1.8% between 2016 and 2020. Increasing disposable income, growing standard of living, and rising infrastructural spending by consumers to enhance the aesthetic appeal of their homes are some of the primary factors facilitating the demand for decorative paints. Driven by this, the sales in the Decorative Paints Market are expected to rise at 4.3% CAGR during the forecast period 2021-2031.
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Owners of commercial spaces such as hotels, restaurants, and malls are increasingly focusing on improving their interiors to create a warm and welcoming ambiance for increasing customer footfall. In addition to this, expansion of the construction sector due to the trend of urbanization across India, China, and other countries is estimated to propel the demand for decorative paints at a year-on-year growth of 4% through 2021.
On the basis of formulation, the emulsion-based decorative paints segment is projected to account for more than half of the overall revenue share in the market. The primary factor favoring the growth in the segment is the ability of these paints to provide a range of finishes such as silk, flat matt, statin, gloss sheen, and others on substrates as per the customer requirement.
“Leading manufacturers are investing in research and development (R&D) activities to develop new paints with light absorption, insulation reflection, and anti-skid properties to protect walls from temperature change, moisture, and ultraviolet (UV) radiations. These efforts are expected to bode well for the market,” says a FMI analyst.
Key Takeaways from Decorative Paints Market Study
- The U.S. is estimated to emerge as the largest market in North America, expanding at year-over-year growth of 1% through 2021.
- China is projected to hold the dominant share in the East Asia market, accounting for nearly 70% of the regional sales in 2021.
- The market in India is anticipated to register the fastest growth in South Asia & Pacific, surging at a CAGR of 5.2% over the assessment period.
- Japan and South Korea markets are anticipated to cumulatively account for more than 8.8% of the total decorative paints sales by the end of 2021.
- Based on the application, the interior segment has emerged as the most remunerative segment in the market, exhibiting sales growth at year-over-year of 1% in 2021.
Key Drivers
- Introduction of environment-friendly, anticorrosive protection, and low volatile organic compounds (VOC) paints is expected to facilitate the growth in the decorative paints market.
- Rising demand for interior decorations and increasing renovating activities in residential & commercial houses to improve the aesthetic appeal are spurring the sales of interior paints.
Key Restraints
- Volatility in the cost of essential ingredients, such as Titanium Dioxide (TiO2), for the production of decorative paints is hampering the growth in the market.
- Implementation of stringent regulations regarding the use of petroleum-based paints and rising awareness about the presence of heavy toxic metals such as Lead in decorative paints are restraining the market growth.
Competitive Landscape
Key participants in the global decorative paints market are the Sherwin-Williams Company, PPG Industries, Akzo Nobel N.V., RPM International, Nippon Paints and Asian Paints. As per FMI, these players are estimated to account for nearly 41% of total sales in 2021.
Leading companies are focusing on adopting inorganic strategies such as mergers, acquisitions, and collaboration to expand their production capacity and enhance their product portfolio. Some of the players are also aiming at product development by investing in research and development activities to boost their market presence. For instance,
- In November 2020, Eastman Chemical, an American chemical company, announced its plans to invest for increasing the production capacity at its tertiary Decorative Paints manufacturing facility in Ghent, Belgium, by the end of 2021.
- In June 2017, Sherwin-Williams Company, a leading paints manufacturing company, announced acquiring an American manufacturer of paints and coatings, Valspar Corp. The acquisition will assist the company to increasing its production capacity and expand its paints & coatings product portfolio.
Some of the key players operating in the market profiled by FMI are:
- Azko Nobel N.V.
- Sherwin – Williams Company
- PPG Industries, Inc.
- Asian Paints Limited
- NIPSEA GROUP (Nippon Paint)
- Valspar Corporation
- Jotun
- BASF-SE
- Berger Paints India Limited
- RPM International Inc.
- KANSAI Paints Co., Ltd.
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More Valuable Insights on Decorative Paints Market
The latest report published by Future Market Insights (FMI) offers a detailed analysis on the global decorative paints market, forecast sales and demand growth for the assessment period 2021-2031. The study reveals growth projections in decorative paints market with detailed segmentation:
By Product Type:
- Water based paints
- Solvent based paints
By Formulation:
- Emulsion based paints
- Distemper
By Application:
- Interior Paints
- Exterior Paints
By Sales Channel:
- Online
- Offline
By Price
- Premium
- Medium
- Economical
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
By Product Type:
- Water based paints
- Solvent based paints
By Formulation:
- Emulsion based paints
- Distemper
By Application:
- Interior Paints
- Exterior Paints
By Sales Channel:
- Online
- Offline
By Price
- Premium
- Medium
- Economical
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
For any Queries Linked with the Report, Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-439
Key Questions Covered in the Report
- The report offers insight into decorative paints market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for decorative paints market between 2021 and 2031
- Decorative paints market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Decorative paints market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
