The market for decorative paints & coatings is projected to grow from USD 67.0 billion in 2019 to USD 82.4 billion by 2024, at a CAGR of 4.2%. The increasing demand from the construction industry, rising per capita consumption in APAC, and environment-friendly characteristics act as major drivers of the market. Growing investment in the emerging regions is a key factor providing growth opportunities to the market. However, stringent and time-consuming regulatory policies are restraining the market growth.
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Acrylic resin segment accounted for the largest share of the decorative paints & coatings market
The acrylic segment accounted for the largest share in 2018. The weathering and oxidation resistance of acrylics is better than oil-based paints, alkyds, or epoxies as the chief components of acrylic polymers provide a polymer structure that has little tendency to absorb UV light. Acrylics possess good color and gloss retention. Moreover, they are in high demand as they are low-cost materials that provide good chemical as well as photochemical resistance, better stain protection, water resistance, and have better adhesion to surfaces.
Powder coating is the fastest-growing segment in the overall decorative paints & coatings market.
There is a growing requirement for durable, better weathering performance with robust mechanical properties such as improved flexibility. From the architectural perspective, there is a growing interest in wood effects, which are achieved through sublimation print transfer. Moreover, there is a high demand for specialty finishes such as anodic imitation special effects, metallic effects, and smooth, low glow gloss finishes. Hence, the demand for powder coating is high in the architecture industry.
Decorative paints & coatings market is expected to be driven by rising demand from emerging economies.
APAC is expected to be the largest and fastest-growing decorative paints & coatings market. The demand for decorative paints and coatings has increased in APAC countries, such as South Korea, Singapore, India, and Indonesia, due to the above-average economic performance and rising residential construction activities in these countries. China has been the driving force for the rapid expansion of the paints & coatings market, not only in APAC but also worldwide. Rising income levels, shift toward nuclear families, affordable interest rates, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction. These factors are positively influencing the decorative paints & coatings market growth.
Key players profiled in the decorative paints & coatings market report include The Sherwin-Williams Company (US), PPG Industries, Inc. (US), Akzo Nobel N.V. (Netherlands), Kansai Paints Co., Ltd. (Japan), Asian Paints Limited (India), and Nippon Paint Holdings Co., Ltd. (Japan).
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