Decorative Coatings Market Size to Worth $115.2 Billion by 2032 | CAGR: 4.7%: AMR
Growing demand for decorative coatings in response to rising urbanization, boosting construction activities, and the growing emphasis on aesthetic appeal across various industries are anticipated to drive the growth of the global decorative coatings market during the forecast period. The Asia-Pacific region is expected to dominate the market during the forecast period.
Wilmington, Delaware , Feb. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled,* “**Decorative Coatings Market** Size, Share, Competitive Landscape and Trend Analysis Report by Technology (Water-based, Solvent-based), by Type (Emulsion, Enamel, Primer, Others), by Application (Exterior, Interior): Global Opportunity Analysis and Industry Forecast, 2023-2032**”. *According to the report, the global decorative coatings market generated $73.2 billion in 2022, and is anticipated to generate *$**115.2 billion* by 2032, witnessing a *CAGR of **4.7%* from 2023 to 2032. *Prime Determinants of Growth *
The increasing demand for decorative coatings in response to rising urbanization, boosting construction activities, and the growing emphasis on aesthetic appeal across various industries are driving the decorative coatings market’s growth. Additionally, innovations in formulations, such as bio-based coatings, are contributing to the market’s expansion by aligning with sustainability trends and environmental considerations. However, the increasing regulatory barriers, including environmental rules and emissions standards, are anticipated to hamper market growth during the forecast period. On the other hand, the rising adoption of bio-based coatings, with their sustainable and environmentally friendly characteristics, is expected to unlock rewarding growth opportunities in the global decorative coatings market.
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*Report Coverage & Details:*
*Report Coverage * *Details *
Forecast Period 2023–2032
Base Year 2022
Market Size in 2022 $73.2 billion
Market Size in 2032 $115.2 billion
CAGR 4.7%
No. of Pages in Report 320
Segments covered Technology, Type, Application, and Region
Drivers Increasing demand for decorative coatings in the construction sector
Growing significance of aesthetic appeal in consumer goods
Opportunities Expanding applications of bio-based coatings in diverse sectors, including construction, packaging, automotive, and textiles Evolution of decorative coatings to meet changing consumer preferences for both protection and aesthetics
Restraints Increasing regulatory barriers related to environmental standards and chemical usage
*COVID-19 Scenario:*
· The COVID-19 pandemic significantly disrupted the global decorative coatings market, leading to a notable decline in industrial activities and manufacturing, thereby decreasing the demand for various chemicals, including decorative coatings. Numerous manufacturing facilities and industries experienced temporary closures or operated at reduced capacities, adversely impacting the production and supply chain of decorative coatings.
· The reduced demand and disruptions in the supply chain contributed to price volatility in the decorative coatings market, with prices fluctuating due to uncertainties during the pandemic, affecting both producers and consumers.
· Solvents used in industries like automotive coatings or aviation witnessed a more definite decline in demand compared to those used in pharmaceuticals or disinfectants, necessitating manufacturers to adapt to the evolving market conditions.
*T**echnology**: **Water-based** Sub-**s**egment Expected to Grow with Highest CAGR by 2032*
The water-based sub-segment dominated the global decorative coatings *market **highest **share* in 2022, holding a major share of 54.4%. This dominance is expected to continue by 2032, growing with CAGR of 4.9%. This growth is mainly because of the increasing popularity of water-based coatings due to their adaptability to diverse surfaces, versatility, and commitment toward environmental responsibility, leading to a rising preference among discerning consumers and professionals.
*Type: **Emulsion **Sub-Segment to **be the Most Dominant During the Forecast Period*
The emulsion sub-segment dominated the market in 2022, holding a major share of 35.1%. This dominance is expected to continue till 2032, growing with CAGR of 5.2%. This growth is mainly due to the rising adaptability, visual appeal, and effectiveness of emulsion coatings in enhancing the aesthetics of various substrates, from walls to furniture.
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*Application: **Interior** Sub-Segment to **Flourish Immensely b **2032*
The interior sub-segment led the market in 2022, holding a substantial share of 54.1%. This dominance is expected to continue by 2032, growing with CAGR of 4.9%. The growth of the sub-segment is mainly because of the increasing demand for decorative coatings to enhance visual aesthetics in living spaces, thereby boosting overall ambiance and charm in interior designs.
*Region: **Asia-Pacific **to **H**old** the Dominant Position in **Forecast Period*
The Asia-Pacific region dominated the global decorative coatings market in 2022, holding a major share of 40.1%. The dominance of this region is expected to continue by 2032, holding a major share of 5.3%. This is mainly due to increasing demand for high-quality coatings amidst the region's ongoing infrastructure and construction boom. Expanding urbanization and a growing emphasis on modernizing infrastructure in the region are boosting the demand for visually appealing and protective coatings, propelling it to a leading position in the global decorative coatings market.
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*Leading Players in the **Decorative **C**oatings** Market:*
· Jotun
· RPM International Inc.
· BASF SE
· Axalta Coating Systems
· Asian Paints
· PPG Industries Inc.
· Akzo Nobel N.V.
· Kansai Paints Co. Ltd.
· The Sherwin-Williams Company
· Nippon Paint Holdings Co., Ltd.
The report provides a detailed analysis of the key players of the global decorative coatings market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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