Decorative Coatings are the types of coatings that help in enhancing the surfaces such as walls, floors and furniture. These coatings are available in a wide variety of colours, textures and finishes making them a suitable choice for both commercial and residential spaces. Decorative coatings are also known for their durability and resistance to wear and tear. These coatings are used to improve the visual appeal of substrates in wooden flooring, furniture, coating well, and ceilings.
In terms of type, the Decorative Coatings market is segmented into Powder Based, Solvent Based, Water Based and Others. Water Based Coatings are preferred over other types of coatings owing to their eco-friendly features. Water Based Coatings meet the standards imposed by the US and European Union on VOC emissions and in addition to low toxicity, high water content makes these coatings less flammable, and therefore are highly preferred in the Coatings market. Water Based Decorative Coatings aid in colour tinting or enhancing the luster of textiles with fabric dyes and preventing oxidation of metal substrates using rust inhibitors.
In terms of base material used, water-based coatings dominate the paints & coatings market with 51% global consumption. Solvent-based coatings are also a major part of the paints & coatings industry accounting for around 45% of the global paints & coatings market. Powder-based and other types constitute 4% of the global market.
In the forecast period, solvent-based coatings are expected to grow at a slower rate on account of strict environmental regulations regarding the emission of volatile organic compounds (VOCs) in developed as well as developing countries. On the other hand water and powder-based paints & coatings are expected to grow at a CAGR of 4-5% during the forecast period globally.
Based on applications, the market is bifurcated into Wood Coatings, Wall Coatings (Interior, Exterior), Metal Coatings and Others.
Asia Pacific accounted for more than 50% of the total Decorative Coatings demand. The region is expected to witness a significant growth owing to the increasing construction activities with growing disposable income in countries like China, Japan and India.
Western Europe is the second largest market for Decorative Coatings with Germany being the largest market in the region. The region has a mature decorative coatings market with a focus on sustainable and environmentally friendly products. Regulations promoting the use of low-VOC coatings have influenced the market. Germany has the largest construction industry in Europe and the residential construction segment is expected to have a moderately high growth. Middle East & Africa is expected to witness growth on account of rising construction activities mainly in the UAE and Qatar owing to the economic recovery, advanced real estate, regulatory framework, and improving infrastructure projects in the upcoming years.
In January 2022, Dulux Group announced the acquisition of Cromology which will make it a leading producer of Paints & Coatings in Asia Pacific region and fourth largest worldwide.
In 2022, AkzoNobel expanded their production of Water-based coatings in China.
The rising demand from the Building & Construction Industry will boost the market for Decorative Coatings in the upcoming years. The construction industry covers a wide range of areas including residential, commercial, non-commercial and several infrastructure alterations and repairs. Decorative Coatings are an essential element for achieving the desired outcome in these projects. As buildings age, they require repair and renovation which often includes decorative coatings, this trend is expected to drive the Decorative Coatings market.
The market for Decorative Coatings is predicted to grow due to the expansions of several planned commercial construction projects. These coatings are mainly used on furniture, wood floorings and other interior design elements like wall paintings. As the purchasing power increases, particularly in developing economies, the Decorative Coatings market is expected to boost in the forecast period.
High-quality decorative coatings can be expensive, especially those with unique textures or finishes. The cost of materials and professional application can add up, making it less budget-friendly than simpler paint options.
These coatings may not be as durable as protective coatings, making them susceptible to wear and damage over time. This can result in the need for frequent repainting or refinishing, increasing maintenance costs.
Decorative coatings often demand ongoing maintenance to preserve their appearance and regular cleaning, touch-ups, and repairs are necessary to address wear and minor damage. This maintenance can be time-consuming and may require the use of specific cleaning products or materials which may hinder the Decorative Coatings Market in the forecast period.
Major types of paints and coatings included in Prismane Consultings Global Paints & Coatings- 2023 World Analysis are decorative coatings, industrial coatings, marine coatings, polyurethane coatings, powder coatings, wood coating, optical coating, and textile coatings. Protective coatings are used in diverse industrial markets to protect metal, concrete structures, and surfaces from tough environmental conditions and exposure to other chemicals including acids, alkalis, and solvents. Primary function of these coatings is to protect the substrate against corrosion and erosion. Besides this, some of the coatings also offer an excellent aesthetic appearance to the substrates.
This report has been prepared focusing on Decorative Coatings and covers the worldwide view of Decorative Coatings, along with historical perspective, forecast, and strategic recommendations.
Need help
How can we help you?
Reach us with your research requirements and we shall provide the optimum solution to suit your needs.