Increasing Demand for Water-Based Paints to Escalate Decorative Paints Market Growth during 2020–2028
According to our latest market study on “Decorative Paints Market Forecast to 2028 – COVID-19 Impact and Global Analysis – Type (Water Based and Solvent Based) and Application (Residential and Non-Residential),” the market was valued at US$ 74,091.54 million in 2019 and is projected to reach US$ 121,531.91 million by 2028; it is expected to grow at a CAGR of 5.7% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Decorative paints are defined as acrylic paints that help impart aesthetic designs and distinctive textures in interior and exterior applications. The demand for decorative paints is rising due to the changing consumer living patterns and growing focus on the appearance of home, office, complexes, and other such spaces. With the growth of the paints industry, the application of decorative paints in infrastructural and architectural sector has been recognized as they help embellish both exterior and interior spaces of a building. Such paints are embedded with matte finish along with eggshell, gloss, or satin finish and much more, which helps them provide unique artistic pieces. Additionally, decorative paints are known for their various functional characteristics such as light absorption and reflection, heat insulation, and low volatile organic compounds emission.
Water-based paints are known to provide better durability, low odor, minimal VOC emission, and fast dry time. Further, these types of paints can be easily applied and are safe to clean-up. They also possess low risk of fire. Water-borne paints are considered as an effective alternative for different types of paints that incorporates the use of VOC including the hydrocarbons, which may deteriorate the environment quality. Such paints possess minimal viscosity along with durability and mildew resistance, which make them extensively used across various application bases. Further, water-based paints are known to provide high color retention over time and generate limited odors. All such characteristics have made them ideal element to be used across residential and commercial applications. Acrylic and latex are categorized under water-based paints and are significantly used as the film-forming binder ingredient.
The demand for water-based paints is high as they are quite environment friendly and extensively used in residential and commercial applications. The growing focus over environment sustainability along with strict government regulations to minimize the use of harmful substances is expected to propel the demand for water-based paints. This has motivated the manufacturers to invest in the production of water-based decorative paints. The rise in demand for water-based paints would drive the growth of the decorative paints market.
Nippon Paint, Akzo Nobel N.V., BASF SE, Dow Inc., Axalta Coating Systems, Asian Paints, PPG Industries Inc., RPM International Inc, Kansai, and The Sherwin-Williams Company are among the well-established players operating in the global decorative paints market.
Impact of COVID-19 Pandemic on Decorative Paints Market
The ongoing COVID-19 outbreak pandemic has drastically altered the status of the chemical industry and hindered the growth of the decorative paints market. The crisis has distorted operational efficiency and disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. In addition, decorative paints are majorly utilized in construction applications; thus, halt in such activities due to the pandemic has declined the demand for decorative paints. For instance, the construction activities across India have indeed taken a massive hit due to lockdown and the restrictions under COVID-19 crisis. As per the latest update by the Statistics Ministry in India, the construction projects are running behind the schedule by an average of 3.5 years. Moreover, the cost of nearly 1,682 ongoing infrastructure projects has surged by US$ 54 trillion. The halt in the construction activities in various countries and limitations on the raw material supply due to disruptive value chain are also restraining the growth of the market. However, as the economies are planning to revive their operations, the demand for decorative paints is expected to rise globally in the coming months. Although the focus over just in time production is another concerning factor hindering market growth. With the growing focus over developing economy in post-pandemic times, the demand for decorative paints is expected to take huge leaps due to expanding application bases. Further, positive measures undertaken by government along with distributed generations and incorporation of advanced technology is yet another factor expected to bolster market growth during the forecast period.
Report : Decorative Paints Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Water Based and Solvent Based) and Application (Residential and Non-Residential)
The report includes the segmentation of the global decorative paints market as follows:
Decorative Paints Market, by Type
Decorative Paints Market, by Application
Decorative Paints Market, by Geography