Publication Month: May 2021 | Report Code: TIPRE00015887 | No. of Pages: 151 | Category: Chemicals and Materials | Status: Published
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.
The decorative paints market in Europe is expected to grow at the highest rate during the forecast period. The rise in the number of infrastructure projects, due to the increasing investments and economic recovery, drives the demand for decorative paints in the region. The construction practices and pavement design mostly require high-quality materials to meet various infrastructure standards. Increasing demand for better living standards from a new middle-class population has a positive effect on the adoption of decorative paints. Architectural paints consumed and produced in Western Europe are nearly exclusively medium to premium products, as the consumer interest in home decoration remains high. Also, economical products have traditionally been popular in Russia and Central Eastern Europe. The increasing consumption of paint is historically correlated with the rising standard of living. Currently, the decorative paints market in Western Europe is relatively mature, and sales are anticipated to increase moderately. In addition, in Central Eastern Europe and the CIS countries, the current decorative paint consumption per capita is notably lower than in western Europe.
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.
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Construction is one of the most dynamic industrial sectors, which are significantly related to the evolution of better societies across the world. With the rise in disposable income along with shift in lifestyle and change in working demographics, the need for better residential and commercial spaces, and architectural facilities have risen, which is driving the growth of the construction industry. The growth of global decorative paints market is driven by increasing government expenditure on the construction sector coupled with recovering labor market, strong credit growth, and positive measures undertaken by government. The growth in residential and commercial sector along with new renovation activities promotes the demand for decorative paints.
Based on type, the decorative paints market is bifurcated into water based and solvent based. The water-based segment accounted for a larger market share in 2019. Water based decorative paints contain 80% water content as a solvent. These paints are mostly used due to their properties such as low VOC emissions. The demand for water-based decorative paint is increasing due to the rising spending on construction and restoration activities. Pigments, surfactants, synthetic resins, and additives are the mostly used raw materials in the manufacturing process of water-based decorative paints. A water-based decorative paint is very quick to dry, is easy to clean up, and does not have harsh odor like oil paints. The paints are available in two types – Latex and acrylic. Both of these paints are used to paint spaces, homes, and structures. Acrylic paint provides better durability, resilience, and adhesions. Latex paint basically provides greater coverage than the acrylic paint; it is more eco-friendly and less expensive as well. Water-based decorative paints provide durability and color retention, and they are versatile, which means the paint can be used for a variety of substances such as brick, concreter, wood, aluminum siding, and vinyl siding.
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Based on application, the decorative paints market is bifurcated into residential and non-residential. The residential segment accounted for a larger market share in 2019, and the non-residential segment is expected to register a higher CAGR in the market during the forecast period. Residential application basically includes painting of the interiors as well as exteriors of houses or residences. Decorative paints are used for residence purposes as it provides an aesthetic appeal to the walls and other surfaces and helps enhance the appeal. The residential sector is growing as there is an increase in the residential construction across South and Central America. The rise in the per capita income has led to an increase in the home ownerships, which is propelling the demand for decorative paintings for residential purpose. The rapid urbanization in this region is also going to drive the decorative paints market growth in the coming years.
|Market Size Value in||US$ 74,091.54 Million in 2019|
|Market Size Value by||US$ 121,531.91 Million by 2028|
|Growth rate||CAGR of 5.7% from 2020-2028|
|No. of Pages||151|
|No. of Tables||56|
|No. of Charts & Figures||69|
|Historical data available||Yes|
|Segments covered||Type and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
A few players operating in the decorative paints market are 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. The key companies adopt mergers and acquisitions, and research and development strategies to expand customer base and gain significant share in the global market, which also allows them to maintain their brand name globally.
The List of Companies - Decorative Paints Market