The latest report by Reports and Data states that the global market size for decorative paints and coatings was USD 72.06 billion in 2020. It is projected to experience a compound annual growth rate (CAGR) of 4.4% during the forecast period. The surge in revenue is attributed to the high demand for these products in the construction sector.
Decorative paints and coatings are utilized as protective layers to prevent issues such as cracks, water seepage, fungus, and algae on walls. Additionally, they enhance the aesthetic appeal of structures and provide various benefits such as protection against UV radiation, moisture, microorganisms, and heat. These products also possess properties like insulation, light absorption, reflection, and anti-skid features.
Major manufacturers are making significant investments in the development and introduction of advanced products to meet the ongoing demand in the construction sector. This trend is expected to drive revenue growth in the market. Moreover, the increasing demand for visually appealing infrastructures, commercial buildings, and residential properties fuels the demand for decorative paints and coatings. Governments worldwide are funding infrastructure development projects, further contributing to the market's revenue growth.
The COVID-19 pandemic has negatively impacted the construction sector. Lockdown restrictions, labor shortages, and a decline in new construction projects have slowed down the industry. This has led to a decrease in the adoption rate of decorative paints and coatings for both commercial and residential construction. The pandemic has also resulted in large-scale production cuts due to low product demand and the storage of excess inventory. Companies in the construction sector have shifted their focus to alternative business plans in order to survive the challenges posed by the pandemic.
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Key Highlights from the Report:
- In September 2021, Asian Paints launched "ColourNext 2021," a comprehensive collection of materials, textures, colors, finishes, and trends. This launch, inspired by the color of the year "Cherish," aimed to provide inspiration to top engineers, architects, and interior designers in Bangladesh. Asian Paints collaborated with experts from various fields to curate this collection.
- The acrylic segment accounted for a significant share of the revenue in 2020 due to its superior weathering and oxidation resistance compared to alkyds or epoxies. Acrylic resins are known for their durability, transparency, water resistance, glossy finish, and ability to withstand harsh weather conditions. Acrylic paints are versatile, durable, and dry quickly. They are water-based and can be thinned by mixing with water.
- The emulsions segment is expected to exhibit robust revenue growth during the forecast period. Emulsions are high-quality paints used for interior applications such as walls and ceilings. They offer excellent coverage, ease of application, low toxicity, and contain low Volatile Organic Compounds (VOCs).
- The solvent-based coatings segment is anticipated to experience significant revenue growth during the forecast period. Commonly used solvents in this segment include aliphatic hydrocarbons, lacquer thinner, toluene, and xylene. China stands as the leading consumer of solvent-borne paints, primarily due to their extensive use in industrial and commercial construction.
- In 2020, the residential segment accounted for a larger share of the revenue. Decorative paints and coatings are widely used in the construction sector, and rising disposable income has led to an increased demand for high-end decorations in residential buildings. These products offer excellent aesthetic finishes and protection to buildings.
- The Asia Pacific region held a substantial revenue share in 2020, driven by its large population, rapid urbanization, increasing disposable income, and growing demand
Decorative Paints And Coatings Market: Drive factors
Factors Driving the Decorative Paints and Coatings Market:
1. High Demand from the Construction Sector: The construction industry is a major driver of the decorative paints and coatings market. The increasing construction activities, including residential, commercial, and infrastructure projects, create a substantial demand for these products. Decorative paints and coatings are used to protect and enhance the appearance of structures, driving their demand in the construction sector.
2. Aesthetically Appealing Infrastructures: There is a growing need for visually appealing buildings and structures across various sectors. Decorative paints and coatings play a crucial role in achieving the desired aesthetic finishes. As disposable incomes rise and lifestyles improve, there is an increased emphasis on high-quality and attractive interior and exterior decorations, leading to a higher demand for decorative paints and coatings.
3. Infrastructure Development Initiatives: Governments of different countries are investing in infrastructure development projects. This includes the construction of new buildings, renovation of existing structures, and the expansion of transportation networks. These initiatives fuel the demand for decorative paints and coatings as they are essential for protecting and beautifying infrastructure.
4. Investment in R&D and Product Development: Major manufacturers in the market are investing heavily in research and development activities to introduce advanced and innovative products. This enables them to cater to the evolving needs of the construction sector, such as improved durability, weather resistance, and eco-friendly formulations. The continuous development of new products drives market growth.
5. Rising Disposable Income: Increasing disposable income levels among consumers have a significant impact on the demand for decorative paints and coatings. As disposable incomes rise, individuals are willing to spend more on home improvements and interior decoration, leading to a higher demand for these products.
Overall, the demand for decorative paints and coatings is driven by factors such as the construction sector's growth, increasing focus on aesthetics, infrastructure development initiatives, investment in research and development, rising disposable incomes, urbanization, sustainability concerns, and technological advancements in the industry.
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