Decorative Coatings Market Drivers, Demand, Insights 2024-2033

Overview and Scope

The decorative coatings are applied to buildings and structures for protection, durability, and decoration purposes. Decorative coatings, also known as architectural coatings, consist of paints and coatings used to coat buildings and homes that are designed for a specific use, such as to protect against the wear and tear of a building’s walls.

Sizing and Forecast

The decorative coatings market size has grown strongly in recent years. It will grow from $87.84 billion in 2023 to $94.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increased focus on architectural and interior design trends, growth of real estate and construction industry, renovation and remodeling projects, color and aesthetics preferences, and commercial and hospitality sector

The decorative coatings market size is expected to see strong growth in the next few years. It will grow to $125.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to growing health and wellness considerations, customization and personalization, aging population and universal design, growing e-commerce and online sales, emerging market growth, and urbanization and infrastructure development. Major trends in the forecast period include sustainable and low-voc coatings, digital color matching and visualization, smart and functional coatings, advancements in technology, and introdcution of antimicrobial or allergen-reducing properties.

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Segmentation & Regional Insights

The decorative coatings market covered in this report is segmented –

1) By Product Type: Emulsion, Wood Coatings, Enamels, Other Product Types

2) By Resin Type: Acrylic, Alkyd, Vinyl, Polyurethane, Other Resin Types

3) By Formulation: Water Based, Solvent Based, Powder Based

4) By Application: Residential, Non-Residential

Asia-Pacific was the largest region in the decorative coatings market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the decorative coatings market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The rise in urbanization all over the globe is expected to drive the growth of the decorative coatings market going forward. Urbanization refers to the population movement from rural to urban settings and the increasing human population densities in urban areas. The need for residential and non-residential structures is expanding as a result of urbanization, which will propel the decorative coatings industry forward. For instance, according to the United Nations Department of Economic and Social Affairs, 68% of the world’s population, or 2.5 billion people, are projected to live in urban areas by 2050. Therefore, the rise in urbanization all over the globe is driving the growth of the decorative coatings market.

Key Industry Players

Major companies operating in the decorative coatings market include PPG Industries Inc., Akzonobel NV, Sherwin-Williams Co., Valspar Corp., Asian Paints Ltd., Berger Paints Ltd., Cabot Corporation, DAW SE, Jotun Paints Ltd., Masco Corp., Brillux GmbH & Co. KG, BASF SE, Vogel Paint and Wax Company, Kansai Paint Co. Ltd., Kelly-Moore Paints Company Inc., RPM International Inc., Nippon Paint Holdings Co. Ltd., Axalta Coating Systems Ltd., Teknos AG, Mankiewicz India Pvt. Ltd., Meffert AG Farbwerke, Corporate Identification Number, Cromology SL, Tikkurila OYJ, Wörwag Pharma GmbH & Co. KG, Hempel AS, Clariant AG, Celanese Corporation, Benjamin Moore & Co., Dunn-Edwards Corporation, Behr Process Corporation, Farrow & Ball Ltd.

The decorative coatings market report table of contents includes: