Decorative Coatings Market by Technology (Water-based and Solvent-based), Type (Emulsion, Enamel, Primer, and Others), Application (Exterior and Interior), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032

Decorative Coatings Overview

Decorative coatings refer to a varied range of materials and finishes that are applied to surfaces with the primary purpose of enhancing aesthetics. These coatings serve as a means of visual enhancement across several industries and creative sectors. Within the field of architecture, decorative coatings serve the dual function of adorning and safeguarding buildings, while in the automotive sector, they contribute to the beauty and protection of vehicles. In addition, in the field of woodwork and furniture, these coatings play a crucial role in enhancing visual appeal and preserving the integrity of the materials. Overall, decorative coatings are versatile applications that not only elevate the visual allure of surfaces but also serve practical purposes in terms of protection and longevity in various contexts.

Global Decorative Coatings Market Analysis

The global decorative coatings market size was $73,216.00 million in 2022 and is predicted to grow with a CAGR of 4.7%, by generating a revenue of $115,170.10 million by 2032.

Source: Research Dive Analysis

COVID-19 Impact on the Global Decorative Coatings Market

The global decorative coatings industry witnessed a significant impact during the COVID-19 pandemic, due to the widespread closures of production activities and disruptions in sales channels. Governments worldwide imposed operational and commercial restrictions in an effort to curb the spread of the disease, leading to the shutdown of paint manufacturing facilities, interruptions in the production and supply of raw materials, and a standstill in paint and coatings end-user projects. This collective slowdown significantly impeded the growth of the construction industry, as the interconnected nature of these sectors became evident during the pandemic. The global supply chain was affected due to the pandemic, with lockdowns and restrictions prompting temporary closures or reduced operations in numerous industries. The consequences were far-reaching, affecting not only the production of coatings and raw materials but also impacting various related sectors. The stagnation in manufacturing and construction activities resulted in a cascading effect on the demand for decorative coatings, especially in applications such as automotive paints and construction materials.

However, as the world navigates through the post-pandemic period, there is a promising resurgence in the decorative coatings industry. Positive developments have emerged as economies recover, and industries gradually reclaim their positions. The demand for decorative coatings is witnessing a gradual but steady rebound, indicating a resilient recovery. The industry's adaptability and responsiveness to the changing global landscape highlight its ability to overcome the challenges posed by the pandemic and foster growth in the future.

Increasing Demand from the Construction Sector to Drive the Market Growth

The global decorative coatings market is strongly influenced by the dynamic and expansive activities within the construction industry. This sector, encompassing the alteration, repair, and construction of residential, nonresidential, commercial, and infrastructural projects, serves as a major driver for the demand for decorative coatings. Several factors contribute to the robust growth of the construction industry, including the increased globalization, urbanization trends, a rising standard of living, increasing purchasing power parity (PPP), infrastructural development initiatives, and the urgent need to construct megacities in emerging economies. Within the construction industry, the real estate sector plays a pivotal role, covering a diverse range of properties such as residential, office spaces, retail establishments, hotels, and leisure parks. Urban development, as another key sector, encompasses critical sub-sectors like water supply, sanitation, urban transport, schools, and healthcare facilities. Initiatives such as the Smart City Mission, targeting 100 cities, are revolutionizing urban planning through modernized and technology-driven approaches, further stimulating the demand for decorative coatings. As the construction industry continues to evolve and expand, the decorative coatings market is expected to be driven by the rising requirements for aesthetically pleasing and protective solutions in various architectural and infrastructural applications.

Environmental Concerns Surrounding Decorative Coatings to Restrain the Market Growth

Despite their widespread use and aesthetic benefits, decorative coatings pose environmental concerns due to the chemicals present in their composition. Throughout the manufacturing, application, and utilization stages, these chemicals can have negative environmental effects, potentially impacting both indoor and outdoor spaces. The risks associated with these coatings extend to people involved in their creation and application, making it crucial to address these concerns. One of the primary environmental issues arises from the emission of volatile organic compounds (VOCs) during the application and drying of decorative coatings. VOCs can be released into the air as vapors or gases, posing risks as hazardous air pollutants. This can lead to various health problems for individuals exposed to these emissions, including eye irritation, respiratory difficulties, headaches, nausea, and, in severe cases, damage to the kidneys, nervous system, or an increased risk of cancer.

Advancements in Decorative Coatings to Drive Excellent Opportunities

Continuous product developments in the paints and coatings industry presents several growth opportunities for the key players. Manufacturers are introducing new environmentally friendly products to meet evolving consumer preferences. These innovations offer a variety of benefits, including crack bridging ability, high flexibility, waterproofing, weatherproofing, and resistance to dirt, mildew, and chemicals. This versatility makes them indispensable for protecting walls, floors, and roofs against the rigors of heavy rainfall, strong winds, and snowfall, thereby increasing their demand across diverse sectors. In exterior wall applications, paints and coatings are emerging as alternatives to conventional latex-based paints, combining aesthetic appeal with advanced protection. Furthermore, in flooring applications, elastomeric coatings demonstrate high traffic-bearing capacity, the ability to withstand equipment vibrations, and excellent resistance to impact, chemicals, and abrasion, creating new opportunities in sectors where durability and performance are paramount.

Global Decorative Coatings Market Share, by Type, 2022

Source: Research Dive Analysis

The emulsion sub-segment accounted for the highest market share in 2022. Decorative paint emulsion stands out as a superior choice within the decorative coatings market due to its numerous advantages over conventional paints. Notably, it offers a longer-lasting and shinier surface compared to its oil-based counterparts. The water-resistant properties of emulsion-based decorative paints make them especially suitable for wooden surfaces, as they resist peeling and provide a durable finish. This durability is complemented by easy cleaning and maintenance, making emulsion paints an excellent and practical choice for homes seeking both aesthetic appeal and long-term resilience.

Global Decorative Coatings Market Share, by Application, 2022

Source: Research Dive Analysis

The interior sub-segment accounted for the highest market share in 2022. While the decorative coatings market extends its reach to both interior and exterior surfaces, the interior sub-segment commands the highest market share due to its widespread applicability and unique advantages. Not only do decorative paints elevate the visual aesthetics of living spaces, but they also contribute to the overall ambiance and character of interiors. The differentiation in formulations allows consumers to select coatings tailored to specific requirements, whether it be resistance to impacts for furniture or creating metallic and rust finishes for added sophistication. This sub-segment's prominence highlights the enduring appeal of decorative painting as an essential element in interior design, encapsulating a blend of functionality, durability, and aesthetic enhancement.

Global Decorative Coatings Market Share, by Technology, 2022

 Source: Research Dive Analysis

The water-based sub-segment accounted for the highest market share in 2022. Distinguished by its use of water as the liquifying agent instead of chemical solvents, water-based coatings are renowned for emitting fewer volatile organic compounds (VOCs). Beyond mere regulatory compliance, these paints offer a range of benefits that contribute to their market supremacy. Notably, their low odor makes them a safer and more comfortable choice for painters, particularly in confined spaces. The reduced flammability of water-based paints further enhances their safety profile, mitigating risks during application. The widespread adoption of water-based coatings is driven not only by environmental considerations but also by the seamless balance of compliance and performance.

Global Decorative Coatings Market Size & Forecast, by Region, 2022-2032 ($Million)

Source: Research Dive Analysis

The Asia-Pacific decorative coatings market generated the highest revenue in 2022. This growth is primarily driven by the region's robust economic expansion and rapid industrial development. The flourishing construction industry in Asia-Pacific, driven by economic powerhouses like China and India, contributing substantially to the increased demand for decorative coatings. With Asia-Pacific housing some of the world's most populous countries, including those with growing economies, it is expected to play a pivotal role in the global construction industry's trajectory over the next two decades. The rise in household income, along with increasing awareness in smaller towns and rural areas, further boosts market growth. The diverse economies within the region, characterized by varying levels of development across industries such as automotive, consumer goods, construction, and furniture, showcase the multifaceted nature of the decorative coatings market's evolution. Key industry players are strategically expanding their production in Asia-Pacific, particularly in China and India, capitalizing on the region's low production costs and the opportunity to cater effectively to emerging local markets.

Competitive Scenario in the Global Decorative Coatings Market

Product launch, investment, and acquisition are common strategies followed by major market players. For instance, in August 2023, AkzoNobel successfully completed the acquisition of Sherwin-Williams' Chinese Decorative Paints business, solidifying its presence in the Chinese market. This strategic move not only strengthens AkzoNobel's position in China but also enables enhanced market segmentation, by reinforcing company’s standing in premium as well as in non-premium segments.

Source: Research Dive Analysis

Some of the leading decorative coatings market players are PPG, The Sherwin-Williams Company, Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., BASF SE, Asian Paints, Kansai Paint Co.,Ltd., Jotun, RPM International Inc., and Axalta Coating Systems.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters

1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach

2. Report Scope

2.1. Market definition
2.2. Key objectives of the study
2.3. Market segmentation

3. Executive Summary
4. Market Overview

4.1. Introduction
4.2. Growth impact forces

4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities

4.3. Market value chain analysis

4.3.1. List of raw material suppliers
4.3.2. List of manufacturers 
4.3.3. List of distributors

4.4. Innovation & sustainability matrices

4.4.1. Technology matrix
4.4.2. Regulatory matrix

4.5. Porter’s five forces analysis

4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive Rivalry Intensity

4.6. PESTLE analysis

4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Legal
4.6.6. Environmental

4.7. Impact of COVID-19 on Decorative Coatings market

4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario

5. Decorative Coatings Market Analysis, by Type

5.1. Overview
5.2. Emulsion

5.2.1. Definition, key trends, growth factors, and opportunities
5.2.2. Market size analysis, by region, 2022-2032
5.2.3. Market share analysis, by country, 2022-2032

5.3. Enamel

5.3.1. Definition, key trends, growth factors, and opportunities
5.3.2. Market size analysis, by region, 2022-2032
5.3.3. Market share analysis, by country, 2022-2032

5.4. Primer 

5.4.1. Definition, key trends, growth factors, and opportunities
5.4.2. Market size analysis, by region, 2022-2032
5.4.3. Market share analysis, by country, 2022-2032

5.5. Others

5.5.1. Definition, key trends, growth factors, and opportunities
5.5.2. Market size analysis, by region, 2022-2032
5.5.3. Market share analysis, by country, 2022-2032

5.6. Research Dive Exclusive Insights

5.6.1. Market attractiveness
5.6.2. Competition heatmap

6. Decorative Coatings Market Analysis, by Application

6.1. Overview
6.2. Exterior 

6.2.1. Definition, key trends, growth factors, and opportunities
6.2.2. Market size analysis, by region, 2022-2032
6.2.3. Market share analysis, by country, 2022-2032

6.3. Interior

6.3.1. Definition, key trends, growth factors, and opportunities
6.3.2. Market size analysis, by region, 2022-2032
6.3.3. Market share analysis, by country, 2022-2032

6.4. Research Dive Exclusive Insights

6.4.1. Market attractiveness
6.4.2. Competition heatmap

7. Decorative Coatings Market Analysis, by Technology

7.1. Overview
7.2. Water-based 

7.2.1. Definition, key trends, growth factors, and opportunities
7.2.2. Market size analysis, by region, 2022-2032
7.2.3. Market share analysis, by country, 2022-2032

7.3. Solvent-based

7.3.1. Definition, key trends, growth factors, and opportunities
7.3.2. Market size analysis, by region, 2022-2032
7.3.3. Market share analysis, by country, 2022-2032

7.4. Research Dive Exclusive Insights

7.4.1. Market attractiveness
7.4.2. Competition heatmap

8. Decorative Coatings Market, by Region

8.1. North America

8.1.1. U.S.

8.1.1.1. Market size analysis, by Type, 2022-2032
8.1.1.2. Market size analysis, by Application, 2022-2032
8.1.1.3. Market size analysis, by Technology, 2022-2032

8.1.2. Canada

8.1.2.1. Market size analysis, by Type, 2022-2032
8.1.2.2. Market size analysis, by Application, 2022-2032
8.1.2.3. Market size analysis, by Technology, 2022-2032

8.1.3. Mexico

8.1.3.1. Market size analysis, by Type, 2022-2032
8.1.3.2. Market size analysis, by Application, 2022-2032
8.1.3.3. Market size analysis, by Technology, 2022-2032

8.1.4. Research Dive Exclusive Insights

8.1.4.1. Market attractiveness
8.1.4.2. Competition heatmap

8.2. Europe

8.2.1. Germany 

8.2.1.1. Market size analysis, by Type, 2022-2032
8.2.1.2. Market size analysis, by Application, 2022-2032
8.2.1.3. Market size analysis, by Technology, 2022-2032

8.2.2. UK

8.2.2.1. Market size analysis, by Type, 2022-2032
8.2.2.2. Market size analysis, by Application, 2022-2032
8.2.2.3. Market size analysis, by Technology, 2022-2032

8.2.3. France

8.2.3.1. Market size analysis, by Type, 2022-2032
8.2.3.2. Market size analysis, by Application, 2022-2032
8.2.3.3. Market size analysis, by Technology, 2022-2032

8.2.4. Spain

8.2.4.1. Market size analysis, by Type, 2022-2032
8.2.4.2. Market size analysis, by Application, 2022-2032
8.2.4.3. Market size analysis, by Technology, 2022-2032

8.2.5. Italy

8.2.5.1. Market size analysis, by Type, 2022-2032
8.2.5.2. Market size analysis, by Application, 2022-2032
8.2.5.3. Market size analysis, by Technology, 2022-2032

8.2.6. Rest of Europe

8.2.6.1. Market size analysis, by Type, 2022-2032
8.2.6.2. Market size analysis, by Application, 2022-2032
8.2.6.3. Market size analysis, by Technology, 2022-2032

8.2.7. Research Dive Exclusive Insights

8.2.7.1. Market attractiveness
8.2.7.2. Competition heatmap

8.3. Asia-Pacific

8.3.1. China

8.3.1.1. Market size analysis, by Type, 2022-2032
8.3.1.2. Market size analysis, by Application, 2022-2032
8.3.1.3. Market size analysis, by Technology, 2022-2032

8.3.2. Japan 

8.3.2.1. Market size analysis, by Type, 2022-2032
8.3.2.2. Market size analysis, by Application, 2022-2032
8.3.2.3. Market size analysis, by Technology, 2022-2032

8.3.3. India

8.3.3.1. Market size analysis, by Type, 2022-2032
8.3.3.2. Market size analysis, by Application, 2022-2032
8.3.3.3. Market size analysis, by Technology, 2022-2032

8.3.4. Australia

8.3.4.1. Market size analysis, by Type, 2022-2032
8.3.4.2. Market size analysis, by Application, 2022-2032
8.3.4.3. Market size analysis, by Technology, 2022-2032

8.3.5. South Korea

8.3.5.1. Market size analysis, by Type, 2022-2032
8.3.5.2. Market size analysis, by Application, 2022-2032
8.3.5.3. Market size analysis, by Technology, 2022-2032

8.3.6. Rest of Asia-Pacific

8.3.6.1. Market size analysis, by Type, 2022-2032
8.3.6.2. Market size analysis, by Application, 2022-2032
8.3.6.3. Market size analysis, by Technology, 2022-2032

8.3.7. Research Dive Exclusive Insights

8.3.7.1. Market attractiveness
8.3.7.2. Competition heatmap

8.4. LAMEA

8.4.1. Brazil

8.4.1.1. Market size analysis, by Type, 2022-2032
8.4.1.2. Market size analysis, by Application, 2022-2032
8.4.1.3. Market size analysis, by Technology, 2022-2032

8.4.2. UAE

8.4.2.1. Market size analysis, by Type, 2022-2032
8.4.2.2. Market size analysis, by Application, 2022-2032
8.4.2.3. Market size analysis, by Technology, 2022-2032

8.4.3. Saudi Arabia

8.4.3.1. Market size analysis, by Type, 2022-2032
8.4.3.2. Market size analysis, by Application, 2022-2032
8.4.3.3. Market size analysis, by Technology, 2022-2032

8.4.4. South Africa

8.4.4.1. Market size analysis, by Type, 2022-2032
8.4.4.2. Market size analysis, by Application, 2022-2032
8.4.4.3. Market size analysis, by Technology, 2022-2032

8.4.5. Rest of LAMEA

8.4.5.1. Market size analysis, by Type, 2022-2032
8.4.5.2. Market size analysis, by Application, 2022-2032
8.4.5.3. Market size analysis, by Technology, 2022-2032

8.4.6. Research Dive Exclusive Insights

8.4.6.1. Market attractiveness
8.4.6.2. Competition heatmap

9. Competitive Landscape

9.1. Top winning strategies, 2022

9.1.1. By strategy
9.1.2. By year

9.2. Strategic overview
9.3. Market share analysis, 2022

10. Company Profiles

10.1. PPG

10.1.1. Overview
10.1.2. Business segments
10.1.3. Product portfolio
10.1.4. Financial performance
10.1.5. Recent developments
10.1.6. SWOT analysis

10.2. The Sherwin-Williams Company

10.2.1. Overview
10.2.2. Business segments
10.2.3. Product portfolio
10.2.4. Financial performance
10.2.5. Recent developments
10.2.6. SWOT analysis

10.3. Akzo Nobel N.V. 

10.3.1. Overview
10.3.2. Business segments
10.3.3. Product portfolio
10.3.4. Financial performance
10.3.5. Recent developments
10.3.6. SWOT analysis

10.4. Nippon Paint Holdings Co., Ltd.

10.4.1. Overview
10.4.2. Business segments
10.4.3. Product portfolio
10.4.4. Financial performance
10.4.5. Recent developments
10.4.6. SWOT analysis

10.5. BASF SE

10.5.1. Overview
10.5.2. Business segments
10.5.3. Product portfolio
10.5.4. Financial performance
10.5.5. Recent developments
10.5.6. SWOT analysis

10.6. Asian Paints

10.6.1. Overview
10.6.2. Business segments
10.6.3. Product portfolio
10.6.4. Financial performance
10.6.5. Recent developments
10.6.6. SWOT analysis

10.7. Kansai Paint Co.,Ltd. 

10.7.1. Overview
10.7.2. Business segments
10.7.3. Product portfolio
10.7.4. Financial performance
10.7.5. Recent developments
10.7.6. SWOT analysis

10.8. Jotun

10.8.1. Overview
10.8.2. Business segments
10.8.3. Product portfolio
10.8.4. Financial performance
10.8.5. Recent developments
10.8.6. SWOT analysis

10.9. RPM International Inc.

10.9.1. Overview
10.9.2. Business segments
10.9.3. Product portfolio
10.9.4. Financial performance
10.9.5. Recent developments
10.9.6. SWOT analysis

10.10. Axalta Coating Systems

10.10.1. Overview
10.10.2. Business segments
10.10.3. Product portfolio
10.10.4. Financial performance
10.10.5. Recent developments
10.10.6. SWOT analysis

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