Decorative Paints & Coatings Market Size (2024 – 2030)

The Global Decorative Paints & Coatings Market was valued at USD 204.40 Billion and is projected to reach a market size of USD 278.16 Billion by the end of 2030. The market is anticipated to expand at a compound annual growth rate (CAGR) of 4.5% between 2024 and 2030.

If decorative paints have distinctive textures and finishes, they will gain popularity. With paints produced by manufacturers, metallic coatings, textured surfaces, and even 3D-printed patterns will be achievable. These advances will enable consumers to construct aesthetically pleasing and customised spaces. The growing focus on health and hygiene has led to a rise in the demand for antimicrobial paints. Painting surfaces can help create a healthier interior environment by preventing the formation of mould, germs, and other microbes. Anti-allergenic paints contribute to a reduction in allergy and pollution levels in the air, hence enhancing air quality. Decorative paint can be used in conjunction with digital content display on painted surfaces, electrical and heating control, and other smart home features. Painting areas with this integration will raise the level of immersion by enhancing both their appearance and usefulness. Paint manufacturers working with artists or designers will spur innovation in decorative paints. One may build a vast array of colour schemes, designs, and artistic effects, enabling customers to express themselves uniquely. Their usage in shielding structures from outside damage is a major application in the construction industry. In addition, the product finds wide uses in the automotive, maritime, industrial wood, industrial plants, and decorating of non-residential and residential buildings and infrastructure. A cursory glance at the market overview reveals that these materials are widely employed in many different applications because of their characteristics, which include hardness, friction, reflection absorption, corrosion protection, and resistance to environmental conditions. High-tech coatings with cationic galvanic coating materials are becoming more and more popular. These coatings cover all of the nooks and crannies of various metal parts, preventing corrosion. High-performance ceramics prolong the automobile industry's and aircraft turbine engines' useful lives. Above all, it shields parts from wear, corrosion, and extreme temperatures.

Key Market Insights:

To satisfy the demands of various applications, the building industry needs a variety of decorative paint and coating compositions. Paint and coating products in the industry frequently use high-temperature paints and coatings, water-resistant paints and coatings, intumescent paints and coatings, and paints and coatings resistant to abrasion and wear. They are used for various construction equipment to guarantee durability, anti-corrosion, resistance to wear and tear, and operating efficiency.The Asia Pacific construction sector is expanding thanks in large part to nations like China, Japan, India, and other Southeast Asian nations. The main drivers of construction expansion in this region are rising middle-class populations, rising rates of industrialization and urbanisation, and rising living standards. The use of environmentally friendly ingredients in sustainable or green chemistry has grown significantly in the paint and coatings business in recent years. The market for environmentally friendly paints and coatings is driven by growing consumer awareness of sustainable products and increasingly stringent environmental regulations about the reduction of emissions of volatile organic compounds (VOCs). One of the key driving forces in the paint and coatings industry has been the environmentally benign aspect of these products. Because they don't include solvents, they produce very little volatile organic compound (VOC) emissions and provide a lower risk of burning during application and storage.

Global Decorative Paints & Coatings Market Drivers:

The Rise of Sustainability has Impacts on Growth in the Coatings Sector

Businesses place a high priority on sustainability in their operations, with a focus on lowering volatile organic compounds (VOCs) and preserving energy and resources. DSM demonstrates this dedication with paint products such as Discovery, a vegetable resin. Because Discovery’s components are low in volatile organic compounds (VOCs), they improve both indoor and outdoor air quality and can reduce carbon emissions by up to 34% when crude oil is substituted. Interestingly, using these materials is safe. The strategy used by DSM highlights the coatings industry's transition from solvent-based formulas to waste-based substitutes, which are more environmentally friendly. These programmes address consumer demand for eco-friendly products while making a substantial contribution to energy conservation and environmental preservation through the promotion of resource efficiency, renewable materials, and waste minimization.

Demand for artistic products is predicted to increase in the upcoming years due to rising disposable incomes and consumer interest in them.

A number of factors, such as increasing urbanisation rates, rising living standards, and consumer desire to improve the visual appeal of both residential and commercial structures, are driving the market for decorative paints. Consumers are prioritising paints that offer both longevity and a modern visual appeal as their disposable income rises. To preserve the aesthetic appeal of their homes, homeowners in the residential sector are looking for extremely robust paints. In a similar vein, business property owners are prepared to shell out cash for periodic restorations, which may involve painting external and interior surfaces, to maintain the attractive appearance of their establishments, which include malls, hotels, and office buildings. Additionally, the demand for wall and exterior paints is expected to increase shortly due to the growth of affordable housing projects and commercial infrastructure development. In response to customers' changing demands and tastes in both the residential and commercial segments, the global decorative paints market is predicted to rise overall as a result of the predicted increase in demand for decorative paints.

Global Decorative Paints & Coatings Market Restraints and Challenges:

The difficulties in producing thin films for powder coating are a major barrier to the market's overall expansion for paints and coatings. Although the powder coating method works well for producing thick, even coatings, it might be challenging to produce thin coatings. One of the main problems is managing the powder application onto the substrate since it might be difficult to control the amount and speed of powder applied.Powder coating is a more convenient method for achieving thicker coatings because of its ability to mask surface defects. On the other hand, flaws like orange-peel textures are more likely to appear with thinner coats. Numerous variables, such as inadequate powder application, insufficient temperature or curing time, and insufficient pre-treatment of the material, can lead to this unpleasant texture. The inability of powder coating to reliably produce thin films reduces the process's adaptability and restricts its use in specific sectors and applications where thinner coatings are required. Unlocking powder coating's full potential and propelling the paint and coatings market's growth will depend on addressing these issues through technology advancements and process optimisations.

Global Decorative Paints & Coatings Market Opportunities:

The primary uses of paints and coatings are in the decoration and protection of buildings and infrastructure. Paints, sealants, primers, stains, varnishes, and interior and exterior paints are some of these architectural innovations. Architectural paints come in a variety of textures, from uniform to semi-gloss, and allow for odourless paints with increased abrasion resistance. By 2030, the construction sector is predicted to expand by over USD 8.0 trillion. The industry is expected to develop because of a spike in construction activity and government investment in various public infrastructure projects. Furthermore, in the building industry, state-of-the-art, cutting-edge technologies are starting to become standard. The construction sector is expanding due to the increasing utilisation of cloud-based collaboration computing, Building Information Modelling (BIM), and collaboration computing. The industry's expansion created a massive demand for its products in other fields, such as residential and commercial buildings. Additionally, these items are becoming more popular because of their use in coils, wood, industrial metals, transportation, and the automotive industry, all of which will accelerate market expansion.

DECORATIVE PAINTS & COATINGS MARKET REPORT COVERAGE:

Global Decorative Paints & Coatings Market Segmentation: By Resin

• Epoxy

• Acrylic

• Polyester

• Alkyd,

• Polyurethane

The Global Decorative Paints & Coatings Market Segmented by Resin, Polyurethane held the largest market share last year and is poised to maintain its dominance throughout the forecast period. Due to its corrosion- and abrasion-resistant qualities, polyurethane resin is predicted to generate the most revenue. Acryl, alkyd, epoxy, polyurethane (PU), polyester, and other resins are the different segments of the market. Because of its flexibility, adhesion, drying speed, and relative resistance, acrylic resin is ideal for use in paints and coatings and commands a substantial volume market share among others. The primary driver behind the product's demand is the expanding usage of acrylic in architectural coatings for windows, panels, and walls both inside and outside. With epoxy thinners—a blend of alcohols and solvents—used for coatings, epoxy resins find extensive use in floor coatings. The excellent chemical resistance, corrosion resistance, sag protection, low porosity, strong adhesion, adhesive strength, and durability of epoxy coatings make them widely employed. Decorative gloss paints in homes and commercial buildings are typically made using alkyd resins. The qualities of PU resins include exceptional adhesion, scratch resistance, gloss, and thermal stability. Owing to its qualities, it is anticipated that the expanding market for PU resin coatings will have a major impact on market size growth.

Global Decorative Paints & Coatings Market Segmentation: By Product Type

• Waterborne

• Solvent Borne

• Powder Coatings

• UV Coatings

The Global Decorative Paints & Coatings Market Segmented by Product Type, Waterborne held the largest market share last year and is poised to maintain its dominance throughout the forecast period. Since water-borne coatings are eco-friendly and emit no volatile organic compounds, they are anticipated to hold a dominant market share.The market is divided into product categories such as solvent-borne, waterborne, powder coating, UV coatings, and others. Owing to their growing use in the printing ink, wood, plastic, furniture, and automotive industries, waterborne coatings currently have the biggest market share among paints and coatings. The expansion of this market is being driven by the advantages of waterborne coatings, which include faster drying times, easier application, and no volatile organic compounds (VOCs). Organic compounds are utilised to create solvent-borne coatings, which are applied to industrial metals, equipment, and building exteriors that are subjected to humid and hostile environments. Furthermore, powder coatings are becoming more and more popular because they don't require a liquid carrier, provide thicker coatings that don't sag, contain no solvent, and only slightly leak volatile organic compounds (VOC) into the atmosphere. They have several uses, such as coating intricate pieces of vehicles, engines, and industrial gear. Abrasion, chemicals, detergents, corrosion, and scratches are all resistant to powder coat finishes.

Global Decorative Paints & Coatings Market Segmentation: By Application

• Architectural

• Automotive OEM

• Marine

• Coil

• General Industries

• Protective Coatings

• Automotive Refinish

• Industrial Wood

• Packaging

The Global Decorative Paints & Coatings Market Segmented by Application, Architectural held the largest market share last year and is poised to maintain its dominance throughout the forecast period. Paints and coatings are mostly employed in architectural applications for ornamental purposes on residential and non-residential structures and buildings, shielding them from environmental degradation and UV radiation, among other things. It is projected that the growing need for these materials across a range of industries, including automobile building, will propel market expansion.The market outlook will improve due to the strong demand for paints and coatings in the automotive industry because of their resistance to corrosion, continuous creation of protective films, colour stability, abrasion resistance, durability, and flexibility.The rapid fabrication of sheets consisting of various materials, including polymers, steel, and copper, has been linked to the expansion of coil segments. Among other things, coils are used in construction, automotive, semiconductors, and household wires. Additionally, these materials are employed aboard military and commercial ships to provide protection from environmental factors like water, heat instability, and UV radiation. Paint coatings, which offer industrial and mechanical wood fire, heat, and electrical resistance, are also applied to industrial materials. Growing product demand in maritime and industrial applications will propel market expansion even more.

Global Decorative Paints & Coatings Market Segmentation: By Region

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

The Global Decorative Paints & Coatings Market Segmented by Region, Asia-Pacific held the largest market share last year and is poised to maintain its dominance throughout the forecast period. In terms of volume and revenue, Asia Pacific held the largest market share in 2022 and is likely to hold that position for the near future. This is a result of the expanding building and construction industry as well as the automobile sector in China, India, and Japan. Because paints and coatings are used to protect both residential and non-residential infrastructure, demand for them is expanding. They look fantastic when used to decorate walls, windows, and furniture. China is the primary customer since the country's expanding population is propelling the growth of the residential construction industry, which in turn is fuelling the market's expansion. Additionally, the region's market worth is increased by its use in the automobile industry. Europe holds a key position in the market, and it is anticipated that its share will grow significantly, mostly as a result of increased demand from the automobile industry. Because it has more disposable cash and an abundance of raw materials, Europe is one of the world's top automakers. It is anticipated that North America will experience notable expansion in the worldwide market. The expansion of the market will be aided by the fact that the United States is one of the world's biggest consumers of coatings for use in automotive and construction applications. These products are mostly utilised in the United States for the creation of automotive refinish coatings and for the conversion and restoration of outdated infrastructure. An increase in disposable income, the ongoing use of cutting-edge technologies, and the growing consolidation of the used car market are the main drivers of market expansion. Brazil, Peru, and Colombia have national infrastructure plans in place to stimulate investment in the area. The expansion of the regional market is fuelled by increases in maintenance and infrastructure investment in both the public and private sectors in these nations. Brazil's growing industry might increase the need for architectural coatings, which would boost sales even more. The market is expected to grow significantly across the Middle East and Africa. Leading the way in the blossoming of the building industry in the region are Saudi Arabia and Qatar. Large-scale residential developments and the expansion of infrastructure in the area point to rising product demand.

COVID-19 Impact Analysis on the Global Decorative Paints & Coatings Market:

The COVID-19 pandemic caused supply chain disruptions in the paint and coatings sector, which forced businesses to take initiative-taking steps to address issues with order fulfilment, inventory control, and shipping logistics. In response to unheard-of conditions, businesses employed creative strategies to maintain production site operations and maintain business continuity throughout the pandemic's disruptions. The flawless logistics and delivery of raw materials, prioritised by suppliers, enabled producers of paints and coatings to continue their production processes without interruption. Despite the operational challenges the pandemic presented, industry-wide cooperation helped to reduce interruptions and preserve supply chain resilience to some degree. Anticipatedly, the paints and coatings market is expected to recover to its pre-pandemic levels, driven by the revival of important businesses like the construction and automotive sectors. Companies are well-positioned to take advantage of new growth prospects as the economy slowly picks up steam and the market for paints and coatings grows again. To achieve long-term success and a sustainable recovery, the industry will need to maintain its focus on innovation, agility, and strong supply chain management while navigating an ever-changing landscape.

Latest Trends/ Developments:

To increase their market position, major players are utilising tactics like mergers and acquisitions in addition to spending money on research and development. Some are also concentrating on raising their manufacturing capacity in order to boost their yearly revenue. For example, Kamdhenu Paints introduced WEATHER CLASSIC ADVANCE paint, adding to its line of exterior emulsions features like a high Solar Reflective Index (SRI) and less dirt collection, all covered by a five-year warranty. This elastomeric paint is made entirely of acrylic and is suitable for outdoor usage, especially in areas with moderate humidity or dry climates. It is designed to withstand dirt, dust, and harsh weather conditions while providing a soft sheen. Concurrently, PPG and Chery Automobile established a Colour Creation Lab in China, where PPG colour stylists and Chery designers worked together to develop customised colour recommendations for car designs. The finished materials were then incorporated into the construction of the vehicles.

Key Players:

1. Asian Paints Limited

2. Akzo Nobel N.V.

3. BASF SE

4. Berger Paints India Limited

5. The Sherwin-Williams Company

6. PPG Industries, Inc.

7. Kansai Paint Co. Ltd

8. Jotun

9. Valspar Corporation

10. Nipsea Group (Nippon Paint)

11. RPM International Inc.