The Decorative Coatings market is projected to grow from USD 71.3 Billion in 2021 to USD 91.6 Billion by 2026, at a CAGR of 5.1% between 2021 and 2026. APAC is estimated to be the largest consumer of Decorative Coatings. The global Decorative Coatings market is driven by the increasing need for environmentally-friendly coating systems with durability and better performance aesthetics.
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APAC accounted for largest market share in terms of value, of the global decorative coatings market in 2020. The growing population and economic growth drive the APAC market. Both the residential and non-residential sectors in China and India are expected to develop during the forecast period, which, in turn, is likely to drive the demand for decorative coatings in this region. China has been the driving force behind the rapid expansion of the decorative coatings market in the APAC region and across the globe. Over the five years through 2020, revenue for the building construction industry has grown at an annualized rate of 4.8%, to USD 2.5 trillion. Factors such as huge and increasing addressable population base and rapidly growing construction activities are driving the decorative coatings market in the APAC region.
The residential sector has the largest market share of Decorative Coatings by Application segment. Economic growth and higher incomes in the last few years have resulted in the construction of several new houses and the remodeling of old ones. Decorative coatings for residential construction applications include new paint and repainting. These coatings mainly include architectural and functional products, such as paints, stains, lacquers, primers, and cleaners. Decorative coatings are used in both interior and exterior applications in the residential sector. Repainting is associated with giving a new look to an old or worn-out interior and exterior of constructions.
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PPG Industries Inc. (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), BASF SE (Germany), and Asian Paints Limited (India) are the key players in the global Decorative Coatings market. These market players are expected to undertake various growth strategies, such as investment & expansion, mergers and acquisitions, and new product launch to expand their overall businesses and tap the opportunities in the fast-growing economies. Major players are focusing on strengthening their R&D facilities to provide cost-effective products and investment in emerging markets. These products are manufactured adhering to regulations implemented by governments. All such developments are expected to lead to the sustainable growth of the Decorative Coatings market players over the next five years.
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