Decorative Paints Market

The global market value of the decorative paints market was estimated to be USD 70.5 billion in 2023 and is projected to grow at a CAGR of 5.6% during the forecast period. Increasing urbanization, and rapidly growing industrialization is the key factor behind the significant growth in the decorative paints market. Construction industry in the recent past have witnessed remarkable growth, due to which the need for decorative paints in residential, and commercial buildings has increased many folds.

Decorative coatings are significantly in use for providing protection to the surfaces. To improve the visual appearance of surfaces by adding color, texture, and design elements is fueling the growth in the market. Growing emphasis on sustainability, and demand for eco-friendly products is driving the market towards success.

Growth Drivers

Increasing investment by the consumers in home aesthetics, and introduction of aroma less paints is attracting the environment and health-conscious consumers. Increasing growth in e-commerce has made it easier the availability of paints through various online channels. Increasing demand for non-toxic paints is fueling the market growth.

Increasing emphasis on developing eco-friendly environment, and sustainability is the key factor behind the market growth. Increasing investment by government, and private organizations in Real-Estate is spurring the market growth. Increasing focus on aesthetics, and interior design, and rising consumer awareness and preference for stylish interiors is pushing demand for textured, metallic, and customized paints. Increasing demand for quality-based products, and continuous rise in building and construction industry is spurring the market growth.

Increasing demand for repainting and refurbishment which occur every 3-5 years in many markets. Growth in DIY projects and online availability of paints/tools are expanding customer reach and convenience.

Segmentation

Decorative Paints market by Product

·         Primer

·         Enamel

·         Emulsion

·         Others

Decorative Paints Market by Technology

·         Water-borne Coatings

·         Solvent-borne Coatings

·         Powder Coatings

Decorative Paints Market by Application

·         Residential

·         Commercial

·         Industrial

·         Infrastructure

By Region

·         Asia-Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Decorative Paints Market by Product Segmentation

On the basis of the products, The Decorative Paints Market is segmented into Primer, Enamel, Emulsion, and Others. Emulsion is the leading segment, and is expected to dominate the market during the forecast period. Due to their ease of application, durability, and aesthetic appeal the emulsions are suitable for both interior, and exterior applications. Emulsion also ensures low-toxicity.

Enamel Paints are known for their hard, glossy finish and durability, and suitable for surfaces requiring frequent cleaning. Primers are also used to enhance paint adhesion, and longevity.

Decorative Paints Market by Application

On the basis of the application, the decorative paints market is segmented into residential, commercial, industrial, and infrastructure. Increasing demand for interior, and exterior paints, and rising disposable income in emerging economies is the reason behind the dominance of Residential segment in the market. Residential segment is also expected to dominate during the forecast period due to increasing urbanization, and consumer preference for aesthetic home improvements.

Infrastructure development, and expansion in industries of industries such as automotive, manufacturing, and construction activities worldwide is driving growth in the market. The demand for better development in emerging economies is the key growth driver in the market. Rising number of schools, offices, retail stores, and hotels is driving the significant growth in commercial segment in the market.

Regional Outlook

On the basis of the regions, the decorative paints market is segmented into 5 regions: Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Countries like India, China, Indonesia, and South Korea are the leading markets and are expected to dominate during the forecast period. Smart cities missions by India, and various other initiatives like Pradhan Mantri Awas Yojana, are the main reason behind the market growth.

Increasing consumer demand for aesthetic home décor and rapid urbanization across emerging economies are the key factors behind the market growth. Increasing disposable income in the region is responsible for the flourishing real estate industry. Increasing growth in residential and commercial buildings all over the world needs decorative paints for protection of the surface.

North America is witnessing significant growth in the decorative paints market due to high disposable income, and e-commerce penetration due to the platforms like Amazon, Etsy, Flipkart, and Wayfair fuel online sales, especially for handmade and vintage-style frames. Popularity of wall galleries are the key reason behind the market growth. Presence of key market players in the region is spurring the market growth.

Ongoing urban development, and infrastructure upgrades fuel the need for new residential and commercial buildings, which is directly related to paint consumption. Growing awareness of the benefits of non-toxic products have driven innovation in decorative paints, which North American consumers increasingly demand. Due to the significant homeownership culture in the countries like the United States of America, and Canada the investment in remodeling, and renovations has become most demanding. Increasing technological development in the region has brought significant properties in the product like durability, washability and resistance to fading or staining.

European market is significantly characterized by the features like sustainability, and innovation. Increasing demand for eco-friendly and low Volatile organic compounds) paints, driving manufacturers to develop products that meet these standards. The United Kingdom market is witnessing the highest growth due to increasing urban population in the country. According to a data 85% population in the region lives in the urban areas, and increasing the demand  or eco-friendly, and sustainable product development is driving the market towards significant growth.

Latin America market is significantly witness growth due to increasing construction activities in countries such as Argentina, Brazil, and Mexico. Brazil is the leading market in the region due to rising disposable income, and urbanization. Middle East and Africa region is witnessing moderate growth in the market due to rapid construction of residential, and commercial buildings in the countries like Egypt, South Africa, and United Arab Emirates.

Key Players

·         The Sherwin-Williams Company

·         PPG Industries

·         Akzo Nobel N.V.

·         BASF SE

·         Jotun

·         Asian Paints

·         Kansai Paint Co., Ltd.

·         RPM International

·         Masco Corporation

·         Axalta Coating Systems Ltd.

·         Nippon Paint (India) Private Limited

·         Other Players