Decorative paints & coatings market is primarily associated with products used in the building & construction industry in order to improve aesthetics. These coatings also offer several benefits such as insulation, light absorption, reflection and anti-skid properties in order to protect walls from external harsh environments such as UV radiations, moisture, microorganisms, and temperature. Decorative paints & coatings market is segmented on the basis of resin, product, application and geography.
Resins are inorganic compounds that are responsible for dry film on the substrate. By resin type, decorative paints & coatings include acrylic, alkyd, epoxy, polyurethanes and others. Of the different types of resins, acrylic decorative paints & coatings occupy a major share owing to enhanced properties such as adhesion, durability, and color withholding. Acrylic resin coatings are suitable for a wide range of substrates including wood, metal, plastic and concrete. Acrylic resins are followed by alkyd and epoxy resins.
In terms of product type, the market is segmented based on emulsion, enamel, distemper and lusters. Emulsion is a dominant type of product on account of its superior quality due to its greater coverage on the substrate and ease in application. Emulsions are closely followed by enamel and lusters.
Decorative paints & coatings are used both in residential and commercial constructions. Wherein, residential sector occupies substantial share with a faster growth rate owing to the increasing residential constructions globally. Several factors such as increasing per capita income which has led to increasing home ownerships and urbanization across the globe are prominent drivers for the market over the forecast period.
Asia Pacific occupies a substantial share in global decorative paints & coatings market due to the presence of numerous developing countries such as China, India, Vietnam and Bangladesh, which have been investing largely in construction sector. Despite funding gaps in Indonesia, Vietnam and Philippines the nonresidential construction industry is expected to grow at a faster pace owing to the government projects such as sea ports, transport and power. Asia Pacific is followed by the Americas, wherein Brazil, Argentina and Mexico drive the demand for decorative paints & coatings in both the residential and the commercial housing sectors.
The decorative paints and coatings market is dominated by the larger players, as the top 10 players occupy share of more 80% of the share. The prominent players in the market are AkzoNobel, The Sherwin-Williams Company, PPG Industries, Asian Paints, Kansai Paints, Arkema, BASF, Benjamin Moore, Berger Paints, DowDuPont, Masco Corporation, DuluxGroup, NIPPON PAINT, DAW SE, Cromology. Some of others include Dunn-Edwards, NOROO Paint & Coatings, Nuplex Industries, Ring International, Tikkurila.
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