Decorative Coatings Market - By Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Vinyl, Epoxy-Polyester Hybrid), By Technology (Waterborne Coatings, Solventborne Coatings, Powder Coatings, UV-Cured Coatings), By Application & Forecast, 2024 – 2032

Decorative Coatings Market Size

Decorative Coatings Market size was valued at around USD 80.21 billion in 2023 and is estimated to register over 4.3% CAGR between 2024 and 2032. The demand for decorative coatings is closely tied to the growth of the construction and infrastructure sector. As construction activities and urbanization increase, there is a higher demand for decorative coatings in residential, commercial, and industrial buildings. Homeowners frequently use decorative coatings during home renovation and remodelling projects to refresh and enhance the appearance of their interiors and exteriors.
 

Urbanization and population growth in cities drive the need for new buildings and homes, further boosting demand for decorative coatings in construction projects.

The prices of raw materials used in decorative coatings, such as resins, pigments, and solvents, can be volatile. Fluctuations in raw material prices can affect the overall cost of production and impact profit margins. The decorative coatings market is highly competitive, with numerous manufacturers and suppliers vying for market share. Intense competition can lead to price wars and margin pressures for companies. Regulatory restrictions on the use of certain chemicals and volatile organic compounds (VOCs) in decorative coatings can limit product offerings and require manufacturers to invest in eco-friendly formulations. Thus, the high-end pricing and risks associated with Decorative coatings may drive down the acceptance rate, further hampering the business growth.
 

COVID-19 Impact

During the height of the pandemic, construction activities and home renovation projects were limited due to lockdowns and social distancing measures. This led to a decline in the demand for decorative coatings from the construction and real estate sectors. With economic uncertainties and job losses, consumer spending patterns changed. Non-essential purchases, including home improvement and decorative coatings, were deprioritized by many consumers. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the decorative coatings industry growth in the upcoming years.
 

Decorative Coatings Market Trends

There was an increasing preference for eco-friendly decorative coatings that have lower VOC (volatile organic compound) content and reduced environmental impact. Consumers and businesses alike showed a heightened interest in sustainable and green building practices. Decorative coatings with low emissions and minimal health risks became more popular, as consumers sought products that improve indoor air quality and contribute to healthier living environments. Customization options and unique finishes gained popularity, allowing consumers to express their individuality in their living spaces. Thus, the growing prevalence and usages is expected to expedite the decorative coatings industry growth.
 

Decorative Coatings Market Analysis

Based on resin type, the decorative coatings market is segmented as acrylic, alkyd, polyurethane, epoxy, polyester, vinyl, epoxy-polyester hybrid, others. Acrylic held a majority market value of USD 10.6 billion in 2022. Acrylic resins are versatile and can be used in a wide range of decorative coatings, including interior and exterior paints, varnishes, and enamels. Their adaptability drives demand from manufacturers seeking flexible solutions. Alkyd resins contribute to the durability of decorative coatings, making them a preferred choice for high-traffic areas and outdoor surfaces. Moreover, an increasing usage will further accelerate the segmental demand.
 

Based on technology, the decorative coatings market is segmented as waterborne coatings, solvent borne coatings, powder coatings, uv-cured coatings. Water-based decorative coatings are known for their low volatile organic compound (VOC) content, making them environmentally friendly and appealing to consumers who prioritize eco-friendly products. Solvent-based decorative coatings often offer enhanced performance characteristics, such as improved adhesion, durability, and resistance to chemicals and weather conditions.
 

Based on application, the decorative coatings market is segmented as Interior Coating, Exterior Coating, Furniture Coating. Interior coating held a dominant market share in 2022 and is anticipated to grow at 3.2% CAGR till 2032. Decorative coatings play a significant role in enhancing the aesthetic appeal of buildings and interiors, driving demand from homeowners and architects. The demand for decorative coatings is often fueled by home improvement and renovation projects, where consumers seek to refresh and update the appearance of their living spaces. Thus, the high-quality services and growing usage of decorative coatings are anticipated to expedite the business statistics.
 

Based on end-use, the decorative coatings market is segmented as Residential, Commercial, Industrial, Others. Commercial held the dominant market in 2022 and is anticipated to grow significantly through 2032. The growth of urban areas and infrastructure projects drive demand for decorative coatings in construction, including residential and commercial buildings. The demand for decorative coatings is influenced by homeownership rates and real estate market trends, as new homeowners often invest in home improvement and renovation projects.
 

U.S. dominated the North American region with majority market share and a revenue of USD 15.5 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The construction and renovation sectors in North America are significant drivers of the decorative coatings market. Growth in residential and commercial construction projects, as well as home renovation and remodeling activities, boosts the demand for decorative coatings.
 

Decorative Coatings Market Share

Some of the major market players operating in the decorative coatings market are :

• PPG Industries, Inc.
• Sherwin-Williams Company
• Akzo Nobel N.V.
• Nippon Paint Holdings Co., Ltd.
• Axalta Coating Systems Ltd.
• BASF SE
• Kansai Paint Co., Ltd.
•  RPM International Inc.
• Asian Paints Limited
• Hempel A/S
• Jotun Group
• Benjamin Moore & Co.
• DAW SE (Caparol), Berger Paints India Limited,
• Dunn-Edwards Corporation

These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Decorative Coatings Industry News

In January 2022, Nippon Paint has made an announcement regarding the completion of the acquisition of Cromology, a leading manufacturer of architectural coatings in Europe and ranked fourth in the industry. The acquisition, which was conducted by Nippon Paint's subsidiary, DuluxGroup, involved a payment of USD 1.28 billion (equivalent to 8.3 billion yuan).
 

Decorative coatings market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:

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By Resin type

• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Polyester
• Vinyl
• Epoxy-Polyester Hybrid
• Others

By Technology

• Waterborne Coatings
• Solvent borne Coatings
• Powder Coatings
• UV-Cured Coatings

By Application

• Interior Coating
• Exterior Coating
• Furniture Coating

By End-use

• Residential
• Commercial
• Industrial
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt