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Decorative Coatings Market- Global Industry Analysis, Top Manufactures, Size, Growth and Forecast to 2026

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Decorative Coatings Market- Global Industry Analysis, Top Manufactures, Size, Growth and Forecast to 2026

February 14
18:44 2023
Decorative Coatings Market- Global Industry Analysis, Top Manufactures, Size, Growth and Forecast to 2026
Browse 332 market data Tables and 58 Figures spread through 368 Pages and in-depth TOC on “Decorative Coatings Market”
Decorative Coatings Market Resin Type (Acrylic, Alkyd), Technology (Waterborne, Solvent-borne, Powder), User Type (DIY, Professional), Coating Type (Interior, Exterior), Application (Residential, Non-Residential), and Region

Decorative coatings are paints, varnishes, or other coating products that are specifically designed to add a decorative finish to a variety of surfaces. They are suitable for both commercial and residential use. Decorative coatings are used to improve the aesthetic appeal of a surface while also protecting it from wear and tear. They come in a variety of colors, textures, and finishes. The popularity of home improvement projects and the growing number of people looking to customize their homes have increased the demand for decorative coatings. Decorative coatings are used to create one-of-a-kind and visually appealing designs on walls, floors, furniture, and other surfaces. They are also used to guard against surface damage, wear, and tear.

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 growing demand for environmentally-friendly coating systems.

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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 key players operating in the market are PPG Industries Inc. (US), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (US), BASF SE (Germany) and Asian Paints Limited (India). These players have adopted various strategies, such as mergers & acquisition, investment & expansion, and new product launch to grow in the market. Mergers & acquisitions is the key strategy adopted by the major players between 2016 and 2021. This strategy helped companies enhance their global presence. 

Sherwin-Williams is a diversified paints and coatings company. It is a global leader in the manufacturing, development, distribution, and sale of protective coatings and related products for professional, industrial, commercial, and retail customers primarily in North and South America with additional operations in Caribbean region, Europe, Asia, and Australia. It has a strong customer base and operates in several countries of Europe, North America, and APAC. On seeing the products timeline of the organization, it has been seen that they are tirelessly adding the new developed product to their existing products line. As a part of its growth strategy and due to the growing demand for decorative paints in architectural, energy, and construction sectors, the company entered joint ventures with other manufacturers.

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AkzoNobel N.V. is becoming one of the world’s leading decorative paints and coatings companies. The company is continuously focusing on market trends and new developments. For instance, it is highly focused on the production of waterborne paints, as according to the environmental regulations and new trends, the demand for solvent borne paints is expected to slow down soon, mainly in the European and Latin American regions. The company has built its position in the emerging markets i.e., APAC and EMEA. The sales revenue generated from different regions is accounted as followed 63% from EMEA region, 26% from APAC and 11% from South America. The company supplied 130, 000 liters of Decorative paint from their Dulux Professional range to the interior walls, pillars, and ceilings of Indonesia’s new Yogyakarta International Airport, officially inaugurated in August.

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