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Decorative Paints Market Forecasts to 2028 – Global Analysis By Price (Premium Range, Medium Range, Economical Range), Sales Channel (Online Stores, Offline Stores), Resin Type (Acrylic, Alkyd, Polyurethane), and By Geography
Estimated Year Value (2021)
US $51.40 BN
Projected Year Value (2028)
US $74.77 BN
CAGR (2021 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Decorative Paints Market is accounted for $51.40 billion in 2021 and is expected to reach $74.77 billion by 2028 growing at a CAGR of 5.5% during the forecast period. Decorative paints, in essence, are acrylic paints used by artists to create wall paintings and other artistic pieces. The use of decorative paints has been growing in recent times as several movements to promote art and artists have gathered momentum. Decorative paints play a vital role in infrastructure and architecture sector in order to embellish both exterior as well as interior of a building. The decorative paints offer matte finish, gloss and semi-gloss finish, eggshell and satin finish, etc. In addition, these paints offer various functions depending upon climatic conditions such as light absorption, insulation, reflection, and anti-skid. It is widely used in both residential and non-residential constructions.
Rising demand from construction industry
Construction involves various activities, including alteration and repair of residential, non-residential, commercial, and infrastructural constructions. China, the US, and India will contribute up to 57% to this overall growth of the industry during forecasted years. This growth is attributed to the economic recovery in the major economies. Improvement in the standard of living, rise in disposable income, and growing trends in interior decoration also drive the per capita paint consumption. These factors are positively influencing the growth of the decorative paints market.
Stringent and time-consuming regulatory policies
Potential changes in regulations can create uncertainty throughout the value chain. Regulatory policies have a significant impact on the paints industry. This uncertainty refers to the time taken by the manufacturers at each node to accept the new regulation and adopt new technology. Different time-consuming regulatory changes in different regions can affect the raw material producers, formulators, channel partners, and end-users. With the increasing number of governments implementing stringent regulatory policies, decorative paints producers must constantly evolve their processes to comply with the new policies and reduce VOC emissions.
Growing investments in emerging markets
Emerging economies are investing in large-scale infrastructure development projects. The markets in these economies are witnessing higher growth compared to the markets in North America and Europe. This is attributed to the leading companies investing heavily in these regions as there is a tremendous opportunity. APAC, especially China and India, provides remarkable growth opportunities for decorative coatings manufacturers. Rapid urbanization, a stable economy, and a growing construction industry have fueled the demand for decorative paints in some APAC countries. More residential buildings are being constructed in the region to meet the needs of the growing population in major cities of Indonesia, Malaysia, Thailand, Vietnam, and other countries.
Volatility in prices of titanium dioxide
Titanium dioxide (TiO2) is an essential ingredient in the manufacturing of decorative paints. TiO2 comprises 20–30% of the total expenditure on raw materials. There are many global suppliers for TiO2, and there is no substitute available for this ingredient. TiO2 pigments are traded internationally; however, the fluctuations in the price of TiO2 have increased in both amplitude and frequency in the last decade. These frequent changes in the prices make it difficult for the customers to plan their spending and affect their profit margin.
The acrylic segment is expected to be the largest during the forecast period
The acrylic segment is estimated to have a lucrative growth. Acrylic resins are thermoplastic or thermosetting plastic substances derived from acrylic acid, methacrylic acid, and other related compounds. Thermosetting acrylic resins are typically copolymers of acrylic or methacrylate esters and a hydroxyl-functionalized acrylic ester. The hydroxyl-functionalized monomer provides a site for crosslinking. In thermoplastic resins, the polymers do not contain any reactive group as polymer chains are not crosslinked.
The residential sector segment is expected to have the highest CAGR during the forecast period
The residential sector segment is anticipated to witness the fastest CAGR growth during the forecast period projected to grow at a rapid rate in the potential market in the years to come. This is due to increasing investments and government initiatives for construction activities in developed and developing countries. Moreover, the growth in the trend of DIY among consumers will propel the consumption of residential applications. Fast expansion in urbanization along with a high standard of living and escalating consumer preferences for showing an architectural touch in residential buildings has promoted the urge for decorative paints in the last years.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to rapidly growing disposable income of the middle class families, adoption of westernized culture and mandatory rapid construction housing enormous population especially in major economies like India and China. According to the analyst, APAC region relishes a major 44% share under its own territory of the global decorative paints market demand. With India and China hosting nearly 35% of the global population, such dominance is inevitable due to the robust commercial and residential sector construction. Asian Paints is one of the leading the market players in the APAC region. Indian market in this region exhibits tremendous purchasing capacity of decorative paints. Decorative paints account for 75% of the overall paint market in India.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period. In the North American region, the U.S. decorative paints market is expected to grow by 4.1% year-on-year. Revenue generated in the market will be pushed by a high rebound in construction projects. Moreover, growth in the construction of residential and commercial buildings will continue pushing demand for decorative paints. Environmental friendly and low VOC paint products will dominate the market. Driven by implementation of stringent regulations and changing consumer preference, sales of low VOC paints are expected to pick up in the U.S.
Key players in the market:
Some of the key players profiled in the Decorative Paints Market include 3M, AkzoNobel, Arkema, Asian Paints, BASF SE, Benjamin Moore, Brillux, Caparol, DAI NIPPON TORYO, DowDuPont, Dulux, Eastman Chemical, Fujikura Kasei, Kansai Paints, KCC Corporation, MASCO, Nippon Paint, PPG Industries, SK Kaken, and The Sherwin-Williams Company.
In August 2020, PPG and Sibi, a technology platform for supply chain, announced a four-year partnership with Tricon American Homes (TAH) for PPG paint products. Through the agreement, TAH will use a standardized set of PPG paint products with low or zero volatile organic compounds (VOCs) for maintenance and new construction across TAH’s more than 7,000 multi-family and 21,000 single-family rental properties in Arizona, California, Florida, Georgia, Indiana, Nevada, North Carolina, South Carolina, Tennessee, and Texas.
In November 2020, Eastman Chemical, an American chemical company, announced its plans to invest for increasing the production capacity at its tertiary Decorative Paints manufacturing facility in Ghent, Belgium, by the end of 2021.
In June 2017, Sherwin-Williams Company, a leading paints manufacturing company, announced acquiring an American manufacturer of paints and coatings, Valspar Corp. The acquisition will assist the company to increasing its production capacity and expand its paints & coatings product portfolio.
Product Types Covered:
• Water Based Decorative Paints
• Solvent Based Decorative Paints
• Other Product Types
• Premium Range
• Medium Range
• Economical Range
• Wood Coating
• Other Formulations
Sales Channels Covered:
• Online Stores
• Offline Stores
Resin Types Covered:
• Other Resin Types
End Users Covered:
• Residential Sector
• Commercial Sector
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Decorative Paints Market, By Product Type
5.2 Water Based Decorative Paints
5.3 Solvent Based Decorative Paints
5.5 Other Product Types
6 Global Decorative Paints Market, By Price
6.2 Premium Range
6.3 Medium Range
6.4 Economical Range
7 Global Decorative Paints Market, By Formulation
7.4 Wood Coating
7.6 Other Formulations
8 Global Decorative Paints Market, By Sales Channel
8.2 Online Stores
8.3 Offline Stores
9 Global Decorative Paints Market, By Resin Type
9.5 Other Resin Types
9.5.1 Vinyl Acetate
10 Global Decorative Paints Market, By Application
11 Global Decorative Paints Market, By End User
11.2 Residential Sector
11.3 Commercial Sector
12 Global Decorative Paints Market, By Geography
12.2 North America
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.5 Other Key Strategies
14 Company Profiling
14.4 Asian Paints
14.5 BASF SE
14.6 Benjamin Moore
14.9 DAI NIPPON TORYO
14.12 Eastman Chemical
14.13 Fujikura Kasei
14.14 Kansai Paints
14.15 KCC Corporation
14.17 Nippon Paint
14.18 PPG Industries
14.19 SK Kaken
14.20 The Sherwin-Williams Company
List of Tables
1 Global Decorative Paints Market Outlook, By Region (2019-2028) ($MN)
2 Global Decorative Paints Market Outlook, By Product Type (2019-2028) ($MN)
3 Global Decorative Paints Market Outlook, By Water Based Decorative Paints (2019-2028) ($MN)
4 Global Decorative Paints Market Outlook, By Solvent Based Decorative Paints (2019-2028) ($MN)
5 Global Decorative Paints Market Outlook, By UV-Cured (2019-2028) ($MN)
6 Global Decorative Paints Market Outlook, By Other Product Types (2019-2028) ($MN)
7 Global Decorative Paints Market Outlook, By Powder-Based (2019-2028) ($MN)
8 Global Decorative Paints Market Outlook, By Oil-Based (2019-2028) ($MN)
9 Global Decorative Paints Market Outlook, By Price (2019-2028) ($MN)
10 Global Decorative Paints Market Outlook, By Premium Range (2019-2028) ($MN)
11 Global Decorative Paints Market Outlook, By Medium Range (2019-2028) ($MN)
12 Global Decorative Paints Market Outlook, By Economical Range (2019-2028) ($MN)
13 Global Decorative Paints Market Outlook, By Formulation (2019-2028) ($MN)
14 Global Decorative Paints Market Outlook, By Emulsion (2019-2028) ($MN)
15 Global Decorative Paints Market Outlook, By Distemper (2019-2028) ($MN)
16 Global Decorative Paints Market Outlook, By Dry (2019-2028) ($MN)
17 Global Decorative Paints Market Outlook, By Synthetic (2019-2028) ($MN)
18 Global Decorative Paints Market Outlook, By Wood Coating (2019-2028) ($MN)
19 Global Decorative Paints Market Outlook, By Enamels (2019-2028) ($MN)
20 Global Decorative Paints Market Outlook, By Other Formulations (2019-2028) ($MN)
21 Global Decorative Paints Market Outlook, By Putty (2019-2028) ($MN)
22 Global Decorative Paints Market Outlook, By Primer (2019-2028) ($MN)
23 Global Decorative Paints Market Outlook, By Sales Channel (2019-2028) ($MN)
24 Global Decorative Paints Market Outlook, By Online Stores (2019-2028) ($MN)
25 Global Decorative Paints Market Outlook, By Offline Stores (2019-2028) ($MN)
26 Global Decorative Paints Market Outlook, By Resin Type (2019-2028) ($MN)
27 Global Decorative Paints Market Outlook, By Acrylic (2019-2028) ($MN)
28 Global Decorative Paints Market Outlook, By Alkyd (2019-2028) ($MN)
29 Global Decorative Paints Market Outlook, By Polyurethane (2019-2028) ($MN)
30 Global Decorative Paints Market Outlook, By Other Resin Types (2019-2028) ($MN)
31 Global Decorative Paints Market Outlook, By Vinyl Acetate (2019-2028) ($MN)
32 Global Decorative Paints Market Outlook, By Epoxy (2019-2028) ($MN)
33 Global Decorative Paints Market Outlook, By Application (2019-2028) ($MN)
34 Global Decorative Paints Market Outlook, By Interior (2019-2028) ($MN)
35 Global Decorative Paints Market Outlook, By Exterior (2019-2028) ($MN)
36 Global Decorative Paints Market Outlook, By End User (2019-2028) ($MN)
37 Global Decorative Paints Market Outlook, By Residential Sector (2019-2028) ($MN)
38 Global Decorative Paints Market Outlook, By Commercial Sector (2019-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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