Decorative coatings are liquid paints available in vibrant colors and are applied to interior or exterior structure of building. Selection of decorative paint depends on the climate conditions. Decorative coatings are mainly applied for decorative and protective purpose such as avoiding cracks, water leakage, protection from fungus and algae, moisture, bacteria, UV radiation and specifically for temperature maintenance.
Growing construction industry in developing countries owing to government initiatives towards infrastructural development, growth of commercial spaces, and increasing disposable income are key factors driving growth of the global decorative coatings market. In addition, high investments focusing to offer cost-effective, high performance multi-functionality decorative coatings is another factor expected to drive growth of the global decorative coatings market over forecast period.
Stringent regulations on the production of decorative coatings which use harmful VOC chemicals can cause adverse effects on environment and people is a key factor restraining growth of the global decorative coatings market. Additionally, fluctuation in raw material prices is expected to hamper growth of the global decorative coatings market over forecast period.
Nonetheless, new construction activities and repainting of existing buildings is expected to be potential opportunity for key players in the global decorative coatings market over forecast period.
The global decorative coatings market report has been segmented on the basis of resin type, product type, technology, application, and region. On the basis of region, the global decorative coatings market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific is expected to witness the fastest growth in terms of revenue, due to high construction activities, increased disposable income, and growing population in the region followed by markets in Middle East & Africa. The market in North America is expected to witness growth with steady CAGR, owing to steadily growing construction activities in the region.
Prominent players in the global decorative coatings market include BASF SE, Arkema S.A., Solvay SA, E. I. du Pont de Nemours and Company, Akzo Nobel N.V., PPG Industries, Inc., DuluxGroup Ltd., The Dow Chemical Company, The Sherwin-Williams Company, and PPG Asian Paints Private Limited.
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