According to the latest market research report “Decorative Coatings Market: By Resin Types (Acrylic, Alkyd, Polyurethanes and Others); By Formulation (Water-Based coatings and Solvent-Based Coatings); By Application (Architectural Coatings, Automotive, Domestic Appliances, and Others) & Geography -Forecast (2017-2021)” published by IndustryARC, estimates the market to reach $89.44 billion by 2021.
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The decorative coatings market is exhibiting strong growth because of increasing construction activities across the world, rapid urbanization in the Asia-Pacific emerging countries such as China and India, and remodeling of residential and commercial buildings in Europe and Americas region. The growing need for eco-friendly coatings is the major obstacle for growth of the decorative coatings market. Volatile Organic Compounds (VOCs) regulations particularly in European countries and the U.S. have major impact on the decorative coatings market. Decorative coatings have been extensively used in construction industry over the past few years across the globe. Amongst the various applications served by decorative coatings, they find their use majorly in architectural coatings. Decorative coatings are used to decorate the interiors and exteriors of residential and commercial architectures. Moreover, these coatings are utilized in floor coatings, wood coatings, external parts of automotive, decoration of many domestic appliances such as washing machines, refrigerators, air conditioners, and many more. These coatings are also serving as protective coatings from corrosion, UV radiation, bacteria, and moisture.
Based on resin types of decorative coatings available commercially, the decorative coatings market is segmented into acrylics, alkyds, polyurethanes, and others. Acrylic resins are holding major market share followed by alkyd resins. However, alkyd resin based decorative coatings are growing at highest CAGR during the forecast period owing to increasing VOC regulations in the world. Alkyd resin based coatings has less VOC levels as compared with other type of coatings. Globally, growing need for eco-friendly coatings is the major factor for rise in alkyd resin coatings.
Escalating construction industry coupled with rapidly expanding market of remodeling of residential architectures in emerging countries is anticipated to propel the demand for decorative coatings
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The key segmentations for decorative coatings market include resin type, formulation, application and geography. Based on formulation the decorative coatings market is classified as water-based coatings and solvent-based coatings. Water-based decorative coatings are widely used for interior and exterior walls of the residential and commercial buildings due to less VOC content. Architectural coatings are holds lion share among all other application of decorative coatings. These coatings are mostly used to decorate the new constructions as well as remodeling of buildings. The global decorative coatings market is estimated to grow with a CAGR of 5.3% during the forecast period and will reach $89.44 billion by 2021.
The market of decorative coatings has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2016, Asia-Pacific is the prominent region for decorative coatings market and is estimated to grow with CAGR of 6.08% during the forecast period. The growth in Asia-Pacific is attributed to the increasing construction activities in the emerging countries like China, India, and South East Asia countries. However, considerable decorative coatings demand in APAC along with Middle East countries is likely to boost the overall market.
The Prominent Players in this Market Include
- PPG Industries Inc.
- The Sherwin-Williams Company
- AkzoNobel N.V.
- Axalta Coating Systems, LLC
- BASF SE
- The Valspar Corporation
Decorative coatings companies through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the decorative coatings market. PPG Industries Inc. and The Sherwin-Williams Company are major players in the decorative coatings market with wide range of product offerings. The Sherwin-Williams Company has major market share in the Americas region. It has wide range of company outlets across the U.S and Canada. However, BASF SE is dominating in the Latin America especially in Brazil. In Asia-Pacific region, AkzoNobel, Asian Paints, Kansai Nippon Paints, and PPG Industries Inc. are the major players.
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