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.
The main technology type used for decorative coatings is waterborne technology, which accounted for 76.0% of the overall market, in terms of value, in 2020. The market for conventional solvent-borne coatings has lost its dominance due to the growing use of solvent-free coatings. . This trend is due to various rules and legislation. Greater emphasis is given on higher functionality coating for both interiors as well as exterior applications. For the exterior, aesthetic appearance and sustainability are maximized, along with durability for asset protection through polymer design improvements and properties such as dirt pickup resistance, which is critical in countries with higher levels of pollution in tropical climates. For the interior segment, the trend is toward waterborne coatings where advanced polymer systems are formulated into a low odor, low-VOC coatings with low odor thresholds.
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.
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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