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Decorative Paints Market is Expected to Grow at a CAGR of 5.7% from 2020 to 2028

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Decorative Paints Market is Expected to Grow at a CAGR of 5.7% from 2020 to 2028

June 01
21:00 2021
Decorative Paints Market is Expected to Grow at a CAGR of 5.7% from 2020 to 2028
The market was valued at US$ 74,091.54 million in 2019 and is projected to reach US$ 121,531.91 million by 2028. Increasing Demand for Water-Based Paints to Escalate Decorative Paints Market Growth during 2020–2028.

Decorative paints are defined as acrylic paints that help impart aesthetic designs and distinctive textures in interior and exterior applications. The demand for decorative paints is rising due to the changing consumer living patterns and growing focus on the appearance of home, office, complexes, and other such spaces. With the growth of the paints industry, the application of decorative paints in infrastructural and architectural sector has been recognized as they help embellish both exterior and interior spaces of a building. Such paints are embedded with matte finish along with eggshell, gloss, or satin finish and much more, which helps them provide unique artistic pieces. Additionally, decorative paints are known for their various functional characteristics such as light absorption and reflection, heat insulation, and low volatile organic compounds (VOC) emission.

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Based on type, the decorative paints market is bifurcated into water based decorative paints and solvent based decorative paints. In 2019, the water based decorative paints segment dominated the market by accounting for 58.2% of the total share. Water-based paints are known to provide better durability, low odor, minimal volatile organic compounds (VOC) emission, and fast dry time. Further, these types of paints can be easily applied and safely clean-up. They possess low risk of fire. Water-borne paints are considered as an effective alternative for the different types of paints that incorporates the use of VOCs including the hydrocarbons, which may deteriorate the environment quality.    

Based on region, the decorative paints market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. In 2019, Asia Pacific accounted for the largest share in the market. The growth of the decorative paints market in Asia Pacific is mainly attributed to the rising focus of government authorities on infrastructural development in countries such as China, Japan, and India. The governments of developing countries, especially India, are investing heavily in infrastructure development, such as buildings and other physical structures. As a result, the use of decorative paints becomes inevitable, which drives the growth of the decorative paints market in Asia Pacific. 

A few of the major key players operating in the global decorative paints market are Nippon Nippon Paint, Akzo Nobel N.V., BASF SE, Dow Inc., Axalta Coating Systems, Asian Paints, PPG Industries Inc., RPM International Inc, Kansai, and The Sherwin-Williams. 

The size of overall global decorative paints market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the decorative paints market. 

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