The global decorative paints market is estimated to expand at a steady rate of 4.3% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent market analysis. Urbanization registered across developing economies will remain a chief driver of decorative paints sales.
The paints industry is gradually shifting away from traditional whitewash paints. The underlying focus on consumer centricity has been encouraging paints manufacturers to explore better quality alternatives. Consequently, the demand for low VOC and water based paints is on the rise.
The COVID-19 pandemic has impacted the global economy at various levels and the impact has also been seen on paints and coatings industry. The decorative paints market growth is projected was negatively affected during the pandemic crisis, resulting in significant drop in demand during 2020 – 2021.
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Nonetheless, recovery of construction activities and gradually surging demand in the real estate will create a conducive environment for the expansion of the decorative paints market.
As per FMI, the East Asia market is expected to remain a key manufacturer as well as consumer of decorative paints owing to significant growth in the construction sector, especially in China. Backed by the aforementioned factors, the global decorative paints market is projected to top US$ 87.8 Bn by 2031.
“Local and foreign investments in the emerging economies of Asia for catering to construction demand have been increasing. This is in turn fuelling the demand for decorative paints. Consumption of decorative paints especially for interior applications will continue increasing as focus on improving interior décor grows across the globe,” says an FMI analyst.
- Water based decorative paints will replace the solvent based paints due to their comparatively better performance characteristics over the latter. The segment is expected to witness a growth 4.4% CAGR over the coming decade.
- Interior application of decorative paints is projected to account for more than 75% of the market share in 2021 in Europe.
- By formulations, emulsion segment is estimated to witness a year-on year growth of 3.7% in 2021.
- Sales of decorative paints in the U.S. are estimated to grow by a CAGR of 4.3% during the assessment period.
- India is expected to emerge as an attractive decorative paints market, with sales expected to grow by 5.2% CAGR over the coming decade.
- China is expected to account for about 70% of the East Asia decorative paints market share in 2021.
- Japan and South Korea to collectively account for about 8.8% of the total decorative paints industry share by 2021 end.
Key participants in the global decorative paints market elaborated in the report includes Azko Nobel, Sherwin Williams Company, Asian Paints Ltd., Nippon Paints, Valspar Corporation, Jotun, BASF-SE, RPM International Inc., KANSAI Paints Co., Ltd. and Berger Paints.
The decorative paints industry is oligopolistic with a few big players constituting a larger portion of the sales. It also have higher barriers to entry in distribution networks and brand equity. Key players are focusing on mergers and acquisitions strategies to boost their market presence.
Some of them are even focusing on product development by investing a considerably in research and development. Others are focusing on increasing the production capacity to improve their annual turnover. For instance:
- Eastman Chemical plans to invest for a significantly increase in its capacity to produce tertiary Decorative Paints (DIMLA) at its facility in Ghent, Belgium, by the end of 2021.
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More Insights into the Decorative Paints Market Report
In its latest report, FMI offers an unbiased analysis of the global decorative paints market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (water based paints and solvent based paints), formulation (emulsion and distemper), applications (interior and exterior), sales channel (offline and online) and price (premium, medium and economical) across six regions (North America, Latin America, Europe, East Asia, South Asia and Pacific and Middle East & Africa).