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Decorative Coatings Market Size

Report ID: GMI6275
Published Date: Jul 2023
Report Format: PDF

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Decorative Coatings Market Size

Decorative Coatings Market size was valued at around USD 80.21 billion in 2023 and is estimated to register over 4.3% CAGR between 2024 and 2032. The demand for decorative coatings is closely tied to the growth of the construction and infrastructure sector. As construction activities and urbanization increase, there is a higher demand for decorative coatings in residential, commercial, and industrial buildings. Homeowners frequently use decorative coatings during home renovation and remodelling projects to refresh and enhance the appearance of their interiors and exteriors.

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Urbanization and population growth in cities drive the need for new buildings and homes, further boosting demand for decorative coatings in construction projects.

Decorative Coatings Market Report Attributes
Report Attribute	Details
Base Year:	2023
Decorative Coatings Market Size in 2023:	USD 80.21 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.3%
2032 Value Projection:	USD 117.1 Billion
Historical Data for:	2018 - 2023
No. of Pages:	150
Tables, Charts & Figures:	248
Segments covered:	Resin type, technology, application, end-use
Growth Drivers:	Growing construction industry Rapid urbanisation Rising population
Pitfalls & Challenges:	Fluctuating Raw Material Prices Intense Competition Environmental Regulations

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The prices of raw materials used in decorative coatings, such as resins, pigments, and solvents, can be volatile. Fluctuations in raw material prices can affect the overall cost of production and impact profit margins. The decorative coatings market is highly competitive, with numerous manufacturers and suppliers vying for market share. Intense competition can lead to price wars and margin pressures for companies. Regulatory restrictions on the use of certain chemicals and volatile organic compounds (VOCs) in decorative coatings can limit product offerings and require manufacturers to invest in eco-friendly formulations. Thus, the high-end pricing and risks associated with Decorative coatings may drive down the acceptance rate, further hampering the business growth.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Global market for decorative coatings was valued at around USD 80.21 billion in 2023 and is estimated to reach USD 117.1 billion by the end of 2032, backed by the growth of the construction and infrastructure sector.

Interior coating segment is anticipated to grow at 3.2% CAGR through 2032. Decorative coatings play a significant role in enhancing the aesthetic appeal of buildings and interiors, driving demand from homeowners and architects.

U.S. market for decorative coatings accounted for a revenue of USD 15.5 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032, owing to surge in residential and commercial construction projects, as well as home renovation and remodeling activities.

PPG Industries, Inc., Sherwin-Williams Company, Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., Axalta Coating Systems Ltd., BASF SE, Kansai Paint Co., Ltd., RPM International Inc., Asian Paints Limited, Hempel A/S, Jotun Group, Benjamin Moore & Co., among others.