Decorative Coatings Market Trends: Comprehensive Forecast to 2027 by Resin Type, Color, and Regional Demand

The global decorative coatings market size is projected to grow from USD 82.0 billion in 2022 to USD 98.9 billion by 2027, at a CAGR of 3.8%. The global decorative coatings market is witnessing high growth with rising demand from the Asia Pacific region, especially, from China and India. The demand for decorative coatings is increasing due to increasing demand from end-use industries. Green, environment-friendly, and healthier coating technology is expected to boost the decorative coatings market.

The decorative coatings market in Asia Pacific is projected to grow at the highest CAGR in terms of value between 2022 and 2027. Asia Pacific encompasses a diverse range of economies with different levels of economic development and multiple industries. The development is mainly attributed to the high economic growth rate, followed by heavy investment across industries, such as automotive, consumer goods & appliances, building & construction, and furniture. Key players are expanding their decorative coatings production in Asia Pacific, especially in China and India. The advantages of shifting production to the region are the low cost of production and the ability to better cater to emerging local markets. Prime manufacturers in this region concentrate on accelerated growth and penetration of online sales to open up newer avenues of revenue generation in untapped markets.

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Companies are constantly investing in disruptive techniques to enable beneficiary and cost-effective supply chain systems. Market leaders are introducing enterprise risk management systems in their manufacturing ecosystems, which enables organizations to identify, assess, quantify, and manage risk on one centralized platform. Consumers demand high-quality decorative coatings that are used in the commercial sector but at an economical price. Manufacturers are therefore focusing on minimizing miscellaneous expenses to lower operating costs while manufacturing the end product. As a result, profit margins and sales of decorative coatings in the commercial division are expected to achieve significant heights during the forecast period.

The decorative coatings market is segmented by technology: waterborne, solventborne, and powder coatings technology. The main technology type used for decorative coatings is waterborne technology, which accounted for 79.7% of the overall market, in terms of value, in 2021. The market for conventional solventborne coatings has lost its dominance due to the growing use of solvent-free coatings. Solventborne decorative coatings accounted for a share of 17.4% of the overall decorative coatings market. The demand for these coatings is expected to continue to decline over the next few years. The technologies compliant with environmental regulations, such as water and powder coating technologies, are expected to gain an increasing share of the decorative coatings market.

The shift from solventborne to waterborne coatings has been witnessed in the sector of decorative coatings. There is increasing demand for green products, which has created the need for green raw materials for coatings, especially waterborne resins. Advances in waterborne alkyd technologies have enabled the production of virtually zero-VOC alkyd resins with the same performance as that of solventborne alkyd.

The shift from solventborne to waterborne coatings has been witnessed in the sector of decorative coatings. There is increasing demand for green products, which has created the need for green raw materials for coatings, especially waterborne resins. Advances in waterborne alkyd technologies have enabled the production of virtually zero-VOC alkyd resins with the same performance as that of solventborne alkydations.

The decorative coatings market is segmented by resin type into acrylic, alkyd, polyurethane, vinyl resin, and others. Acrylic is the most widely used resin owing to its strength, stiffness, excellent solvent resistance, flexibility, impact resistance, and high hardness. They improve surface properties such as appearance, adhesion, and wetting and provide resistance to corrosion and scratching. The coating process involves the application of paints and coatings to a substrate of one or more layers of functional materials in the form of liquids, gases, or solids.

In the next five years, a rise in building & construction activity is expected to drive the acrylic resin-based decorative coatings market. Also, due to an increase in demand for powder coatings for various applications, the demand for polyester-based powder coatings is expected to increase.

Niche opportunities exist in the region; however, it will be difficult for foreign companies to enter the region because of political risks, foreign exchange uncertainty, and economic imbalances. Most global players intend to enter this market through distribution alliances with other firms and strategic acquisitions rather than by setting up manufacturing facilities.

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The decorative coatings market has various small, medium, and large players. Some of the major market players The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International,  Inc (US), Masco Corporation (US) among others, have framed their strategies to penetrate and create bases in these emerging markets. Moreover, major companies are focusing on strengthening their R&D facilities to provide efficient and sustainable products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the decorative coatings market over the next five years. 

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