Decorative Paints Market ($121,531.91 million by 2028) Growth Forecast at 5.7% CAGR During 2021 to 2028 COVID Impact and Global Analysis by TheInsightPartners.com

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Sep 09, 2021, 10:46 ET

NEW YORK, Sept. 9, 2021 /PRNewswire/ -- According to latest The Insight Partners study on "Decorative Paints Market Forecast to 2028 – COVID-19 Impact and Global Analysis – Type (Water Based and Solvent Based) and Application (Residential and Non-Residential)," the market was valued at US$ 74,091.54 million in 2019 and is projected to reach US$ 121,531.91 million by 2028; it is expected to grow at a CAGR of 5.7% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Europe held the second-largest share of the decorative paints market in 2019, and it is estimated to register the highest CAGR in the market during the forecast period. The rise in the number of infrastructure projects due to the increasing investments and economic recovery is driving the European market. Construction activities in countries such as France, the UK, and Germany are further expected to contribute to the market growth. Renewed focus of European construction companies on local markets and their core businesses is likely to bolster the demand for decorative paints during the forecast period.

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Growing Demand for Water-Based Paints to Drive Decorative Paints Market in Coming Years

Water-based paints are known to benefit through better durability, low odor, minimal volatile organic compound (VOC) emission, and faster drying time. These paints can be easily applied and are easy to clean; they exhibit low risk of catching fire. Water-based paints are considered as an effective alternative to different types of paints that incorporates the use of VOCs such as hydrocarbons, which may harm the environment. Also, water-based paints are known to provide high color retention over time. These characteristics made them ideal in several residential and commercial applications. The growing focus one environment sustainability, along with strict government regulations to minimize the use of harmful substances, is triggering the demand for water-based paints. Thus, the rise in demand for water-based paints is expected to contribute to the growth of decorative paints market during the forecast period.

Decorative Paints Market: Segmental Overview

Based on type, the decorative paints market is segmented into water based and solvent based. In 2019, solvent-based paint segment accounted for more than one-third of the global decorative paints market. The solvent-based decorative paints mostly include organic compounds as solvents. These compounds provide a hard and durable finish that resists scratches and abrasions on the wall. Solvent-based decorative paints are available in a variety of options such as durable and decorative paints as well as glossy paints for indoor and outdoor uses. Based on application, the decorative paints market is segmented into residential and non-residential. The non-residential segment is anticipated to grow at a higher CAGR in the market during the forecast period. This sector includes commercial spaces such as for restaurants, factories, offices, cafes, schools, hospitals, and retail stores. Decorative paints in this sector are meant for functionality and aesthetic appeal, depending upon the business.

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Decorative Paints Market: Competitive Landscape and Key Developments

Akzo Nobel N.V.; BASF SE; The Sherwin-Williams Company; Dow Inc; PPG Industries, Inc.; RPM International, Inc.; Axalta Coatings Systems; Nippon Paint; Asian Paints; and Kansai are among the well-established players in the decorative paints market.

Impact of COVID-19 on Decorative Paints Market

The ongoing COVID-19 pandemic has drastically altered the status of the chemical industry and have negatively impacted the growth of the decorative paints market. The outbreak distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries in 2020. Construction activities across India took a massive hit due to lockdown and other restrictive measures. As per the latest update by the Statistics Ministry, the construction projects in the country are running behind schedule by an average of 3.5 years. Moreover, the cost of ~1,682 ongoing infrastructure projects has surged by USD 54 trillion. However, industrial operations in many countries are resuming gradually with governments taking precautionary measures and mandating safety measures at workplaces. They are also focusing on boosting the rate of vaccination. Thus, with the resumption of activities in several industries, including the construction industry, the demand for decorative paints is expected to rise in different regions of the world in the coming months.

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