The architectural and construction industry have been using protective coatings for decades. These coatings work to prevent deterioration caused by exposure to natural elements. Decorative coatings and paints help to maintain the durability and style, while significantly diminishing the maintenance costs and expanding the life of the finish.
Decorative paints & coatings market is primarily associated with products used in the architectural and construction industry in order to improve the aesthetics of the structures. These coatings also offer several benefits such as insulation, light absorption, reflection, and anti-skid properties in order to protect the walls from the external harsh environments such as UV radiations, moisture, microorganisms, and temperature. The decorative coatings market is exhibiting strong growth because of the escalating applications such as architectural coatings, automotive & domestic appliances coatings, and many more, especially in the developing and developed regions.
Decorative coatings are highly implemented in various residential structures to improve the quality of products. Increase in residential urbanization in the developing economies is the key driver for the Decorative Coatings market. Decorative coatings finds its application in floorings, countertops, shower receptors, bathtubs, vanities, window sills, and wall panels among others. Over the past few years, both commercial and customer demand for environment-friendly products has been growing. With stringent environmental regulations imposed on VOC emissions, there is increased awareness among consumers of paints and coatings about the advantages of using greener products. By formulation, the water-based coatings segment is expected to experience faster growth. This is due to the growing consumer demand for water-based coatings, which have excellent heat resistance, adhesion, and abrasion properties.
The rising demand for eco-friendly waterborne coatings in emerging economies of China and India is also likely to propel the market for decorative coatings. An increasing number of joint ventures among various key coating participants and local manufacturers in Asia-Pacific is likely to develop the market during the forecast period 2019–2024. Also, infrastructure development in emerging economies of Asia-Pacific coupled with the increased investment by the government of India and China is a key factor responsible for high demand.
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The water-based formulation held the largest market share in the total decorative coatings market in 2018, followed by solvent-based formulation. Water-based coatings hold a major part, approximately 80% of decorative coating applications. Due to environmental considerations, water-based systems are gaining importance in the production of heat-resistant coatings. As compared to traditional solvent-based resins, water-based silicone resins significantly reduce VOC emissions in coating formulations.
When it comes to market size, APAC is the major market for decorative coatings, driven by the emerging countries, such as China and India. According to the expert insights, 44% of the decorative coatings market lies in the APAC region owing to the huge construction industry as well as growth of urbanization in the region. Europe is the next major market for decorative coatings followed by APAC. Germany is the major hub for the construction industry in Europe followed by the U. K. and France.
Total construction output of Germany and the U.K. was 310 and 175 billion Euro respectively in 2016. Increasing construction output in countries such as Germany, U.K., France, and Italy is the primary driver for the decorative coatings market in the European region. There are strict implementation of VOC norms and the price of these coatings are expensive in the region as compared to other parts of the world, as coating products used in the country should adhere to all the regulations and standards imposed by the government.
Increased utilization of decorative coatings in remodeling and construction activities due to their availability in various colors, shapes, and types at affordable prices has also contributed to the growth of global decorative coatings market. Due to the presence of very few players in this market, demand from end-user industries exceeds supply; this is a big challenge for this market. The availability of inexpensive labor and low procurement costs in developing countries are a great opportunity for further growth of the market. Many producers, especially those based in Asia, will take advantage of the region’s low labor costs to produce solid surface coatings for export to the U.S. market.
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