The scope of our recent study on the “Decorative Paints Market Forecast t2028 – COVID-19 Impact and Global Analysis – by Type (Water Based and Solvent Based) and Application (Residential and Non-Residential),” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The decorative paints market was valued at US$ 74,091.54 million in 2019 and is projected treach US$ 121,531.91 million by 2028; it is expected tgrow at a CAGR of 5.7% from 2020 t2028. Decorative paints are defined as acrylic paints that help impart aesthetic designs and distinctive textures in interior and exterior applications. The demand for decorative paints is rising due tthe changing consumer living patterns and growing focus on the appearance of home, office, complexes, and other such spaces. With the growth of the paints industry, the application of decorative paints in infrastructural and architectural sector has been recognized as they help embellish both exterior and interior spaces of a building. Such paints are embedded with matte finish along with eggshell, gloss, or satin finish and much more, which helps them provide unique artistic pieces. Additionally, decorative paints are known for their various functional characteristics such as light absorption and reflection, heat insulation, and low volatile organic compounds emission.
Based on type, the decorative paints market is bifurcated intwater based decorative paints and solvent based decorative paints. In 2019, the water based decorative paints segment dominated the market by accounting for 57.6% of the total share. Water-based paints are known tprovide better durability, low odor, minimal volatile organic compounds (VOC) emission, and fast dry time. Further, these types of paints can be easily applied and safely clean-up. They possess low risk of fire. Water-borne paints are considered as an effective alternative for the different types of paints that incorporates the use of VOCs including the hydrocarbons, which may deteriorate the environment quality.
The global decorative paints market is segmented intfive main regions—North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America (SAM). In 2019, Asia Pacific contributed tthe largest share in the global market. The growth of the decorative paints market in Asia Pacific is mainly attributed tthe rising focus of government authorities on infrastructural development in countries such as China, Japan, and India. The governments of developing countries, especially India, are investing heavily in infrastructure development, such as buildings and other physical structures. As a result, the use of decorative paints becomes inevitable, which drives the growth of the decorative paints market in Asia Pacific.
Impact of COVID-19 Pandemic on Decorative Paints Market
The ongoing COVID-19 outbreak pandemic has drastically altered the status of the chemical industry and hindered the growth of the decorative paints market. The crisis has distorted operational efficiency and disrupted the value chains due tthe sudden closure of national and international boundaries, creating revenue loss and damage. In addition, decorative paints are majorly utilized in construction applications; thus, halt in such activities due tthe pandemic has declined the demand for decorative paints. For instance, the construction activities across India have indeed taken a massive hit due tlockdown and the restrictions under COVID-19 crisis. As per the latest update by the Statistics Ministry in India, the construction projects are running behind the schedule by an average of 3.5 years. Moreover, the cost of nearly 1,682 ongoing infrastructure projects has surged by US$ 54 trillion. The halt in the construction activities in various countries and limitations on the raw material supply due tdisruptive value chain are alsrestraining the growth of the market. However, as the economies are planning trevive their operations, the demand for decorative paints is expected trise globally in the coming months. Although the focus over just in time production is another concerning factor hindering market growth. With the growing focus over developing economy in post-pandemic times, the demand for decorative paints is expected ttake huge leaps due texpanding application bases. Further, positive measures undertaken by government along with distributed generations and incorporation of advanced technology is yet another factor expected tbolster market growth during the forecast period.
Decorative Paints Market, by Type
- Water Based
- Solvent Based
Decorative Paints Market, by Application
Decorative Paints Market, by Geography
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- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East &Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East &Africa
- South America
- Rest of South America