Decorative Paints Market to expand at a CAGR of 5.3% by 2026 end
According to a new report by Future Market Insights titled “Decorative Paints Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”, the global decorative paints market is anticipated to reach a market valuation of US$ 42.9 Bn by 2016 end and register a CAGR of 5.3% during the forecast period 2016–2026. In the report, Future Market Insights analyses the global decorative paints market performance and throws light on the key drivers, restraints, and trends likely to impact the market during the assessed 10-year period.
According to analysts at Future Market Insights, changing consumer demands and a rapid development of commercial and residential buildings is expected to boost the growth of the global decorative paints market over the forecast period. A growing number of commercial buildings and rocketing construction of skyscrapers is further expected to push the demand for decorative paints in the coming years. Manufacturers are producing paints that can be used on multiple substrates such as cement walls, wood, glass, tiles, composites, etc. with robust physical and chemical properties, providing consumers the freedom to use paints as per their suitability. This is expected to boost the growth of the global decorative paints market over the forecast period. However, the threat of product substitution is expected to be a restraint to the global decorative paints market and use of nanotechnology based powder paints and coatings is expected to pose significant challenges to traditional decorative paints manufacturers globally.
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“Introduction of intelligent paints for controlling temperature and heat transfer in varied geographical and climatic conditions around the world is emerging as a major trend in the global decorative paints market. Further, the need to decrease the hazardous impact of solvent based paints on the environment across the globe is pushing manufacturers and consumers to go for water based paints that emit lower Volatile Emission Control (VOC) as compared to solvent based paints.” — Analyst – Chemicals and Materials, Future Market Insights
The global decorative paints market is segmented on the basis of product type into water based paints and solvent based paints; on the basis of formulations into emulsions and distemper; on the basis of price into premium range, medium range, and distemper range; on the basis of application into interior and exterior; and on the basis of sales channel into offline store and online store.
- On the basis of product type, the water based paints segment is estimated to be pegged at 21,014 KT in terms of volume by the end of 2016
- On the basis of formulations, the emulsions segment is expected to create incremental $ opportunity of US$ 24.10 Bn between 2016 and 2026
- On the basis of price, the premium range segment is estimated to account for a market value share of 39.7% by the end of 2016
- On the basis of application, the interior segment is estimated to be pegged at 18,612 KT in terms of volume by the end of 2016
- On the basis of sales channel, the offline store segment is expected to register a CAGR of 5.4% during the forecast period
Regional market projections
The global decorative paints market is segmented into the seven key regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa. The APEJ region is expected to dominate the global decorative paints market in terms of revenue, registering a CAGR of 5.9% during the forecast period.
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The global decorative paints market report profiles some of the leading players operating in the market such as Akzo Nobel N.V, The Sherwin-Williams Company, PPG Industries Inc., Asian Paints, Nipsea Group (Nippon Paints), BASF SE, The Valspar Corporation, Berger Paints India Limited, Kansai Paint Co. Ltd., RPM International Inc., and Jotun. Top market companies are investing heavily in new manufacturing facilities and are collaborating with big international players to increase sales and retain their strategic position in the global decorative paints market.