According to a detailed study by Future Market Insights (FMI) it has been estimated that the decorative paint market value is expected to surpass US$ 57.8 Bn in 2021. Growing construction of residential, commercial, and institutional buildings is expected to drive market growth. The market is likely to witness a growth of 4.3% CAGR during the coming assessment period of 2021 and 2031.
FMI also forecasts the global decorative paints market to register year-on-year growth of 4.0% in 2021. Surging demand for interior decorations, renovating residential houses, coupled with urbanization, industrial growth, and expansion of infrastructure are some of the factors driving the decorative paints industry.
Considering this, FMI has projected the market valuation to reach US$ 87.8 Bn by 2031 end. The decorative paints market represented nearly 40% of sales in the paints and coatings industry in 2020.
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Key Takeaways
- Urbanization is contributing significantly to sales of domestic consumer products at a stable CAGR of 4.3% over the forecast period, from 2021 to 2031.
- The introduction of low VOC paints has been among the primary product innovations in the paints industry. A higher focus on sustainability will fuel demand for VOC paints in the decorative paints market.
- Rapid urbanization, improving the standard of living, and the growing interest of customers in improving the aesthetic appeal of their homes and residential buildings have led to increasing demand for decorative paints.
- Powered with high disposable income, consumers’ demand preference has shifted to paints with highly resilient characteristics along with a modern taste of aestheticism.
- Growing construction of residential, commercial, and institutional buildings is expected to drive market growth.
- Expansion of the construction sector will continue boosting decorative paint sales in India, China and GCC countries. As per FMI, the demand for decorative paints will be especially high in the Middle East and Africa, Eastern Europe, and the Asia Pacific.
Competitive Landscape
Akzo Nobel N.V., Sherwin – Williams Company, PPG Industries, Inc., Asian Paints Limited, NIPSEA GROUP (Nippon Paint), Valspar Corporation, Jotun, BASF-SE, Berger Paints India Limited, RPM International Inc., KANSAI Paints Co., Ltd. are some of the key companies profiled in the full version of the report.
Key market participants are focusing on mergers and acquisitions strategies, coupled with product development by investing in research and development to boost their market presence. Some of them are emphasizing increasing the production capacity to enhance their annual turnover.
More Insights into the decorative paints market
In 2021, the U.S. decorative paints market is expected to grow by 4.1% year on year. Revenue generated in the market will be pushed by a high rebound in construction projects. Growth in the construction of residential and commercial buildings will continue pushing the demand for decorative paints.
Driven by the implementation of stringent regulations and changing consumer preferences, sales of low VOC paints are expected to pick up in the U.S.
The decorative paints industry in India is expected to register a CAGR of 5.2% throughout the forecast period. The growth potential is huge looking at the need for housing and the increasing number of people investing in housing units.
A considerable rise in the construction of high-rise buildings in metropolitan cities coupled with urbanization is boosting decorative paint sales in India. An increase in disposable income also is driving the growth of the market.
China is estimated to remain a key manufacturer and consumer of decorative paints, accounting for about 70% of the overall decorative paint consumption in East Asia in 2021. Rapid development in the building and construction and infrastructure sectors is boosting sales of decorative paints in China.
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Decorative paints Market by Category
By Product Type:
- Water based paints
- Solvent based paints
By Formulation:
- Emulsion based paints
- Distemper
By Application:
- Interior Paints
- Exterior Paints
By Sales Channel:
- Online
- Offline
By Price
- Premium
- Medium
- Economical
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa