NEWARK, DE / ACCESSWIRE / June 19, 2023 / According to Future Market Insights, the decorative paints market size is expected to grow from US$ 63.34 billion in 2023 to US$ 108 billion in 2033. It is expected that the market will grow at a CAGR of 5.4% during the forecast period. The decorative painting process provides a wide variety of designs, styles, and textures for individuals to select from.
Decor technique, mainly used in interior design, has developed into a major player in the renovation of houses, apartments, commercial premises, kitchens, and bathrooms. In the past, it was purely a professional paint, but now it is popular with homeowners who wish to repurpose their homes.
Decorative paint industry innovation and growth have increased significantly in recent years. As an eco-friendly and sustainable paint option has become more popular, manufacturers have spent a great deal of time in research and development to create low-VOC water-based paints and other environmentally friendly finishes. Technology such as virtual reality is being used by many companies to improve customer engagement and experience.
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Paint the Future, an initiative of AkzoNobel, and Asian Paints' research and technology organization are also driving industry innovation. As a whole, the decorative paints industry is poised for growth, with more sustainable products and innovation in its future.
Decorative paints are expected to see high growth in demand over the next few years in India. The government's initiative to invest in infrastructure, schemes such as Housing for All in India is likely to gain traction in the market. GST on paints is set to be reduced from 28% to 18%, which will boost demand for paints.
Key Takeaways:
- Due to their superior performance characteristics, water-based decorative paints are expected to replace solvent-based paints in the near future. It is estimated that the segment will grow at a CAGR of 5% over the next decade.
- The market share of decorative paints applied to the interior in Europe is expected to reach 77% by 2023.
- The United States. decorative paint market is expected to grow by 4.8% CAGR between 2023 and 2033.
- Sales of decorative paints are expected to grow at 5.7% CAGR in India over the next decade.
- The decorative paints industry share is expected to reach about 9% in Japan and South Korea by 2023.
- In 2023, China is expected to hold a 73% share of the East Asia decorative paints market.
"Many foreign and domestic investors are flocking to Asia's emerging economies to meet the growing demand for construction. As a result, decorative paints are in demand. In the future, decorative paint consumption will continue to grow because of the growing importance of improving interior décor around the globe," - says an analyst at FMI.
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Competitive Landscape:
The decorative paint industry expands and penetrates new markets, it relies on both inorganic and organic strategies. A number of these strategies are employed, including mergers and acquisitions, partnerships, and the launch of new products.
The key industry players are:
- Akzo Nobel N.V.
- Sherwin-Williams Company
- PPG Industries, Inc.
- Asian Paints Limited
- NIPSEA GROUP (Nippon Pain)
- Valspar Corporation
- Jotun
- BASF-SE
- Berger Paints India Limited
- RPM International Inc.
- KANSAI Paints Co., Ltd.
Recent Market Developments are:
- In April 2023, AkzoNobel will increase its presence in China through the acquisition of Sherwin-Williams' Chinese decorative paints business on its own. Regulatory approvals must be obtained before the project can be completed. The company generates about €100 million in revenue each year and employs about 300 people. There is a long history and reputation for Huarun's brand in China, which is included in the transaction.
- In June 2023, a subsidiary of Asian Paints Limited known as Asian Paints Berger has announced the launch of its new decorative finishes for walls based on Arabic patterns, a product that is curated specifically for the region to restore its design heritage and give it a new look and feel. During the INDEX 2023 event at the Dubai World Trade Centre, Asian Paints Berger launched its all-new 'Royale Play Artistica' decorative coating product line in its own pavilion.
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More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global decorative paints market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the decorative paints market, the market is segmented on the basis of product type (water-based paints and solvent-based paints), formulation (emulsion-based paints and distemper), application (interior paints and exterior paints), sales channel (online and offline), and price (premium, medium, and economical) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
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Explore FMI's Extensive Ongoing Coverage in Chemicals & Materials Domain:
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U.S. Non-Commercial Acrylic Paints Market Size: Sales in the U.S. non-commercial acrylic paints market are slated to top US$ 276.7 Million in 2022. Expanding at a healthy 4.9% CAGR, the market size is projected to total US$ 369.0 Million by 2028.
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Fire Resistant Paints Market Sales: The global fire-resistant paints market is expected to grow at a CAGR of 3.8% during the period 2022 to 2032. The market is valued at US$ 1000 million as of 2022, and by 2032, the market is expected to reach a valuation of US$ 1452.02 million.
Water-Borne Inks and Paints Market Value: In terms of revenue, the water-borne inks and paints market is anticipated to bring in US$ 63.10 billion by 2022. By 2032, the market is projected to reach US$ 96.13 billion, growing at a CAGR of 4.3%.
Middle East Paints and Coating Market Volume: Sales prospects in the paints and coating are expected to witness a steady growth outlook of a magnitude of 4.7% and are expected to top a valuation of US$ 7,447.9 Million by 2032.
Road Marking Paints & Coatings Market Outlook: The global road marking paints & coatings market size is expected to increase from US$ 1,902.0 million in 2023 to US$ 2,899.8 million by 2033. Over the next decade, global road marking paint & coating sales are likely to soar at 4.3% CAGR.
Faux Paints And Coatings Market Overview: Newly released Faux Paints and Coatings Market analysis report by Future Market Insights shows that global sales of the Faux Paints and Coatings Market in 2021 were held at US$ 7.2 Billion.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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