May 29, 2020 (CDN Newswire via Comtex) -- The global decorative coatings market is expected to grow from USD 67.01 billion in 2019 to USD 93.11 billion by 2027, at a CAGR of 4.2% during the forecast period 2020-2027. Increased population in the Asia-Pacific region is expected to contribute significant growth in decorative coatings market. Non-residential, as well as residential sectors, are expected to drive the growth of the market along with economic development in India and China.
Decorative Coatings Market by Technology (Powder Coating, Solventborne, Waterborne), Product (Enamels, Wood Coatings, Primers, Emulsions, Lusters), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
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Key players in the global decorative coatings market are Sherwin-Williams, Nippon Paint, PPG Industries, AkzoNobel, Valspar Corporation, Berger Paints, DAW SE, Masco Corporation, Axalta Coating Systems, Asian Paints, Jotun A/S, Benjamin Moore and Cabot Corporation. Bayer AG caters environmentally friendly systems which reduces 90% emissions. Nippon Paints produced CyGLAZ technology in order to increase the duration of the laminate.
The technology segment includes powder coating, solvent-borne and waterborne. Waterborne coatings are expected to show the highest growth due to its abrasion, heat resistance and adhesion properties. Also, reduced air emissions, less flammability and less toxicity are expected to drive the growth over the forecast period. The product segment includes enamels, wood coatings, primers, emulsions and lustres. Emulsion has the largest market share and is expected to show significant growth due to low VAC and VOC content, which are environmentally friendly. Also, easy storage, non-flammability and secure handling is propelling the demand. Primer is also expected to show higher growth as it protects and levels the surface.
To reduce drying time, technological advancement such as green coatings and Nano-TiO2 photocatalysts are driving the growth of the market. Tremendous investments in research and development, along with product launches, are stimulating the growth. The decorative coatings market is driven by increased construction applications, durability and enhanced appearance of the surface. Also, the need for surface protection in conditions such as foreign particles, acid rain, extreme temperature and UV radiation has increased. Moreover, factors such as heat resistance, bacteria resistance, UV radiation, corrosion resistance and moisture are driving the growth of the decorative coatings market.
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