Global Decorative Coating Market Size, Share, Opportunities, And Trends By Formulation (Water Based, Solvent Based, Powder Based), By Type (Emulsion, Primer, Enamel, Distemper, Others), By Resin Type (Acrylic, Alkyd, Vinyl, Polyurethane, Others), By Application (Concrete, Walls, Wood, Interior Fittings, Others), And By Geography - Forecasts From 2024 To 2029

The decorative coatings market is expected to grow at a CAGR of 5.53% over the forecast period to reach a total market size of US$ 134.657 billion by 2029, increasing from US$ 92.402 billion in 2022.

Enhanced durability and appearance of the surface and weather protection are some factors boosting the demand for decorative coatings from the real estate industry over the forecast period. Additionally, rising disposable income worldwide has increased awareness among consumers about decorative designs, and the growing craze for interior design is further expected to drive the decorative coatings market growth.

Significant infrastructure development in the Asia Pacific emerging economies, combined with rising spending in current fiscal budgets by the governments of India and China, is driving the decorative coating market’s growth. Additionally, the Middle Eastern countries are showing significant growth in the architecture and construction industry sector. This is due to the increased financial income and future investments in the sector.

• The construction market in Saudi Arabia has been huge, making it a leader in the Middle East and North Africa, with an estimated size of USD 70.33 billion in 2024, projected to reach USD 91.36 billion by 2029. The sector is backed by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, which plays a critical role in major giga-projects like Neom, a US$500 billion futuristic city; Red Sea Global, a US$ 23.6 billion project and Qiddiya, a US$9.8 billion entertainment and leisure city, among others.
• The Saudi Arabian government would be developing “Mukaab”, a cube-shaped supertall skyscraper that will become the center of the New Murabba district in downtown Riyadh. It would be the largest built structure in the world, measuring 400 meters in height, width, and length.
• According to the International Trade Administration, in 2023, UAE’s construction sector is expected to grow by 4.7% per year. The UAE government announced plans to implement many projects as part of the “Projects of the 50” initiative. This initiative aims to accelerate the UAE’s economic development and attract $149.8 billion in foreign direct investment (FDI) over the next nine years.

GLOBAL DECORATIVE COATING MARKET DRIVERS:

• Increasing construction activity

Rapid industrialization and growing construction activity in developing economies are expected to fuel the demand for decorative coatings in construction and other industries. According to the World Economic Forum, the majority of the population will live in the urban setup by 2080. This significant rise in the urban population is needed for urban infrastructure development. The large urban population demands parks, hospitals, hotels, restaurants, houses, buildings, etc. for the living.

Decorative coatings are used on the surface of structures such as buildings, roads, and bridges for protection and aesthetic purposes. Investment in infrastructure development is expected to increase, more specifically, in emerging and developing countries like India, China, and Brazil, among others.

• Growing demand for architectural designs

The growing demand for architectural designs and their applications is due to multiple reasons, such as increased demand for housing, changes in lifestyles and housing, environmental impacts and sustainability, and demand for modern and sustainable designs. New housing communities demand housing that is sustainable, beautiful, and conducive to the environment and climate.

The decorative coating is needed to give the materials modern aesthetics and reduce the effects of harmful chemicals. Various applications include primers and paint for walls and ceilings, stains and coatings for exterior decks, interior wood stains and sealers, floor coatings, basement waterproofers, and trim paints.

• Rising demand for eco-friendly waterborne coatings

Waterborne coatings are eco-friendly and greener. As water is used as a diluent to disperse a resin instead of organic solvents, which are considered volatile organic compounds, the material is natural and less harmful to the environment. One such product is ECO™ Waterborne Paints, which is a durable, modern, water-thinnable coating which combines the best features of acrylic and alkyd formulations. It has easy application, weather resistance, and easy clean-up associated with first-quality waterborne coatings. This also provides enhanced adhesion and opacity associated with traditional solvent-borne paints of a classic oil-based finish. Developing an eco-friendly coating solution, such as waterborne coatings for the application, is one of the prominent ways to grow the decorative coating market.

Global Decorative Coating Market Geographical Outlook

• The Asia Pacific region will dominate the decorative coating market during the forecast period.

The global coating additives market has been segmented by geography into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific region. Major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries.

Asia-Pacific is aiming for the development of its paints and coatings sector. It is developing the sector to become the global supply chain hub. According to the leading paint manufacturer Akzo Nobel India, India's paints and coatings industry is expected to reach US$ 12.22 billion in the next five years. Additionally, the country's economic growth, driven by the increased income levels and infrastructure development, is closely connected to the decorative coatings industry. 

Global Decorative Coating Market Restraints:

• Harmful environmental effects from solvent-borne coatings and stringent environmental regulations are expected to restrain the market's growth.

The Global Decorative Coating Market Segmentation

The global decorative coating market is segmented by application into concrete, walls, wood, interior fittings, and others. Further, by formulation, it is segmented into water-based, solvent-based, and powder-based. Based on type, it is segmented into emulsion, primer, enamel, distemper, and others. Based on resin type, it is segmented into acrylic, alkyd, vinyl, polyurethane, and others.

Global decorative coating market key developments:

• In June 2024, Evonik commissioned a new plant for AEROSIL Easy-to-Disperse silicas at the Rheinfelden site. AEROSIL is an easy-to-disperse that enables the easier, faster, and more sustainable formulation of paints and coatings. This was the next step in providing eco-friendly solutions to the paint and coatings sector.
• In February 2024, Aditya Birla Group Chairman announced the launch of products and services under its new decorative paints brand, “Birla Opus,” aiming for Rs.10,000 Cr gross revenue within three years of full-scale operations.

The global decorative coating market is segmented and analyzed as follows:

• By Formulation
  • Water Based
  • Solvent Based
  • Powder Based
• By Type
  • Emulsion
  • Primer
  • Enamel
  • Distemper
  • Others
• By Resin Type
  • Acrylic
  • Alkyd
  • Vinyl
  • Polyurethane
  • Others
• By Application
  • Concrete
  • Walls
  • Wood
  • Interior Fittings
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Rest of the Middle East and Africa
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Increasing construction activity

4.1.2. Growing demand for architectural designs

4.1.3. Rising demand for eco-friendly waterborne coatings

4.2. Market Restraints

4.2.1. Harmful environmental effects and environmental regulations

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL DECORATIVE COATING MARKET BY FORMULATION

5.1. Introduction

5.2. Water Based

5.3. Solvent Based

5.4. Powder Based

6. GLOBAL DECORATIVE COATING MARKET BY TYPE

6.1. Introduction

6.2. Emulsion

6.3. Primer

6.4. Enamel

6.5. Distemper

6.6. Others

7. GLOBAL DECORATIVE COATING MARKET BY RESIN TYPE

7.1. Introduction

7.2. Acrylic

7.3. Alkyd

7.4. Vinyl

7.5. Polyurethane

7.6. Others

8. GLOBAL DECORATIVE COATING MARKET BY APPLICATION 

8.1. Introduction

8.2. Concrete

8.3. Walls

8.4. Wood

8.5. Interior Fittings

8.6. Others

9. GLOBAL DECORATIVE COATING MARKET BY GEOGRAPHY

9.1. Global Overview

9.2. North America

9.2.1. United States

9.2.2. Canada

9.2.3. Mexico

9.3. South America

9.3.1. Brazil

9.3.2. Argentina

9.3.3. Rest of South America

9.4. Europe

9.4.1. United Kingdom

9.4.2. Germany

9.4.3. France

9.4.4. Italy

9.4.5. Spain

9.4.6. Rest of Europe

9.5. Middle East and Africa

9.5.1. Saudi Arabia

9.5.2. United Arab Emirates

9.5.3. Rest of the Middle East and Africa

9.6. Asia-Pacific

9.6.1. China

9.6.2. India

9.6.3. Japan

9.6.4. South Korea

9.6.5. Taiwan

9.6.6. Thailand

9.6.7. Indonesia

9.6.8. Rest of Asia-Pacific

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. PPG Industries, Inc.

11.2. Sherwin-Williams

11.3. DAW SE

11.4. ALLIGATOR FARBWERKE GmbH

11.5. Jotun

11.6.  Hexion Inc.

11.7.  Thermion

11.8. KANSAI PAINT CO., LTD

11.9. BASF SE

11.10. Duluxgroup LTD.

11.11. Berger Paints India Limited

11.12. Hempel A/S

PPG Industries, Inc.

Sherwin-Williams

DAW SE

ALLIGATOR FARBWERKE GmbH

Jotun

 Hexion Inc.

 Thermion

KANSAI PAINT CO., LTD

BASF SE

Duluxgroup LTD.

Berger Paints India Limited

Hempel A/S