Industry Background:
Decorative paints & coating is primarily associated with the use of building & construction of new houses and offices or their renovation in order to improve aesthetics. It enhances the design of the interior and exterior space which creates comfort living and aesthetic beauty. It has different functional qualities such as light absorption, insulation, reflection and anti-skid properties in order to protect a wall from the external harsh environment. The rapid pace of industrial development, rise in disposable income and increasing interest of the global population towards architecture are driving the global paint and coating market.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | PPG Industries (United States), AkzoNobel N.V. (Netherlands), Sherwin-Williams Company (United States), Asian Paints (India), Masco Corporation (United States), Kansai Paints Co., Ltd. (Japan), DuluxGroup Ltd. (Australia), Jotun A/S (Norway), DAW SE (Germany) and Nippon Paint Co., Ltd. (Japan) |
According to AMA, the market for Decorative Paints & Coatings is expected to register a CAGR of 8.13% during the forecast period to 2028. This growth is primarily driven by Growth in the Construction Industry, Development of Durable Coating and Growing Awareness about Eco- Friendly Products.
Globally, a noticeable market trend is evident New Technological Advances Are Aiding the Production of Products Major Vendors, such as PPG Industries (United States), AkzoNobel N.V. (Netherlands), Sherwin-Williams Company (United States), Asian Paints (India), Masco Corporation (United States), Kansai Paints Co., Ltd. (Japan), DuluxGroup Ltd. (Australia), Jotun A/S (Norway), DAW SE (Germany) and Nippon Paint Co., Ltd. (Japan), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The decorative paint and coating is fragmented due to various decorative painting and coating manufacturer in the market. The level of competition among companies in the decorative and paining market is intense and manufacturers of the water-based paint market are trying to retain their position and hold a larger share of the market. The companies are seeking a way to reduce cost, improve quality of product and attract customer by adopting merger and acquisition strategies, engagement of existing customer and customization of the product.
Key Developments in the Market:
In October 2023, AkzoNobel N.V. (Netherlands) announced it has entered into an agreement to acquire Grupo Orbis S.A. (Brazil), a leading manufacturer of decorative paints and coatings in Latin America, for €1.1 billion. The deal is expected to close in the first half of 2024.
In December 5, 2023, Nippon Paint Holdings Co., Ltd. (NPHD) partners with BASF SE (BAS: DE) to develop next-generation automotive coatings with improved durability and scratch resistance.
Influencing Trend:
New Technological Advances Are Aiding the Production of Products
Market Growth Drivers:
Growth in the Construction Industry, Development of Durable Coating and Growing Awareness about Eco- Friendly Products
Challenges:
Survival of Small Players & New Entrants
Restraints:
Stringent Government Rules and Regulation and Volatility in Price of Raw Materials
Opportunities:
Potential Growth in Emerging Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Decorative Paints & Coatings Market
- Analysis about New Entrants in Decorative Paints & Coatings Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Decorative Paints & Coatings Study Sheds Light on
The Decorative Paints & Coatings Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Decorative Paints & Coatings industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Decorative Paints & Coatings industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.