Decorative Coatings Industry Set to Flourish: Trends, Challenges, and Opportunities| MarketsandMarkets™

Decorative coatings refer to a wide variety of coatings that provide a decorative finish to the surface of a product. These coatings are used to protect surfaces from environmental dangers such as corrosion, UV rays, and dirt, as well as enhance the aesthetic value of a product. Decorative coatings come in a variety of finishes, such as matte, satin, gloss, and metallic, and can also be used to add special effects, such as pearlescence and glitter.

The demand for decorative coatings is ever-growing, as they are used in a variety of industries, from automotive to aerospace. The automotive industry uses decorative coatings to add aesthetic appeal to cars, while the aerospace industry uses them to protect aircraft from corrosion and other environmental dangers. Decorative coatings are also used in the construction industry, where they are used to protect building exteriors from the elements and enhance the aesthetic value of the building.

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The decorative coatings market is projected to grow from USD 71.3 Billion in 2021 to USD 91.6 Billion by 2026, at a CAGR of 5.1% between 2021 and 2026, according to a new report by MarketsandMarkets™. The growth of the market is primarily attributed to the rising demand for decorative paints from the residential and non-residential construction sectors. In addition, increasing consumer spending on home décor and renovation activities across the globe is expected to drive market growth further.

The market is segmented on the basis of resin, technology, product, end use, and region. On the basis of resin, the market is divided into alkyd, acrylic, polyurethane, epoxy, and others. The acrylic segment is anticipated to witness the fastest growth during the forecast period. Acrylic resin-based coatings possess superior properties such as superior adhesion, flexibility, and durability. This product is used in various end-use industries such as construction, automotive, and furniture due to its excellent properties.

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Professional is the largest user type segment of the overall decorative coatings market.

This segment consists of high-performance coatings used in commercial and industrial settings, such as for metal, concrete, wood and other surfaces. These coatings are designed for long-term protection and to withstand heavy wear and tear. Professional coatings are typically more expensive than DIY coatings and require a more specialized application process. Professional coatings are often used in settings that require greater durability and protection, such as warehouses, hospitals, schools, and other commercial and industrial settings.

Polyurethane is the fastest-growing resin segment of the overall decorative coatings market.

Polyurethane is a versatile polymer used in a variety of applications, including coatings for automotive, aerospace, and industrial applications. It is a highly durable and flexible material, making it an ideal choice for a wide range of decorative coatings. Polyurethane coatings are available in a variety of colors and finishes, making them an attractive option for consumer applications. Additionally, polyurethane coatings can offer superior protection against ultraviolet radiation, chemicals, and abrasion. As consumer demand for decorative coatings continues to rise, the polyurethane segment of the market is expected to grow accordingly.

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China is the largest decorative coatings market in Asia Pacific during the forecast period.

The Asia-Pacific (APAC) decorative coatings market is expected to be the fastest-growing region during the forecast period. Moreover, the rapid development of infrastructure in countries such as China, India, and Japan is also expected to contribute to the growth of the market in the region. The demand for decorative coatings in China is driven by improving living standards, growing infrastructure development, and rising demand for housing. Rapid urbanization and industrialization have also fuelled the demand for decorative coatings in the country. The growth of the automotive sector in the country is driving the demand for decorative coatings in the automotive industry, as well. The government's initiatives in the country to develop smart cities and establish green buildings are also expected to propel the demand for decorative coatings in the country during the forecast period.

The key players profiled in the decorative coatings market report are The Sherwin-illiams Company (US), PPG Industries Inc. (US), AkzoNobel N.V. (Netherlands), BASF SE (Germany), Asian Paints Limited (India) and others.

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