Future Market Insights (FMI) has forecast the Decorative Paints Market value to surpass USD 60.27 billion in 2022. The decorative paints industry is expected to be driven by the growing construction of residential, commercial, and institutional buildings across the world. The market is likely to witness a 5.4% CAGR during the coming assessment period of 2023 and 2033.
Surging demand for interior decorations, and renovating residential houses, coupled with urbanization, industrial growth, and expansion of infrastructure are some of the factors driving the decorative paints industry. FMI has projected the market valuation to reach USD 108 billion by 2033 end. The decorative paints market represented nearly 45% of sales in the paints and coatings industry in 2022.
Decorative paints will become more popular if they have unique finishes and textures. Metallic finishes, textured surfaces, and even 3D-printed patterns will become possible with paints manufactured by manufacturers. Consumers will be able to create visually appealing and personalized spaces thanks to these innovations.
Antimicrobial paints are increasingly in demand due to increased attention being paid to health and hygiene. Painting surfaces can inhibit bacterial growth, mold, and other microorganisms, contributing to a healthier indoor environment. As a result of anti-allergenic paints, pollutant and allergen levels in the air are helped to decrease, thus improving the quality of the air.
The use of decorative paint in a smart home can be integrated with electrical and heating control as well as the display of digital content on painted surfaces. Painting spaces with this integration will improve their aesthetics and functionality, improving their immersive quality.
Artists or designers collaborating with paint manufacturers will drive innovation in decorative paints. A wide range of color palettes, patterns, and artistic effects can be created, allowing consumers to express themselves individually.
| Report Attribute | Details |
|---|---|
| Decorative Paints Market Size (2022) | USD 60.27 billion |
| Decorative Paints Market Share Value (2023) | USD 63.34 billion |
| Decorative Paints Market Anticipated Forecast Value (2033) | USD 108 billion |
| Decorative Paints Market Projected Growth Rate (2023 to 2033) | 5.4% CAGR |
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Demand for decorative paints grew at 5% CAGR between 2018 and 2022. In the current scenario, the overall domestic consumer space is witnessing a significant rise due to urbanization.
The development of low volatile organic compound (VOC) paints will become more important as environmental concerns rise. In the future, eco-friendly decorative paints will be developed using sustainable materials and manufacturing processes.
As technology is integrated into paints, smart paints will emerge. Paints with self-cleaning properties, self-healing capabilities, or color-changing capabilities will be available in the future. For example, dirt-repelling paints can prevent stains, and scratch-healing paints repair minor damage.
A significant role will be played by digitalization in decorative paints in the future. Using virtual reality or augmented reality tools, consumers can visualize and customize their paint choices. It enhances the overall customer experience by allowing them to preview different color schemes and finishes before they make a decision.
Backed by this, the market has been projected to register sales growth at a 5.4% CAGR over the forecast period, from 2023 to 2033. Expansion of construction sector will continue boosting decorative paint sales in India, China, and GCC countries. Introduction of low VOC paints has been among the primary product innovations in the paints industry. A higher focus on sustainability will fuel demand for VOC paints in the decorative paints market.
Growing Disposable Incomes and Consumer Interest in Artistic Products Is Expected to Grow Demand in Coming Years
Rapid urbanization, improving the standard of living, and growing interest of customers towards improving the aesthetic appeal of their homes and residential buildings have led to increasing demand of decorative paints.
Powered with high disposable income, consumers’ demand preference has shifted to paints with highly resilient characteristics along with a modern taste of estheticism. This change in demand pattern is expected to work as a catalyst for the global decorative paints market growth.
Owners of commercial buildings such as office buildings, hotels, malls, and others spend a willingly on the renovation of their buildings every three to five years. This also includes expenditure on exterior paints and wall paints in order to maintain the visual aesthetics of their facilities.
Growth in the number of commercial buildings and skyrocketing construction of affordable housing projects are further anticipated to boost the demand for wall paints and exterior paints in the coming years.
As per FMI, the demand for decorative paints will be especially high in the Middle East and Africa, Eastern Europe, and Asia Pacific. The paint industry will continue to benefit from nanotechnology. The incorporation of nanoparticles into paints can improve the paint's durability, UV resistance, and thermal insulation properties. A longer-lasting and higher-performing decorative paint will be the result of these advancements.
Principal Consultant
Green Paints will Likely Grow Demand for Decorative Paints
According to FMI, the United States decorative paints market is expected to grow at a 4.8% CAGR. Revenue generated in the market will be pushed by a high rebound in construction projects. Moreover, growth in the construction of residential and commercial buildings will continue pushing demand for decorative paints.
Environmental-friendly and low-VOC paint products will dominate the market. Driven by the implementation of stringent regulations and changing consumer preferences, sales of low-VOC paints are expected to pick up in the United States.
With the increasing focus on environmental sustainability and more stringent government regulations on harmful substances, the demand for water-based paints is expected to grow. These factors have encouraged manufacturers to produce water-based decorative paints. The market for decorative paints is expected to grow due to the rise in water-based paints' demand.
Growing Interior Demand is Likely to Grow Demand for Decorative Paint in the Market
The Indian housing market's potential is enormous looking at the need for housing and the increase in the number of people investing in housing units. The decorative paints industry in India is expected to register a CAGR of 5.7% during the forecast period.
A considerable rise in the construction of high-rise buildings in metropolitan cities coupled with urbanization is boosting the decorative paint sales in India. An increase in disposable income also is driving the growth of the market.
India's paint industry will likely benefit from new investments by increasing demand for decorative paints. For instance, Kansai Nerolac is the largest decorative paint company in India and the third largest industrial paint company. It continues to expand into new customer need areas while strengthening its position in these traditional markets, including wood coatings, construction chemicals for floors and decorative paint, transportation paint, coil paint, rebar paint, and super-durable powder. In addition to expanding its product portfolio, these ventures have enabled it to provide more services.
Technological Innovation in the Decorative Paint Industry will Grow Demand for Decorative Paints
China is estimated to remain a key manufacturer and consumer of decorative paints, accounting for about 73% of the overall decorative paint consumption in East Asia in 2023.
Rapid development in the building and construction and infrastructure sectors is boosting sales of decorative paints in the country. As per the report, the residential construction segment is expected to register high demand for decorative paints in China.
With foreign multinational coatings companies (MNCC) expanding their dominance of the Chinese developing market rapidly, the decorative paint market in China is one of the fastest-growing markets in the world. Innovations in technology and a growing demand for innovations will increase the demand for decorative paints in China over the next few years.
Growing Demand for Non-toxic Paints in the Market is Likely to Grow Demand for Water-based Paints
Based on product type, water-based paints are expected to dominate the market for decorative paints. As per FMI, the water-based paints segment is projected to register year-on-year growth of 5% in 2023.
Increasing construction of residential and commercial buildings across the globe is expected to boost the demand for water-based paints in the coming years. Implementation of regulations to curb VOC emissions from paints will drive sales of water-based paints.
Water-based paints are increasingly being used by Indian paint manufacturers. In the past few quarters, their gross margins have been hit by rising input costs, especially crude oil prices. Water-based paints are also increasingly preferred by customers because they are easier to clean than solvent-based paints.
Decorative paint market leader Asian Paints Ltd has a capacity of 600,000 kilo liters per annum at its Mysuru plant. Jefferies India Pvt. reports that that the company sells more water-based paints than its competitors.
Glossy Wall Surfaces to Drive Demand For Emulsion-based Decorative Paints
Consumption of emulsion based decorative paints is expected to account for more than 86% of the total decorative paints market share in United States in 2023. The demand for decorative paints in the market is likely to increase as a result of ready-to-use paints. The demand for different types of mechanisms, such as brushing, spraying, rollers, dips, and more, will grow in the coming years as they are easy to apply and easy to use.
Emulsion paints are a stable suspension of oil phase in a liquid phase and are used to give a range of finishes, such as the gloss sheen, satin, silk, and flat matt on substrates. As these are generally water based paints, the share of the segment is also estimated to remain high during the coming forecast period. Among distempers, acrylic paints are expected to remain highly sought-after in the market.
Kitchens and bathrooms are suitable for emulsion paints because of their humidity-resistance. The toxic content of emulsion paints is lower. It has been clinically proven to be safe for both humans and animals. The majority of manufacturers claim that their products contain no volatile organic compounds at all.
Paints made from emulsions do not require protection from sunlight or temperature changes. In addition to being chemically resistant, emulsion paints are also easy to apply. There are no effects of rain or chemical substances on them. The durability of emulsion paints cannot be compromised. The higher the pigment content, the better the quality of emulsion paint.
The application of Decorative Paint to Wall Interiors is likely to grow as the Demand for Appealing Interiors Grows
Revenue generated in the interior segment is estimated to grow at a 5.1% CAGR. The interior paints segment will continue accounting for more than 82% of the share among the listed applications through the forecast period in Europe.
The increase in the construction of residential buildings, commercial shops, shopping malls, offices, hotels, and restaurants is boosting the demand for interior decorative paints. Furthermore, the growing trend for interior decoration and renovation of interior parts all over the globe is bolstering the consumption rate of decorative paints in the interior segment.
Demand for decorative paints will grow as the aesthetic appearance of walls and demand for different textures increase. People are increasingly interested in creating a personalized living space, which has led to a demand for interior decorative paints.
The increased demand for decorative paints can be attributed to several factors, including an increase in interior decoration and renovation of residential houses, as well as industrial growth, urbanization, and infrastructure expansion. A major factor driving the growth of the decorative paint industry is the growing importance of decorative paint for the decoration of residential buildings, both exterior and interior
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Changing market conditions and technological advancements create exciting new trends for businesses. Startup ecosystems across the world are gaining traction with the decorative paints industry. Some key startups in the decorative paints market include-
Key market participants are focusing on mergers and acquisitions strategies, coupled with product development by investing in research and development to boost their market presence. Some of them are emphasizing on increasing the production capacity to enhance their annual turnover. For instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Kay Segments Covered | Product Type, Formulation, Application, Sales Channel, Price, Region |
| Key Companies Profiles | Akzo Nobel N.V.; Sherwin-Williams Company; PPG Industries, Inc.; Asian Paints Limited; NIPSEA GROUP (Nippon Paint); Valspar Corporation; Jotun; BASF-SE; Berger Paints India Limited; RPM International Inc.; KANSAI Paints Co. Ltd |
| Customization & Pricing | Available upon Request |
The decorative paints market is anticipated to reach a valuation of USD 63.34 billion in 2023.
The global decorative paints market is anticipated to witness a growth at 5.4% over the forecast period of 2023 and 2033 in terms of value
The decorative paints market witnessed a growth at 5% CAGR between 2017 and 2022.
Growing urbanization coupled with increasing construction of commercial buildings, improving the standard of living, and increasing demand for interior decoration and renovating of residential houses are driving sales.
The Sherwin-Williams Company, PPG Industries, Akzo Nobel N.V., RPM International, and Nippon Paints and Asian Paints among others are the key participants in the decorative paints market.
Demand for decorative paints in United States is expected to grow at a 4.8% CAGR through 2033.
Europe decorative paints market is estimated to expand at a CAGR of 4.6% during the forecast period.
Key exporters in the decorative paints market are China, United States, Japan, Germany and Others.
Top countries driving the decorative paints demand are China, the United States, India, Japan, and Germany.
South Korea are expected to collectively account for over 9% of the total in 2023.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Water based paints 5.2. Solvent based paints 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Formulation 6.1. Emulsion based paints 6.2. Distemper 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Interior Paints 7.2. Exterior Paints 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 8.1. Online 8.2. Offline 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Price 9.1. Premium 9.2. Medium 9.3. Economical 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. MEA 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Akzo Nobel N.V. 18.2. Sherwin - Williams Company 18.3. PPG Industries, Inc. 18.4. Asian Paints Limited 18.5. NIPSEA GROUP (Nippon Paint) 18.6. Valspar Corporation 18.7. Jotun 18.8. BASF-SE 18.9. Berger Paints India Limited 18.10. RPM International Inc. 18.11. KANSAI Paints Co., Ltd 19. Assumptions & Acronyms Used 20. Research Methodology
Chemicals & Materials
May 2024
REP-GB--9435
309 pages
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Decorative Paints Market
