According to Future Market Insights, the architectural paints industry size is expected to grow from $63.34 billion in 2023 to $108 billion by 2033. The market is expected to grow at a compound annual growth rate (CAGR) of 5.4% during the forecast period.
When it comes to decorative painting, individuals have a wide variety of designs, styles and textures to choose from.
The decorating technique, mainly used in interior design, has become a major player in the renovation of houses, apartments, commercial premises, kitchens and bathrooms. It used to be a purely professional paint, but now it is popular among homeowners who want to remodel their homes.
Innovation and growth in the decorative paints industry has increased significantly in recent years. As eco-friendly and sustainable paints become more popular, manufacturers have invested a lot of time in research and development to develop low-VOC water-based paints and other environmentally friendly finishes.
Technologies such as virtual reality are used by many companies to improve customer loyalty and experience.
Paint the Future, an initiative of AkzoNobel, and Asian Paints’ research and technology organization are also driving innovation in the industry. Overall, the decorative paints industry is poised for growth, with more sustainable products and innovations in the future.
In India, demand for decorative paints is expected to grow strongly in the next few years. The government’s initiative to invest in infrastructure, such as “Housing for All in India”, is likely to resonate in the market.
VAT on paints is to be reduced from 28% to 18%, which will boost demand for paints.
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Key findings:
- Due to their superior performance characteristics, water-based decorative paints are expected to replace solvent-based paints in the near future. The segment is estimated to grow at a compound annual growth rate of 5% over the next decade.
- The market share of decorative interior paints is expected to reach 77% in Europe by 2023.
- The US decorative paints market is expected to grow at an average annual rate of 4.8% between 2023 and 2033.
- In India, sales of decorative paints are expected to grow at an average annual rate of 5.7% over the next decade.
- In Japan and South Korea, the market share of the architectural paints industry is expected to reach around 9% by 2023.
- In 2023, China is expected to hold a 73% share of the East Asian decorative paints market.
“Many foreign and domestic investors are flocking to emerging Asia to meet the growing construction needs. Therefore, there is a great demand for decorative paints.
In the future, the consumption of decorative paints will continue to rise as the improvement of interior design becomes increasingly important worldwide,”– says an analyst at FMI.
Competitive landscape:
The decorative paints industry is expanding and penetrating new markets using both inorganic and organic strategies, including mergers and acquisitions, partnerships and new product launches.
The main players in the industry are:
- Akzo Nobel NV
- Sherwin-Williams Company
- PPG Industries, Inc.
- Asian Colors GmbH
- NIPSEA GROUP (Nippon Pain)
- Valspar Corporation
- Jotun
- BASF SE
- Berger Paints India Limited
- RPM International Inc.
- KANSAI Colors Co., Ltd.
Current market developments are:
- In April 2023, AkzoNobel will strengthen its presence in China by unilaterally acquiring Sherwin-Williams’ Chinese architectural paints business. Regulatory approvals must still be obtained before the project can be completed. The company generates annual sales of around 100 million euros and employs around 300 people. The Huarun brand has a long history and reputation in China, and the transaction is also part of the brand.
- In June 2023, a subsidiary of Asian Paints Limited known as Asian Paints Berger announced the launch of its new decorative wall coatings based on Arabic patterns, a product specially developed for the region to restore its design heritage and give it a new look and feel. During the INDEX 2023 event at Dubai World Trade Centre, Asian Paints Berger unveiled its brand new line of decorative coatings “Royale Play Artistica” in its own pavilion.
More valuable insights available:
Future Market Insights offers an unbiased analysis of the global Decorative Paints market, providing historical data for the years 2018 to 2022 and forecast statistics for the years 2023 to 2033.
To understand the opportunities in the decorative paints market, the market is segmented into five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) based on product type (water-based paints and solvent-based paints), formulation (emulsion-based paints and distemper), application (interior paints and exterior paints), distribution channel (online and offline), and price (premium, mid-range, and cheap).
Key Segments in the Decorative Paints Market Report
By product type:
- Water-based paints
- Solvent-based paints
According to formulation:
- Dispersion-based paints
- distemper
After application:
- Interior colors
- Exterior colors
By sales channel:
By price:
- premium
- medium
- Economically
Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award recipient and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that are driving demand in the market. FMI is the world’s leading provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a huge team of over 400 analysts worldwide, FMI offers global, regional and local expertise on various domains and industry trends in more than 110 countries.
Contact:
Future Market Insights Inc.
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Suite 401, Newark, Delaware – 19713, USA
Phone: +1-845-579-5705
For sales inquiries: [email protected]
Website: https://www.futuremarketinsights.com
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