Global Decorative Paints and Coatings Market size,share,outlook 2019

(EstateNewsWire.com, October 16, 2019 ) Market Overview

• The global paints and coatings industry is a mature and stable component of the world economy. Paints and coatings are utilized for various functional benefits, such as conduction, light absorption, insulation, anti-skid property, and reflection. Coatings demand tends to follow overall economic activity, thus a strong correlation exists between GDP per capita and coatings consumption per capita. Coatings demand exhibits significant dependence upon industrial production and construction spending.

Market Dynamics

• Increasing residential constructions, rapid urbanization, improvement of the living standards, rising middle class, increasing purchasing power, and GDP, growing industry and housing sector, qualified and young work power, R&D capabilities are the major drivers impacting the market growth across the regions. Increasing residential constructions is the major driver for market growth globally. For instance, as of July 2019, in India, 100% FDI under the automatic route is permitted in the construction development sector, which includes development of townships, residential or commercial premises. FDI in the construction sector stood at around USD 2es5.04 billion from April 2000 to March 2019, according to the DIPP.

• The increase in the price of raw materials is a major restraint hampering market growth worldwide.

Market Segmentation

• By application, the decorative paints and coatings market is segmented into residential, non-residential, automotive, marine and manufacturing. The global decorative paints and coatings market size by application was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Decorative Painting activities are majorly related to anew build residential constructions and posing a new look to longstanding construction.

• The residential segment is expected to hold major market share in the forecast period owing to the increase in homeownership rates and rise in residential construction in developed and developing economies. As per Saudi Arabia Basic Industries Corp (SABIC), more than 5,000 projects are in Saudi Arabia’s construction pipeline, which contributes to 35% of the Gulf Cooperation Council’s (GCC) total active project volume.

Geographical Analysis

• The Europe decorative paints and coatings market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Europe is one of the major regions in the global decorative paints and coatings market. Increasing construction is the major driver for the market growth in Europe. For instance, the number of housing starts in the Nordic countries was 108,000 in 2014. It reached 180,000 units 2018, meaning growth of 67 %. Finland, Sweden, and Norway are building the newest dwellings in Europe measured by units per 1,000 people. Other active builders in Europe are Austria, Switzerland, and Ireland. Therefore, increasing construction activities is the major impacting factor for market growth in this region. Furthermore, The European Union has completely prohibited the use of lead carbonates and lead sulfates for use in decorative paint. In addition, the use of lead chromates is severely restricted with a complete ban coming into force in 2015.

• The Asia Pacific decorative paints and coatings market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. It is expected to grow with a high CAGR rate in the forecast period. Air pollution guidelines and regulations related to decorative painting are expected to be a major driving factor for the adoption of new formulations and coating resins. A few countries in Asia regulate the allowed lead content in decorative paints. China limits lead content to 90 ppm of soluble lead in the paint. Singapore has a limit of 600 ppm of total lead content (dry weight).

• Adding to this, in India, the Bureau of Indian Standards (BIS) has issued a voluntary standard limiting the lead content of decorative paints. At the time of this study, the maximum lead content was limited to 1,000 ppm, but it was revised to 90 ppm in early 2014. Furthermore, the expanding construction industry in Asia Pacific countries like India and china combined with rising private and government expenditure on residential and non-residential is expected to boost the market growth.

Competitive Landscape

• The decorative paints and coatings market is competitive with existing and new players entering the market.

• Some of the major players include PPG Industries Inc., BASF SE, Nippon Paint Holdings Co. Ltd., Masco Corporation, Axalta Coating Systems Ltd., Akzo Nobel N.V., RPM International Inc., Jotun A/S, Kansai Paint Co. Ltd. And The Sherwin-Williams Company.

• Companies are launching new products with new color collections at affordable costs, to be competitive in the market.

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