According to the latest research report by The Insight Partners, Decorative Paints Market was valued at US$ 74,091.54 million in 2019 and is projected to reach US$ 121,531.91 million by 2028; it is expected to grow at a CAGR of 5.7% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Increasing Demand for Water-Based Paints to Escalate Decorative Paints Market Growth during 2020–2028Acrylic paints that aid in introducing aesthetically pleasing shapes and different textures in interior and exterior applications are known as decorative paints. Due to shifting consumer lifestyles and a growing interest in the aesthetics of homes, offices, complexes, and other similar locations, decorative paint demand is increasing. The use of decorative paints in the infrastructure and architectural sectors has gained recognition with the expansion of the paints industry since they enhance both the external and interior areas of a building.
Water-based paints are renowned for having quicker dry times, lower VOC emissions, and superior durability. These paints can also be applied quickly and cleaned up without harm. They also pose little fire risk. Water-borne paints are regarded as an effective replacement for many paint kinds that employ VOC, especially hydrocarbons, which could impair the environment’s quality. Such paints are widely utilised in a variety of application bases because of their low viscosity, durability, and mildew resistance. Additionally, water-based paints are renowned for having strong colour retention over time and producing little scents.
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Impact of COVID-19 Pandemic on Decorative Paints Market
The ongoing COVID-19 epidemic has significantly changed the condition of the chemical sector and slowed the market expansion for decorative paints. Due to the abrupt closure of national and international borders, the crisis has altered operational efficiency and interrupted value chains, resulting in income loss and harm. Additionally, since decorative paints are mostly used in construction applications, the pandemic’s suspension of such operations has reduced demand for decorative paints. For instance, the COVID-19 crises’ closure and limitations have seriously hampered development efforts throughout India.
The market for Decorative Paints is concentrated with some very well-established players. Some of the key players in the Decorative Paints Market include
- Nippon Paint
- Akzo Nobel N.V.
- BASF SE
- Dow Inc.
- Axalta Coating Systems
- Asian Paints
- PPG Industries Inc.
- RPM International Inc
- Kansai
- The Sherwin-Williams
Decorative Paints Market is Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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