Decorative Paints: Introduction
- Global demand for decorative paints has been rising at a rapid pace, majorly due to the advancements in the field of visual arts. Decorative paints, in essence, are acrylic paints used by artists to create wall paintings and other artistic pieces. The use of decorative paints has been growing in recent times as several movements to promote art and artists have gathered momentum. Contemporary artists are receiving significant funds from renowned investors and organizations. The global decorative paints market is projected to expand at a rapid pace in the next few years. Furthermore, the quest of artists to bring their craft to light and elucidate the momentous impact of art has also propelled demand for decorative paints. The market is projected to receive large-scale investments in the near future.
Key Drivers and Restraints of Global Decorative Paints Market
- Demand for decorative paints has increased owing to the use of these paints in homes, offices, and other spaces. The esthetic appeal of walls and other surfaces can be enhanced by coating them with decorative paints. Furthermore, the number of art galleries and studios has increased in recent times, majorly due to a renaissance of art forms in the contemporary scenario. This is expected to drive the global decorative paints market. Other areas wherein decorative paints have become useful include art institutions, homes, complexes, and places of visit. The global decorative paints market is likely to keep attracting new customers in the near future.
Decorative Paints: Product Type Segment
- In terms of product type, the global decorative paints market can be segmented into water based and solvent based
- The water based segment is expected to account for significant share of the global decorative paints market during the forecast period. It is anticipated to be followed by the solvent based segment.
Decorative Paints: Formulation Segment
- In terms of formulation, the global decorative paints market can be classified into emulsion and distemper. The distemper segment can be further sub-divided into acrylic, synthetic, and dry.
- The emulsion segment is expected to account for significant share of the global decorative paints market owing to the increase in demand for emulsion decorative paints in retail and commercial sectors
Decorative Paints: Price Segment
- In terms of price, the global decorative paints market can be segmented into premium range, medium range, and economical range
- The premium range segment is anticipated to account for major share of the global decorative paints market during the forecast period. It is anticipated to be followed by the economical range segment.
Decorative Paints: Sales Channel Segment
- In terms of sales channel, the global decorative paints market can be segregated into online stores and offline stores
- The offline stores segment is projected to account for key share of the global decorative paints market during the forecast period
Decorative Paints: Application Segment
- In terms of application, the global decorative paints market can be bifurcated into commercial sector and residential sector
- The commercial sector segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the residential sector segment.
COVID-19 Impact on Decorative Paints Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the decorative paints market.
North America to Dominate Decorative Paints Market
- In terms of region, the global decorative paints market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the decorative paints market in 2020. This trend is anticipated to continue during the forecast period. The decorative paints market in Asia Pacific is anticipated to expand at a rapid pace owing to the increase in demand for paints in emerging countries such as China and India.
Key Manufacturers Operating in Global Decorative Paints Market
The global decorative paints market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global decorative paints market include:
- Sherwin-Williams Company
- Asian Paints
- PPG Industries Inc.
- BASF SE
- Nipsea Group (Nippon Paints)
- AkzoNobel Coatings NV
- Kansai Paint Co. Ltd.
- ICI Paints
- Color Technologies Group
- The Valspar Corporation
Global Decorative paints Market: Research Scope
Global Decorative Paints Market, by Product Type
- Water Based
- Solvent Based
Global Decorative Paints Market, by Formulation
Global Decorative Paints Market, by Price
- Premium Range
- Medium Range
- Economical Range
Global Decorative Paints Market, by Sales Channel
- Online Stores
- Offline Stores
Global Decorative Paints Market, by Application
- Commercial Sector
- Residential Sector
Global Decorative Paints Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa