Decorative paints, also known as decorative coatings, are used as interior and exterior house paints, primers, and sealers to enhance the aesthetic and add a protective cover to both residential and commercial buildings.Decorative paints can be used for decorative or for protective purpose. Decorative paints are designed in such a way that they not only protect the surface of the building from the harshest and difficult environment conditions but also add flair to the design.
Segments of Decorative Paints Market
Decorative paints can be broadly segmented on the basis of product type, end user and price. By product type, global decorative paint market is segmented as water based decorative paints and solvent based decorative paints. By type, the global decorative paint market is segmented as commercial sector and residential sector.By price it is segmented as premium range, medium range and distemper range.
Various advantages of decorative paints are that it protects from corrosion, bacteria, UV radiation, fungus, water seepage, algae and enhance the life of the structure. Decorative paints are available in numerous colours. Growing consumer interest in decorating their houses and increased preference towards environment friendly products drives the growth of this market. Half resistant paints have been developed considering consumers demand.Global decorative paints can include enamels products and wall paints.
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Drivers for Decorative Paints Market
Major factors affecting the growth of this market are growing consumer preference towards decorative paints, increased purchasing power, cost effective, and more westernised and modern in their taste for decorative paints. Consumers are becoming more aware about the latest designs and updates to improve the interior of their homes. They are more sensitive towards their environment and would want their house to be safer and environment friendly. They prefer products which are anti-bacterial and fungicidal, that absorbs pollutants. Technological innovation and convenience factor also plays an important role to stay ahead in the competition and also for improvisation in this industry. Smartphone apps to guide consumers, advice consumers about various products and provide them with full knowledge at instant. They are going for “eco paints” and “easy open pouches” for the price conscious consumers.
The global decorative paints market has grown considerably in the last few years. One of the fastest growing market will be Asia Pacific. The climate here and demand for decorative paints due to rise in infrastructure projects, increasing urbanisation and increase growth in automobile industry has created a ground for decorative paints market. Decorative paints market is seeing enormous growth mostly in the developing nations due to its healthy economic conditions and increasedactivities in the civil construction. Price factor also plays a key important role with value added products in this market.Asia Pacific followed by Europe and North America.
Major players in this industry are Akzo Nobel, BASF, PPG Industries, The Sherwin Williams Company, and Asian Paints.
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