The coatings market is expected to exceed US$120 billion

Recently, according to Insight Partners’ latest research “Decorative Coatings Market Forecast to 2028 – COVID-19 Impact and Global Analysis – Type (Water-based and Solvent-based) and Application (Residential and Non-Residential)”, the decorative coatings market value in 2019 is US$74.49 billion and is expected to reach US$121.53 billion by 2028; expected to grow at a compound annual growth rate of 5.7% from 2020 to 2028.

Research reports indicate that Europe held the second largest share of the decorative coatings market in 2019 and is expected to register the highest CAGR during the forecast period. The European market is being driven by rising number of infrastructure projects due to rising investment and economic recovery. Construction activities in countries such as France, UK, and Germany are expected to further boost market growth.

It’s worth mentioning that water-based coatings are increasingly becoming the first choice for residential and commercial applications. Water-based coatings are considered an ideal alternative to solvent-based coatings due to their durability, low odor, low volatile organic compound (VOC) emissions, and fast drying times. Especially at a time when environmental awareness is becoming increasingly strong, water-based coatings play a key role in reducing the use of volatile organic compounds (such as hydrocarbons) that are harmful to the environment.

Growing concerns about environmental sustainability and strict government regulations to minimize the use of hazardous substances have triggered a surge in demand for water-based coatings. Increasing demand for water-based coatings is expected to aid the growth of the decorative coatings market during the forecast period.

On the basis of type, the decorative coatings market is segmented into water-based and solvent-based. In 2019, solvent-based coatings accounted for more than one-third of the global decorative coatings market. Solvent-based decorative coatings mainly use organic compounds as solvents. These compounds provide a hard and durable finish that resists scratches and scuffs on your walls.

On the basis of application, the decorative coatings market is segmented into residential and non-residential. The non-residential segment is expected to grow at a higher CAGR during the forecast period. This sector includes commercial spaces such as restaurants, factories, offices, cafes, schools, hospitals and retail stores.

Overall, environmentally friendly water-based coatings are becoming increasingly entrenched in the decorative coatings market, and their market demand is expected to continue to grow in the next few years. For coating companies, grasping this trend and developing and promoting environmentally friendly water-based coatings will help achieve success in the decorative coatings market.