Decorative Paints Market Size, Trends and Growth Analysis by 2027

The decorative paints sector was valued at approximately US$ 74,091.54 million in 2019 and is anticipated to grow to US$ 121,531.91 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.7% from 2020 to 2028.

Decorative paints are primarily acrylic-based products designed to enhance the aesthetic appeal of both interior and exterior surfaces. The increasing demand for these paints can be attributed to evolving consumer lifestyles and a heightened emphasis on the visual aspects of homes, offices, and various other environments. As the paints industry expands, the role of decorative paints in the architectural and infrastructural sectors has gained recognition, as they significantly enhance the visual quality of buildings. These paints come in a variety of finishes, including matte, eggshell, gloss, and satin, allowing for the creation of unique artistic expressions. Moreover, decorative paints are valued for their functional properties, which include light absorption and reflection, heat insulation, and low emissions of volatile organic compounds (VOCs).

The market for decorative paints is categorized into two main types: water-based decorative paints and solvent-based decorative paints. In 2019, water-based decorative paints held a dominant position in the market, accounting for 58.2% of the total market share. These paints are favored for their superior durability, low odor, minimal VOC emissions, and quick drying times. Additionally, they are easy to apply and clean up, and they present a lower fire risk compared to solvent-based options. Water-based paints are increasingly seen as a sustainable alternative to traditional paints that contain VOCs, such as hydrocarbons, which can negatively impact environmental quality.

Geographically, the decorative paints market is divided into several regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa. In 2019, the Asia Pacific region emerged as the largest market for decorative paints. This growth is largely driven by government initiatives focused on infrastructure development in countries like China, Japan, and India. In particular, the Indian government is making substantial investments in infrastructure projects, including the construction of buildings and other physical structures, which in turn fuels the demand for decorative paints in the region.

Several key players dominate the global decorative paints market, including Nippon Paint, Akzo Nobel N.V., BASF SE, Dow Inc., Axalta Coating Systems, Asian Paints, PPG Industries Inc., RPM International Inc., Kansai, and The Sherwin-Williams Company.

The overall size of the global decorative paints market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and to gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the decorative paints sector.