Oct 20, 2017   SOURCE: BusinessWire

APAC Leads the Decorative Paints and Coatings Market | Technavio

The global decorative paints and coatings market is expected to grow at an impressive CAGR of close to 6% during the forecast period, according to Technavio's latest market research.

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Technavio has published a new report on the global decorative paints and coating market from 2017-20 ...

Technavio has published a new report on the global decorative paints and coating market from 2017-2021. (Graphic: Business Wire)

In this market research report, Technavio covers the market outlook and growth prospects of the global decorative paints and coatings market for 2017-2021. The market is further categorized by resin type (alkyd, polyurethane, acrylic, and others), by technology (solvent-based and water-based), and by application (non-residential constructions and residential construction).

Technavio's research analysts segment the global decorative paints and coatings market into the following regions:

  • Americas
  • APAC
  • EMEA

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APAC: largest decorative paints and coatings market

APAC is predicted to be the fastest growing region for decorative paints and coatings in the global market. In 2016, the decorative paints and coatings market in APAC accounted for around 41% of the total market share. Growing industrialization, automotive industry, and construction industry, especially in countries like China and India, will drive the decorative paints and coatings market in this region. Increased number of automotive companies setting up a manufacturing plant in countries like India due to various factors, such as easy availability of raw material and cheap skilled and unskilled labor, will drive the automotive industry in the region; thus, helping the decorative paints and coatings market to flourish in the region.

"India and China will be the fastest growing economies for decorative paints and coatings in APAC over the next few years. The construction industry is booming in APAC owing to the growing population and increase in disposable income. These factors together will help in the growth of the decorative paints and coatings market," says Hitesh Bhatia, a lead research expert at Technavio for paints, coatings, and pigments.

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Decorative paints and coatings in EMEA

The decorative paints and coatings market in EMEA occupied about 33% of the total market share in 2016. Stringent government regulations and the growing awareness about using eco-friendly products will drive the market in Europe. The UK government is investing substantially in building maintenance, thus, leading to the growth of decorative paints and coatings market. The growing construction industry in the Middle East will also trigger the decorative paints and coatings market. The need for luxury homes owing to the rise in disposable income and increased purchasing power is another factor contributing toward the market growth.

"Major countries contributing toward the growth of the decorative paints and coatings market in EMEA include France, Germany, Italy, Europe, Russia, and the UK. Some major construction projects, such as infrastructure for the FIFA World Cup 2022 and Etihad Rail, and expansion of existing transportation networks are expected to be completed during the forecast period, helping the construction industry to boom, thus, fostering the decorative paints and coatings market," says Hitesh.

Decorative paints and coatings in the Americas

The market in the Americas will experience slow growth during the forecast period owing to the saturation of the market in North America. However, there will be considerable growth in Central and South America owing to rapid industrialization, which will drive the overall decorative paints and coatings market.

The renovation activities in North America will help in driving the decorative paints and coatings market. The automobile industry in North America has reached a saturation point. Hence, the number of consumers refurbishing their automobile has increased. Thus, increasing demand for automotive interior parts will drive the decorative paints and coatings market as decorative paints and coatings have sturdy use in interior parts of an automobile. All these factors will help foster the growth of the decorative paints and coatings market.

The top vendors in the global decorative paints and coatings market as highlighted in this market research analysis are:

  • AkzoNobel
  • The Sherwin-Williams Company
  • PPG Industries
  • Asian Paints
  • Kansai Paints

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