Decorative Coatings Market Summary

The global decorative coatings market size was valued at USD 83.91 billion in 2023 and is projected to reach USD 116.40 billion by 2030, growing at a CAGR of 4.8% from 2024 to 2030. This growth is primarily supported by rising construction activities worldwide and increasing investments in residential and commercial infrastructure. The increasing global construction output in emerging economies such as China, India, and others drives market growth, as these countries continue to expand their urban and industrial landscapes.

These developmental activities result in increased construction and, consequently, the need for decorative coatings in residential and commercial buildings. Decorative coatings are widely used to enhance the visual appeal of structures while also providing surface protection. Rising urbanization, especially in developing nations, is resulting in higher rates of demand for shelter and infrastructure development. As urban populations grow, there is a corresponding rise in the market for decorative coatings that enhance aesthetic appeal while protecting surfaces from environmental factors such as moisture, heat, and pollution.

Key Market Trends & Insights

• The Asia Pacific decorative coatings market dominated the market with the largest revenue share of 38.7% in 2023. This dominance is attributed to rapid urban development, population growth, and increased housing projects across major economies in the region.
• The MEA decorative coatings market is expected to grow significantly from 2024 to 2030. Growth in this region is driven by expanding construction activities, infrastructure modernization, and increasing investments in residential and commercial real estate projects.
• Based on application, the residential segment dominated the market and accounted for the largest revenue share in 2023. The high demand for housing, renovation activities, and interior improvement projects continues to support the strong performance of this segment.
• In terms of technology, the water-borne coatings dominated the market and accounted for the largest revenue share in 2023. These coatings are preferred due to their low volatile organic compound emissions, ease of application, and compliance with environmental regulations.
• Based on product, the emulsion dominated the market and accounted for a revenue share of 41.3% in 2023. Emulsion-based coatings are widely used because of their durability, smooth finish, and suitability for a variety of interior and exterior applications.

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Market Size & Forecast

• 2023 Market Size: USD 83.91 Billion
• 2030 Projected Market Size: USD 116.40 Billion
• CAGR (2024-2030): 4.8%
• Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights

Some of the key companies in the decorative coatings market are The Sherwin-Williams Company, PPG Industries, Akzo Nobel N.V., BASF SE, Asian Paints and others. Key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

• Asian Paints manufactures, sells, and distributes paints, coatings, and products related to home décor and bath fittings. It offers a wide range of products, including interior and exterior wall paints and wood and metal finishes. Royale Play, Tractor, and Premium Emulsion are some of its prominent offerings in interior coatings.
• BASF SE specializes in chemicals. The company is grouped into various segments, such as materials, chemicals, surface technologies, industrial solutions, nutrition and care, and agricultural solutions. It develops, produces, and markets a high-quality range of innovative and sustainable automotive OEM and refinish coatings, decorative paints, and surface-applied treatments for metal, plastic, and glass substrates across various industries.

Key Players

• The Sherwin-Williams Company
• PPG Industries
• Akzo Nobel N.V.
• BASF SE
• Jotun
• Asian Paints
• Kansai Paint Co., Ltd.
• RPM International
• Masco Corporation
• Axalta Coating Systems Ltd.
• Nippon Paint (India) Private Limited

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Conclusion

The decorative coatings market is poised for steady growth driven by increasing construction activities, rapid urbanization, and rising demand for aesthetically appealing and protective building solutions. Strong performance in the Asia Pacific region and emerging opportunities in the MEA region highlight the global expansion of the market. Dominance of residential applications, water-borne technologies, and emulsion products reflects changing consumer preferences and environmental considerations. As infrastructure development and housing demand continue to rise, the decorative coatings market is expected to maintain consistent growth through 2030, supported by innovation, sustainability trends, and expanding construction projects worldwide.