According to Future Market Insights, the decorative paints market size is expected to grow from US$ 63.34 billion in 2023 to US$ 108 billion by 2033. It is expected that the market will grow at a CAGR of 5.4% during the forecast period. The decorative painting process provides a wide variety of designs, styles, and textures for individuals to select from. Decor technique, mainly used in interior design, has developed into a major player in the renovation of houses, apartments, commercial premises, kitchens, and bathrooms. In the past, it was purely a professional paint, but now it is popular with homeowners who wish to repurpose their homes.
Decorative paint industry innovation and growth have increased significantly in recent years. As an eco-friendly and sustainable paint option has become more popular, manufacturers have spent a great deal of time in research and development to create low-VOC water-based paints and other environmentally friendly finishes. Technology such as virtual reality is being used by many companies to improve customer engagement and experience.
Paint the Future, an initiative of AkzoNobel, and Asian Paints’ research and technology organization are also driving industry innovation. As a whole, the decorative paints industry is poised for growth, with more sustainable products and innovation in its future. Decorative paints are expected to see high growth in demand over the next few years in India. The government’s initiative to invest in infrastructure, schemes such as Housing for All in India is likely to gain traction in the market. GST on paints is set to be reduced from 28% to 18%, which will boost demand for paints.
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Key Takeaways
- Due to their superior performance characteristics, water-based decorative paints are expected to replace solvent-based paints in the near future. It is estimated that the segment will grow at a CAGR of 5% over the next decade.
- The market share of decorative paints applied to the interior in Europe is expected to reach 77% by 2023.
- The United States decorative paint market is expected to grow by 4.8% CAGR between 2023 and 2033.
- Sales of decorative paints are expected to grow at 5.7% CAGR in India over the next decade.
- The decorative paints industry share is expected to reach about 9% in Japan and South Korea by 2023.
- In 2023, China is expected to hold a 73% share of the East Asia decorative paints market.
“Many foreign and domestic investors are flocking to Asia’s emerging economies to meet the growing demand for construction. As a result, decorative paints are in demand. In the future, decorative paint consumption will continue to grow because of the growing importance of improving interior décor around the globe,” says an FMI analyst.
Competitive Landscape
The decorative paint industry expands and penetrates new markets, it relies on both inorganic and organic strategies. A number of these strategies are employed, including mergers and acquisitions, partnerships, and the launch of new products.
Market developments Include:
- In April 2023, AkzoNobel will increase its presence in China through the acquisition of Sherwin-Williams’ Chinese decorative paints business on its own. Regulatory approvals must be obtained before the project can be completed. The company generates about €100 million in revenue each year and employs about 300 people. There is a long history and reputation for Huarun’s brand in China, which is included in the transaction.
- In June 2023, a subsidiary of Asian Paints Limited known as Asian Paints Berger has announced the launch of its new decorative finishes for walls based on Arabic patterns, a product that is curated specifically for the region to restore its design heritage and give it a new look and feel. During the INDEX 2023 event at the Dubai World Trade Centre, Asian Paints Berger launched its all-new ‘Royale Play Artistica’ decorative coating product line in its own pavilion.
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Top Key Players in the Decorative Paints Market
- Akzo Nobel N.V.
- Sherwin-Williams Company
- PPG Industries, Inc.
- Asian Paints Limited
- NIPSEA GROUP (Nippon Pain)
- Valspar Corporation
- Jotun
- BASF-SE
- Berger Paints India Limited
- RPM International Inc.
- KANSAI Paints Co., Ltd.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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