Decorative coatings are mostly used for decorative applications. However, exterior decorative coatings additionally provide protection from various environmental conditions. These coatings are applied to domestic appliances for greater looks and corrosion protection. Decorative coatings has wide range of applications in new constructions and remodelling of older buildings. The total market for decorative coatings was $25229.52 million in 2017 and is estimated grow with CAGR of 4.24% during the forecast period.According to IndustryARC, the [FURL=https://www.industryarc.com/PressRelease/1637/Decorative-Coatings-Market-Research.html]Decorative Coatings Market[/FURL] is expected to reach $97 billion by 2023, growing at a CAGR of 4%. The decorative coatings industry is being largely driven by growth in the construction industry. In particular, the Asia-Pacific and Middle East regions are expected to witness rapid growth owing to high investments in construction projects, fueled by strong government support for residential and commercial development.
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Decorative coatings industrial growth was supported by high rate of construction activity globally. The construction market is anticipated to show slow growth globally in 2019. Construction expenditure in the U.S. increased by 3.5% in the first quarter of 2019 as compared to 4.5% during the same period in 2018. Similar trends would be followed in the EU, where the rate of construction activity will slow slightly from a 3.5% growth rate during 2018 to a 2.5% growth rate during 2019. The construction market in China and other Asian countries is estimated to continue growing at high rates; although not equal to the growth seen in 2018. On a global basis, the construction market will continue to grow in 2019 but it will not be quite as strong as that in 2018.
Major Players in Decorative Coatings Market
The companies referred in the market research report include the PPG Industries, Inc., Akzo Nobel N.V., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coating Systems and many others.
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