International. The decorative paints and coatings market will reach US$114.72 billion in 2021, with a CAGR of 5.7% from 2016 to 2021. The market has experienced significant growth in recent years due to increasing construction activities worldwide, eco-friendly products and environmental regulations, increasing per capita consumption of paints, and raising the popularity of tilting concrete in the construction industry.
The acrylic resin segment accounted for the largest share of the decorative paints and coatings market in 2015. This large part is mainly attributed to the increasing use of acrylic paints and emulsions in various construction applications, due to their unique aesthetic properties and low price.
Based on product type, emulsion segment accounted for the largest share of the market in 2015, owing to the increasing applicability of emulsions in the construction industry.
Based on the technology, the water-based segment is expected to grow at the highest CAGR between 2016 and 2021, due to the eco-friendly nature of water-based paints and their superior adhesion and abrasion properties. On the contrary, the demand for solvent-based paints is decreasing due to their high VOC content and strict regulations regarding their use.
Based on application, the residential applications segment led the decorative paints and coatings market, in terms of volume, in 2015. The increase in construction activities in the residential sector led to the increased demand for decorative paints and coatings in the residential applications segment.
Asia-Pacific is projected to lead the decorative paints and coatings market, in terms of value, during the forecast period, followed by Europe and North America. Rapid urbanization and increased construction activities are expected to drive growth in the Asia-Pacific region.
Source: MarketsandMarkets.
