Decorative coatings or architectural coatings are the finishes and paints that are applied on commercial and residential buildings. They are mainly used to add colors to the room and make them attractive and fresh and to serve as protection from moisture, corrosion, bacteria and UV radiation. The decorative coatings have various applications such as interior and exterior house paints, primers, sealers, varnishes and stains. In recent years the beauty of products in terms of looks and appearance and its aesthetical Values are important in making the product stand out of the other products. Based on the type of architectural coating the market can be segmented into exterior water based coatings, interior water based coatings, exterior solvent based coatings, interior solvent based coatings, architectural lacquers and other architectural coatings.
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In 2012, architectural coatings dominated the global coatings market, accounted for the single largest share in value terms. The mushrooming of office buildings, housing complexes and shopping malls all over the world drive the growth of decorative coatings market. The decorative coating market is driven by high investments and growth in construction and furniture sector. The growing consumer interest in aesthetics and home decoration and the improving standards of living are fueling the demand for architectural coatings. The market share of decorative coatings in the overall coatings market increased as compared to other segments. In the emerging economies consumers are becoming increasingly westernized in terms of increased living standard, while the recession still shows an impact in many developed western economies, where the growth rates of the market have declined. In emerging markets, the large chunk of consumers are becoming price sensitive, forcing the manufacturers to focus on innovative and customized products.
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Some of the major challenges faced by the decorative coatings industry is the stringent regulations regarding the usage of toxic chemicals in coatings and has forced decorative paint formulators to seek for environmentally friendly and innovative solutions. Various factors such as the environment regulations, health and wellness concern, technology and convenience, are playing an increasingly important role in the global decorative coatings market. The growing end-users awareness of the advantages of reduced volatile organic compounds (VOC) emissions has hasten the consumption of water-based decorative coatings and are expected to replace solvent-based products in interior applications. Some of the key players in this market include Akzo Nobel NV, PPG, Dulux, Dow Chemical, Sherwin-Williams, BASF and DuPont etc.
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