Because of the surging population across the world, the infrastructure and construction activities have been increasing rapidly. As per the United Nations Department of Economic & Social Affairs, the global population is projected to reach 8.6 billion by 2030, rising from the current number of 7.6 billion. In addition to this, the spending power of people is increasing as well, which is why they are increasingly focusing towards renovating their houses. The application of paints and coatings on finished houses and building is quite normal, since they protect the structure from harsh weather conditions, while providing them an enhanced aesthetic appeal.
Attributed to this, the demand for decorative coatings and paints is increasing around the world. These paints and coatings guard the surface against corrosion, chalking, peeling, fading, moisture, blistering, bacteria, and ultraviolet radiation. Decorative paints and coatings are available in a number of colors in order to cater to the needs of different industries, including both commercial and residential. Owing to these advantages, the global decorative coating market is projected to advance at a significant rate in the coming years. The different resin types utilized for the production of decorative coatings are epoxy, acrylic, polyurethane, and acrylic.
Out of all these, a considerable demand is predicted to be generated for acrylic-based decorative coatings in the near future. This is fact that acrylic adds strength to the paint, provides water solubility while wet and durability, has the ability to be cleaned easily using water and soap, emits no fumes, is non-flammable in nature, and is compatible with non-toxic thinners. The three product types of decorative coating are enamel, primer, and emulsion, among which, the demand for emulsion is expected to be substantial in years to come. This is because emulsion is water-based, dries comparatively quickly, provides larger coverage area on the surface, smells less, and is easily applicable.
In addition to this, these coatings are further preferred owing to their glossy finish and washable and heat resistant nature. Between water-based and solvent-based, the demand for water-based decorative coatings is projected to be higher in the coming years. The major reasons for this are that these coatings are environment-friendly in nature, can utilized over existing oil-based coatings, and provide good retention over time. Between commercial and residential applications, a considerable demand for decorative coatings is predicted to be created for residential applications in the near future.
This can be attributed to the rapid migration rate from rural to urban areas and rising home ownership rate. Geographically, Asia-Pacific is projected to emerge as a major decorative coating market in the coming years, owing to the fact that the region is a leading manufacturer of coating products for various countries, primarily the U.S. and Western European countries. Apart from this, the demand for decorative coatings is also expected to increase in Europe in the near future due to the rising domestic consumption of paints and coatings and improving living standard of people.
In conclusion, the surging population and rising disposable income of people are driving the demand for decorative coating.
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