DUBAI, U.A.E., Nov. 18, 2021
The latest research on the decorative paints market by FMI provides detailed analysis of key factors and opportunities augmenting growth in the market. The decorative paints industry analysis uncovers critical trends driving sales across segments in terms of product type, formulation, application, and sales channel.
DUBAI, U.A.E., Nov. 18, 2021 /PRNewswire/ -- As per a recent survey by FMI, the global decorative paints market size is expected to top US$ 57.8 Bn in 2021. Increasing construction of commercial, residential, and institutional buildings across the world is driving the market. On account of this, the decorative paints market is projected to surpass US$ 87.8 Bn by the end of 2031.
Sales of decorative paints grew at a CAGR of 1.8% between 2016 and 2020. Increasing disposable income, growing standard of living, and rising infrastructural spending by consumers to enhance the aesthetic appeal of their homes are some of the primary factors facilitating the demand for decorative paints. Driven by this, the sales in the Decorative Paints Market are expected to rise at 4.3% CAGR during the forecast period 2021-2031.
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Owners of commercial spaces such as hotels, restaurants, and malls are increasingly focusing on improving their interiors to create a warm and welcoming ambiance for increasing customer footfall. In addition to this, expansion of the construction sector due to the trend of urbanization across India, China, and other countries is estimated to propel the demand for decorative paints at a year-on-year growth of 4% through 2021.
On the basis of formulation, the emulsion-based decorative paints segment is projected to account for more than half of the overall revenue share in the market. The primary factor favoring the growth in the segment is the ability of these paints to provide a range of finishes such as silk, flat matt, statin, gloss sheen, and others on substrates as per the customer requirement.
"Leading manufacturers are investing in research and development (R&D) activities to develop new paints with light absorption, insulation reflection, and anti-skid properties to protect walls from temperature change, moisture, and ultraviolet (UV) radiations. These efforts are expected to bode well for the market," says a FMI analyst.
Key Takeaways from Decorative Paints Market Study
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Key participants in the global decorative paints market are the Sherwin-Williams Company, PPG Industries, Akzo Nobel N.V., RPM International, Nippon Paints and Asian Paints. As per FMI, these players are estimated to account for nearly 41% of total sales in 2021.
Leading companies are focusing on adopting inorganic strategies such as mergers, acquisitions, and collaboration to expand their production capacity and enhance their product portfolio. Some of the players are also aiming at product development by investing in research and development activities to boost their market presence. For instance,
Some of the key players operating in the market profiled by FMI are:
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More Valuable Insights on Decorative Paints Market
The latest report published by Future Market Insights (FMI) offers a detailed analysis on the global decorative paints market, forecast sales and demand growth for the assessment period 2021-2031. The study reveals growth projections in decorative paints market with detailed segmentation:
By Product Type:
By Sales Channel:
By Product Type:
By Sales Channel:
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Key Questions Covered in the Report
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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