DUBLIN – Research and Markets has released a new report that projects the decorative coatings market will grow from $71.3 billion in 2021 to $91.6 billion by 2026, with a compound annual growth rate of 5.1% between 2021 and 2026. Environment-friendly characteristics, durability and better aesthetic appearance are driving consumption of decorative coatings in various applications.

In terms of both volume and value, the residential market is expected to be the largest application segment between 2021 and 2026. Economic growth and higher incomes in the last few years have resulted in the construction of new homes and the remodeling of old ones, adding to demand. Decorative coatings for residential construction applications include new paint and repainting. These coatings mainly include architectural and functional products, such as paints, stains, lacquers, primers and cleaners.

Polyurethane is expected to be the fastest-growing resin segment, in terms of volume, between 2021 and 2026. Polyurethanes are versatile materials that can be tailored to achieve the required hardness, cure speeds, viscosities, and mechanical and thermal properties for many different applications. Polyurethane resins impart toughness and abrasion resistance to wood coatings, floor finishes and coatings for other demanding applications. Other applications where polyurethane coatings can be used are heavy-duty exterior and interior structures, paper mills, power plants, offshore structures, oil field machinery, exterior surfaces of steel tanks, handrails, conveyors, and chemical processing equipment.

The report projects that APAC will be the largest and fastest growing market for decorative coatings during the forecast period. The region has witnessed significant economic growth over the last decade. APAC encompasses a diverse range of economies with different levels of economic development and multiple industries. A high economic growth rate and heavy investment across industries, such as building and construction and furniture, contribute to this trend. Key players are expanding their decorative coatings production in APAC, especially in China and India, due to advantages such as the low cost of production and the ability to better cater to emerging local markets.

The report, Decorative Coatings Market Resin Type (Acrylic, Alkyd), Technology (Waterborne, Solvent-borne, Powder), User Type (DIY, Professional), Coating Type (Interior, Exterior), Application (Residential, Non-Residential), and Region — Global Forecast to 2026, is available now from Research and Markets.