Study Predicts Decorative Coatings Market to Reach $91.6 Billion by 2026
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.