The growth of the decorative paints & coatings market is mainly attributed to the expansion of the construction industry. This industry is anticipated to witness significant growth during the forecast period, due to rise in infrastructural developments, increase in population, and rise in standard of living.
Based on application, the residential segment is the fastest-growing application segment of the decorative paints & coatings market. This growth is mainly attributed to the increase in residential construction activities and the rise in home ownership rates in emerging markets. The residential segment of the decorative paints & coatings market has been further classified into new construction/new paint and reconstruction/repainting. New painting activities are mainly associated with newly build residential constructions, whereas, repainting/reconstruction activities are associated with offering a new look to an old and dilapidated building.
Based on resin type, the acrylic segment is projected to grow at the highest CAGR during the forecast period, due to their chemical characteristics and unique aesthetic properties. These resins encompass properties such as durability, exceptional weather ability, waterproofing, and excellent electrostatic characteristics. Acrylics are available as emulsions (latex), lacquers, enamels, and powders. In addition, acrylic-based paints possess good color and gloss retention, along with durability and protection from degradation.