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The rise in demand for water-based paints is expected to contribute to the growth of decorative paints market during the forecast period.
November 8, 2023
By: DAVID SAVASTANO
Editor, Ink World Magazine
According to the latest The Insight Partners study on “Decorative Paints Market Forecast to 2028 – COVID-19 Impact and Global Analysis – Type (Water Based and Solvent Based) and Application (Residential and Non-Residential),” the market was valued at US$74.09 billion in 2019 and is projected to reach US$ 121.53 billion by 2028; it is expected to grow at a CAGR of 5.7% from 2020 to 2028. Europe held the second-largest share of the decorative paints market in 2019, and it is estimated to register the highest CAGR in the market during the forecast period. The rise in the number of infrastructure projects due to the increasing investments and economic recovery is driving the European market. Construction activities in countries such as France, the UK, and Germany are further expected to contribute to the market growth. Water-based paints are known to benefit through better durability, low odor, minimal volatile organic compound (VOC) emission, and faster drying time. Water-based paints are considered as an effective alternative to different types of paints that incorporates the use of VOCs such as hydrocarbons, which may harm the environment. Also, water-based paints are known to provide high color retention over time. These characteristics made them ideal in several residential and commercial applications. The growing focus one environment sustainability, along with strict government regulations to minimize the use of harmful substances, is triggering the demand for water-based paints. Thus, the rise in demand for water-based paints is expected to contribute to the growth of decorative paints market during the forecast. Based on type, the decorative paints market is segmented into water-based and solvent-based. In 2019, solvent-based paint segment accounted for more than one-third of the global decorative paints market. The solvent-based decorative paints mostly include organic compounds as solvents. These compounds provide a hard and durable finish that resists scratches and abrasions on the wall. Based on application, the decorative paints market is segmented into residential and non-residential. The non-residential segment is anticipated to grow at a higher CAGR in the market during the forecast period. This sector includes commercial spaces such as for restaurants, factories, offices, cafes, schools, hospitals, and retail stores.
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