The Global Decorative Paints and Coatings market has undergone a drastic change in the past few decades, however still it has managed to maintain a moderately optimistic growth. Moreover, decorative paints and coatings market size is expected to maintain the average CAGR of xx% and reach xxxx million $ mounting from xxxx million $ over the forecast period. The rising consumption of nanocoating is the current trend acquiring the decorative paints and coatings market momentum. In addition, using ingredients, like nanoparticles, in water-based decorative paints and coatings, is an innovative concept driving the market all across the globe.
Moreover, various manufacturers are motivated to use water-soluble decorative paints and coatings as these are green trends enhancing economic development. Thus, the intensifying awareness among the populous for using eco-friendly products is fueling the growth of the market. Water-based paint and coatings offer durability, dries quickly, emits lesser volatile organic compounds (VOC) as well as have less stench.
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Demographic segmentation of global decorative paints and coatings market is led by Asia-Pacific region with a substantial share because it has a number of developing economies including China, Vietnam, India as well as Bangladesh, as these areas are investing under new building constructions. Since, decorative paints go along with constructions and renovations of new houses and industries, thus developing economies will have higher growth opportunities for the market.
Regardless of funding gaps in certain regions like Indonesia, Vietnam & Philippines the nonresidential construction business is predictable to record a notable growth at a faster pace on account of the government ventures for instance sea ports, power & transport. Further, Asia Pacific is closely followed by the Latin America, where Mexico, Brazil, Argentina among others impel the demand for decorative paints and coatings in both the residential as well as the non-residential or commercial housing segments.
Besides, there are several initiatives taken by certain prominent players towards development, for instance:
• AkzoNobel stated their plans to separate the specialty chemicals business from paints and coatings and sell it to an affiliate of the AkzoNobel Group for more than 300 crore in November 2017. The intention of the company behind this separation was to create two focused as well as different businesses.
• Sherwin Williams, a global leader in paints and coating manufacturing, sale, development and distribution acquired the Valspar, also one of the prominent market participant. The process was completed under the terms of merger agreement in June 2017.
The global decorative paints & coatings market is majorly ruled by ten key participants, acquiring more than 80% of the total market share. In addition, prominent players operating in the market across the globe include The Sherwin-Williams Company, AkzoNobel, PPG Industries, Kansai Nerolac Paints, Asian Paints, Arkema, Benjamin Moore, BASF, Berger Paints, Masco Corporation, DowDuPont, DuluxGroup, DAW SE, NIPPON PAINT, Cromology. Furthermore, some other players include Dunn-Edwards, Nuplex Industries, Ring International, NOROO Paint & Coatings and Tikkurila.
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