Global Decorative Coating Market Set to Exhibit Rapid Expansion in Future
The increasing
construction activities and infrastructural development projects, on account of
the soaring population and urbanization, is one of the major factors fuelling
the rise in the demand for decorative coatings across the world. For instance,
according to the United Nations Department of Economic and Social Affairs, the
current global population is predicted to rise to 8.6 billion by 2030, 9.8
billion by 2050, and 11.2 billion by 2100, registering an increase of almost 83
million people every year. This will consequently propel the infrastructural
development activities, which will, in turn, boost the need for decorative
coatings across the globe.
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The other major factor pushing the demand for decorative coatings is the increasing disposable income of the people in several countries. The increasing per capita income of people increases their spending power, which in turn, enhances their ability to go for renovation work or various construction activities for infrastructural development, thereby fuelling the growing demand for decorative coatings. Due to these factors, the global decorative coating market is expected to register huge growth over the next few years.
Decorative coatings are basically defined as the paints applied on both interior and exterior surfaces in order to enhance the aesthetic appeal of the building and also, to provide a protective layer that guards the building surface against fading, blistering, ultraviolet (UV) radiation, moisture, corrosion, chalking, peeling, and bacteria. They are widely used in construction activities on account of their anti-graffiti, anti-microbial, anti-slip, fire-resistant, and urine-repellant characteristics.
The biggest rage presently being witnessed in the decorative coating market is the rising popularity of water-based low volatile organic compound (VOC) paints and coatings. This is mainly ascribed to the fact that the various traditionally used coatings such as ammonia, formaldehyde, and toluene react with the oxides of nitrogen, after evaporation, and form ozone, which then causes the ‘sick building syndrome’ and numerous types of health problems. Geographically, Asia-Pacific (APAC) is currently observing the highest usage of decorative coatings, owing to the fact that it is one of the largest manufactures of coated goods in the world.
