The decorative paints and coatings market size was valued at USD 126.8 billion in 2021 and is expected to grow at a significant CAGR of 5.5% during the forecast period from 2022 to 2028. The global market provides a detailed overview of the market and that can be segmented by technology, product type, resin type, application. By Technology, the decorative paints and coatings market has been segmented into Water-Based, Solvent-Based. The Water-Based segment is likely to hold the largest and fastest-growing segment in terms of technology. Based on product type, the market is segmented into emulsions, wood coating, enamels, distempers and others. Among these, the Emulsions segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on resin type, the decorative paints and coatings market is segmented into Acrylic, Alkyd, Polyurethane, and Others. Acrylic is expected to dominate the market in the future. Based on Application, the market has been segmented into Residential Construction, Non-Residential Construction. Residential Construction segment expected to grow at the highest CAGR over the forecast years according to Precision Business Insights.
In December 2019, AkzoNobel acquired Mauvilav Industries Limited, a paints and coatings company in Les Pailles, Mauritius, in East Africa to strengthen its portfolio in decorative paints segment.