Steady Growth Forecast For Decorative Paints

The global decorative paints market size is expected to exceed US$57.8 billion in 2021, and projected to surpass $87.8 billion by 2031, says a report from Future Market Insights (FMI). Increasing construction of commercial, residential, and institutional buildings across the world is driving the market. Sales of decorative paints grew at a compound annual growth rate (CAGR) of 1.8 per cent between 2016 and 2020. Increasing disposable income, growing standard of living, and rising infrastructural spending by consumers to enhance the aesthetic appeal of their homes are some of the primary factors behind the demand for decorative paints. Driven by this, the sales in the decorative paints market are expected to rise at 4.3 per cent CAGR through 2031.