The Exterior Decorative Materials Market Is Expected To Grow Around 5.4% Over The Decade


NEW YORK, January 25, 2022 /PRNewswire/ — The global exterior decorative materials market is expected to experience a growth rate of around 5.4% over the decade. The growth of the market is expected to be attributed to the rise in urbanization, growth in the construction industry, and growth in living standards across all regions.

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The growing demand for window frames and exterior doors will drive the market over the coming years owing to the increase in the construction of residential, institutional and commercial buildings, especially in developing countries. Increase in population in the Asia Pacific region and Africa also benefits the rate of consumption as population growth requires more living space.

Growth in per capita spending over the past few years has boosted the market. People all over the world had invested significantly in interiors and exteriors. Moreover, this spending is expected to continue as personal net income continues to rise.

The COVID-19 pandemic had a significant impact on market growth in 2020 due to nationwide shutdowns and movement restrictions. This has put a hold on the construction industry and also on the decoration industry. Due to the halt in the construction of residential, commercial and institutional buildings, the consumption of exterior wall materials, furniture and flooring has also decreased.

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Key insights from market research

  • Global demand for decorative exterior materials is expected to reach a value of US$432 billion by 2031.

  • North America is expected to remain one of the key markets, accounting for around 23% of the global market share.

  • The automotive exterior segment is expected to grow at a CAGR of 5.4% over the decade.

  • The market in India is expected to grow significantly over the next ten years.

  • The commercial segment is expected to remain a key end user and account for over 50% market share by value.

“Major market players are focusing on strategic expansions and innovations in decorative exterior materials industry to increase their annual revenue,” says an analyst from Persistence Market Research.

Competitive landscape

The global exterior decorative materials market has been identified as a fragmented space due to the large presence of key market players along with a large number of small and medium players.

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Some of the major market players included in the report are LX Hausys Ltd., Klöckner Pentaplast Group, OMNOVA Solutions, Inc., ERGIS SA, AVERY DENNISON CORPORATION, Folienwerk Wolfen GmbH, Mondoplastico SpA, RENOLIT, AVI Global Plast Pvt. Ltd., Hanwha L&C, Fine Decor GmbH, RTP Company, Inc., Covestro AG, LyondellBasell Industries Holdings NV, PROTECHNIC SA, Mitsubishi Chemical Corporation, EI du Pont de Nemours and Company, Schüco International KG and Saint Gobain SA Market major players are expected to maintain a competitive environment across the globe.

Major market players are focusing on expansion through acquisitions, collaborations, and entry into emerging economies. They also focus on launching innovative new products associated with low carbon emissions.

In September 2021Schüco International KG has reached an agreement to acquire a majority stake in the facade manufacturer Alufit.

Conclusion

The global decorative exterior materials business is expected to witness a significant growth rate owing to the growth in the construction sector and the increase in per capita expenditure.

Rising urbanization is driving the construction of more residential and commercial buildings, which has boosted the demand for siding, flooring, furniture, doors and windows. In addition, the increase in per capita income also stimulates the demand for vehicles, which increases the consumption of paints, coatings and laminates used in cars.

Several market players are focusing on strategic expansions and partnerships to increase their global footprint. The major players are focusing more on increasing their investments in research and development to meet the growing demand from end users.

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More valuable information about the offer

Persistence Market Research, a research and advisory firm, has published a new market research report on the global decorative exterior materials market which contains 2016-2020 industry analysis and opportunity assessment for 2021-2031.

The report provides an in-depth analysis of the market across different segments, namely application, end-use, and region. The report also provides supply and demand trends along with an overview of the parent market.

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