2014-02-19 10:27:02 - Innovation in Decorative Paint - a new market research report on companiesandmarkets.com
Value sales in the global decorative paint market were worth US$31.1 billion in 2012, up by 8% on the previous year. An acceleration in the rate of growth in the US market (to 7% in 2012) as its economy continued to normalise in the wake of the great recession was a contributor to this. In contrast, many Western European markets saw sales decline during 2012, with Italy (-2%) and Spain (-3%) particularly hard hit. The nine highest rates of growth during 2012 were all posted by emerging markets.
Consumers are increasingly concerned with health and wellness, and want to make their homes safer. Products with fungicidal, anti-bacterial or antiseptic qualities, that absorb pollutants or are allergy-friendly are proliferating.
In emerging markets,
price remains the key factor in the purchasing decisions of the bulk of consumers, with value-added products of appeal to a small, but growing, segment of the market.
A return to heritage, tradition and craftsmanship has been a feature of the recession in many markets, and this is also having an impact in home paint, with some brands emphasising their heritage.
Housing market turnover has a strong positive correlation with sales of home paint. In the US market, an incipient housing recovery is fuelling demand for paint and making consumers more receptive to value-added products.
With consumer confidence in Western Europe extremely weak, value is increasingly a top priority for many consumers. Private label and multifunctional offerings are benefiting from this.
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