Published: June 2018 | Report Code: CM11482 | Available Format: PDF | Pages: 138
APAC Paints and Coatings Market Overview
The APAC paints and coatings market was valued at $92.5 billion in 2017 and is projected to reach $148.4 billion by 2023, witnessing a CAGR of 8.3% during the forecast period. Expanding automotive industry, growing construction activities, and rapid industrialization are the major factors driving the growth of the market in the region.
APAC PAINTS AND COATINGS MARKET, BY RESIN TYPE, KILO TONS (2013-2023)
Paints and coatings are liquid or mastic compositions, which convert to a solid film after being applied upon a substrate in a thin layer. These are used for functional or decorative purposes.
Based on resin type, the APAC paints and coatings market is categorized into acrylic, polyester, polyurethane, epoxy, and others. Other resins include nylon, nitrocellulose lacquer, and polycarbonates. Of these, acrylic was the largest category in the market, accounting more than 40.0% volume sales in 2017. Acrylic paint is a fast-drying paint made of pigments suspended in acrylic polymer emulsion. It is water soluble, elastic, versatile, non-toxic, and water-resistant. These beneficial properties of the category are attributing to its high consumption in the market.
On the basis of formulation, the APAC paints and coatings market is categorized into water-based, solvent-based, powder coatings, and UV coatings. Water-based formulation accounted for more than 50.0% volume share in the market in 2017. This is ascribed to the high consumption of water-based industrial paints in machineries, storage tanks, piping, water treatment plants.
In terms of application, the APAC paints and coatings market is classified into architectural and decorative, industrial, and marine. During the historical period, architectural and decorative was the largest category in the market, with more than 48.0% volume sales in 2017. This is attributable to the wide use of painting and coating materials in the residential and non-residential architectural applications in the region.
The architectural and decorative category is further categorized into residential and non-residential applications in the APAC paints and coatings market. Of these, residential was the larger architectural and decorative application area in the market. Industrial applications are further categorized into automotive OEM, automotive refinish, wood, coil, can, manufacturing, and others in the market. Automotive OEM was the largest industrial application area in the market, with more than 30.0% contribution in terms of volume, in 2017.
China was the largest revenue generating country with a share of more than 60.0% in the APAC paints and coatings market in 2017. The growing construction activity and increasing expansion of good manufacturing facilities in the country are accelerating the market growth.
APAC Paints and Coatings Market Dynamics
Growing merger and acquisitions activities and rising demand for water-based coatings are the major trends identified in the APAC paints and coatings market. Expanding automotive industry and growing construction activities are the major drivers for the growth of the market.
Merger and acquisition activities by painting and coating manufacturers have increased over the recent years. For instance, in 2017, the Sherwin-Williams Company acquired the Valspar Corporation which is engaged in the production of paints and coatings. With this acquisition, the company is expected to expand its painting and coating product range, premier technology and innovation platforms, and extensive global footprint. Furthermore, in January 2018, PPG Industries Inc. announced to acquire ProCoatings B.V., a leading architectural painting and coatings wholesaler. With this acquisition, the company plans to leverage its business with even greater opportunities to support its customers and strengthen its presence in APAC.
Hence, the growing merger and acquisitions activities is the major trend witnessed in the APAC paints and coatings market.
Painting and coatings are widely used in automobiles for protection and aesthetic purposes. Various types of painting and coating products are applied over different automotive components as well as vehicle’s body, which improves their durability, efficiency, and resistance to environmental conditions. With the rapidly rising per-capita income in major developing countries such as China and India, the citizens in these nations are increasingly purchasing personal vehicles including cars. According to China Association of Automobile Manufacturers (CAAM), the sales of new vehicles in the country reached 28.88 million units in 2017. Hence, the expanding automotive industry is driving the APAC paints and coatings market growth.
Increasing raw material prices is expected to serve as a major constraint in the APAC paints and coatings market. The rising prices of raw materials such as pigments and resins result in additional investment in the production process of painting and coatings. Recently, the prices of raw materials such as epoxy and titanium dioxide rose significantly across APAC, which forced the leading producers to raise the prices of their products. Therefore, the upsurge in prices of raw materials is expected to hinder the growth of the market.
APAC Paints and Coatings Market Competitive Landscape
Some of the major players operating in the market of paints and coatings in APAC are Akzo Nobel N. V., PPG Industries Inc., The Sherwin-Williams Company, Berger Paints India Limited, Shalimar Paints Limited, Kansai Paint Co. Ltd., Chugoku Marine Paints Ltd., KCC Corporation, Nippon Paint Holdings Co. Ltd., Dulux Group Limited, and Asian Paints Limited.
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