Market Statistics
| Study Period | 2019 - 2030 |
| 2024 Market Size | USD 96.91 Billion |
| 2030 Forecast | USD 133.03 Billion |
| Growth Rate (CAGR) | 5.4% |
| Largest Country | China |
| Fastest-Growing Country | India |
| Nature of the Market | Fragmented |
APAC Paints and Coatings Market Size
Growth Forecast
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APAC Paints and Coatings Market Future Prospects
The APAC paints and coatings market size stood at USD 96.91 billion in 2024, and it is expected to grow at a CAGR of 5.4% during 2024–2030, to reach USD 133.03 billion by 2030. This is primarily ascribed to the growing construction industry, increasing demand for automobiles, surging need for paints and coatings from the oil and gas industry, and rising consumer spending in the region.
Moreover, the industry is expected to grow significantly during the forecast period, owing to the increasing demand for such products for the renovation and repair of commercial and residential buildings, and the rising government and foreign investments in the construction and automotive sectors. Also, the demand for automobiles in the region is increasing, on account of rapid urbanization, rising disposable income, and changing lifestyle, which is driving the need for paints & coatings, as these are widely used in automobile applications.
The advent of nanotechnology has revolutionized the formulation of paints and coatings. Apart from developing zero or low-VOC formulations, industry players have leveraged this technology to develop nano paints and coatings, which have superior characteristics such as water/dirt repulsion, microbial resistance, and scratch resistance. This has resulted in the introduction of ceramics or metals in various types of formulations.
Some of the recent formulations developed using nanotechnology conduct electricity and have UV protection and self-healing properties. Apart from these, they are also highly resistant to scratches, marks, and corrosion. Hence, the introduction of such advanced technology is expected to provide growth opportunities to players operating in the industry.
APAC Paints and Coatings Market Trends & Drivers
Growing Construction Industry Drives the Market
The construction industry is growing at a significant pace in China, India, Australia, and Japan, owing to the rising population and increasing urbanization. This has resulted in surging investment in construction projects, such as hotels, apartments, offices, retail centers, and civic infrastructure. For instance, the construction output in India grew by an average of 4.42% from 2005 to 2022. Such growth in the construction industry is driving the demand for decorative coatings in the APAC region.
Furthermore, governments of several countries are funding the development and improvement of infrastructure. This will increase the demand for these products in order to provide aesthetic benefits. Additionally, the changing lifestyle of people has resulted in the rising need for sophisticated housing, which has further fueled the expansion of the paints and coatings market.
Asia-Pacific Paints and Coatings Market Analysis
Water-Borne Category Holds Maximum Share
Based on technology, the water-borne category accounted for around 48% revenue share in the market in 2022, and it is expected to grow substantially during the forecast period as well. This is mainly attributed to the increasing demand for these coatings from several automobile and furniture manufacturers, owing to their cost-effective nature and superior adhesion properties.
Furthermore, the growing spending in the construction sector and the rising demand for eco-friendly products boost the market growth in this category. Also, this type of paint dries faster due to the rapid evaporation of water, which makes it suitable for confined and poorly ventilated spaces.
On the other hand, the UV category is expected to witness the fastest growth during the forecast period, owing to the increasing adoption of these variants in the aerospace industry. This is because they offer high reactivity, rapid curing, long shelf-life, low-temperature processing, virtually no volatile organic compound (VOC) emission, high hardness, and abrasion resistance. Moreover, UV curing technology can be used in industrial finishing areas, such as wood coating, automotive coating, wire coating, packaging coating, metal decorative coating, and floor finishing.
Acrylic Formulation Dominates the Market
Acrylic formulation dominated the market with a revenue share of around 40% in 2022. This is due to the properties of acrylic compounds, such as highly soluble, elastic, versatile, non-toxic, and water resistant, which lead to the high demand for paints and coatings with this formulation. Moreover, the acrylic formulation possesses properties, such as optical clarity, thermoplastic nature, excellent dimensional stability, and weather/UV resistance.
In addition, the implementation of stringent regulations and rising awareness about VOC contents are expected to be the major factors driving the need for water-based products, which, in turn, drive the demand for acrylic resins.
Architectural Coating Application Generated the Highest Demand
Architectural coating has wide application areas, owing to the rapid growth in the population across the globe, which has resulted in an increasing demand for such products for residential and commercial construction projects.
The industrial coatings market is classified into automotive OEM coatings, other transportation coatings, wood finishes, powder coatings, coil coatings, packaging finishes, and general industrial finishes. Among all, the general industrial finishes category held the largest volume share in 2022. This is attributed to a large number of manufacturing plants across the world.
The special coatings market is classified into automotive refinish coatings, protective coatings, and marine coatings. Among these, the protective coatings category contributed a significant revenue share to the market in 2022. This is attributed to the high demand for protective paints and coatings from the construction industry, to protect residential structures against corrosion.
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Geographical Analysis
China Leads the Industry
In the APAC market, China accounted for the largest revenue share, of 58%, in 2022. This is attributed to the rising construction activities, the surging number of manufacturing plants, and the increasing production of automobiles in the country. For instance, the Shanghai Chip Manufacturing plant, the project involved the construction of a 12-inch wafer manufacturing plant, which started in 2022 and is expected to be completed by 2024.
The demand for the construction of new hospitals and healthcare facilities is also rising because of the increasing aging population in the country. Moreover, various structural changes in the economy of China in the last few years include the service sector taking a larger share of the total GDP and increased construction of a large number of offices and commercial spaces. In addition, the growth of the market in the country has been majorly propelled by several developments in the commercial and residential construction sectors endorsed by the rising economy.
Market Breakdown
This fully customizable report gives a detailed analysis of the APAC paints and coatings industry from 2019 to 2030, based on all the relevant segments and geographies.
Based on Technology
- Water-Borne
- Solvent-Borne
- High Solids
- Powder Coatings
- Ultraviolet (UV)
Based on Formulation
- Acrylic
- Polyester
- Polyurethane
- Epoxy
Based on Application
- Architectural Coatings
- Residential
- Non-residential
- Industrial Coatings
- Automotive original equipment manufacturer (OEM) coatings
- Wood finishes
- Powder coatings
- Coil coatings
- Packaging finishes
- General industrial finishes
- Other transportation coatings
- Special Coatings
- Automotive refinish coatings
- Protective coatings
- Marine coatings
Based on Country
- China
- India
- Japan
- South Korea
Top APAC Paints and Coatings Companies
- Kansai Paint Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- Asian Paints
- Avian Brands
- Shalimar Paints Limited
- Berger Paints India Limited
- Chugoku Marine Paints Ltd.
Frequently Asked Questions About This Report
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