The APAC paints and coatings market size is expected to advance at a CAGR of 5.90% during 2022–2030, to reach USD 133.03 billion by 2030. This can be ascribed to the expanding construction industry, the surging requirement for such products in the oil and gas industry, the rising demand for automobiles, and the increasing consumer spending.
In the Asia-Pacific region, the Chinese market was the largest, with a share of 58%, in 2022. This can be attributed to the high electronics production in the country; it is actively participating in the manufacturing of electronic products, such as TVs, smartphones, wires, portable computing devices, cables, gaming systems, and smartwatches; and the increased production of automobiles. These factors drive the consumption of coatings and paints in China.
Furthermore, the Indian market is growing significantly because of the increasing investments by the government in infrastructure projects. For instance, in March 2021, a bill was passed by the parliament for the development of infrastructure. According to this, the National Bank for Financing Infrastructure and Development funded USD 2.5 billion for different infrastructure projects. It is also projected that more than 40% of the population will start living in urban areas by 2030. These are the factors driving the growth of the market in the country.
These products are used in the oil and gas industry, as these have high thermal stability, in addition to corrosion and chemical resistance. The use of epoxy coatings in oil and gas recovery pipelines helps enhance the latter’s durability, by providing them with resistance against high temperatures, chemicals, and corrosion. In addition, these coatings have the unique ability to cope with the high impact created by the oil fluids containing solid particulates, such as sodium chloride, potassium chloride, dirt, and grease, moving through pipelines. Owing to these advantages of paints and coatings, their demand is increasing in the oil and gas industry, which, in turn, is contributing to the market growth.
Due to the trend of using chemicals that are less dangerous to the environment, bio-based glycerin/glycerol and vegetable-oil-based derivatives are being used instead of petroleum-derived compounds, such as epoxy and polyurethane. Bio-engineered additives can be successfully incorporated into paints and coatings to provide a variety of active functions and responses, in addition to protection and decoration. Polymers, enzymes, and reactants are combined to form a single macroscopic phase, to make functional coatings. Thus, the usage of non-renewable resources, including crude oil, has been curtailed and substituted by vegetable oil-based solutions.
The most-significant APAC paints and coatings market players are Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., Asian Paints, Avian Brand, Shalimar Paints Limited, Berger Paints India Limited, and Chugoku Marine Paints Ltd.