The APAC paints and coatings market is projected to reach $148.4 Billion by 2023, the market growth in the region is driven by the increasing demand for paints and coatings solutions from the automotive, electronic, and construction industries, according to P&S Market Research.
Insights into market segments
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, the volume sales of polyurethane are expected to exhibit the fastest growth in the market, witnessing a CAGR of 8.3% during the forecast period. Polyurethane offers strength and beauty and is the ideal choice for all residential and commercial interior projects. Hence, with expanding construction activities, the demand for polyurethane is also expected to increase in the coming years.
On the basis of formulation, the APAC paints and coatings market is categorized into water-based, solvent-based, powder coatings, and UV coatings. During the forecast period, the fastest growth in volume sales is expected in the UV coatings category, with a CAGR of 8.8%. These coatings have certain advantages over other types, such as reduced environmental impact, zero pot life issues, rapid cure speed, and low energy costs. This increases its demand in industries such as aerospace, wood works, and shipping, thus driving the market growth.
Browse report overview with detailed TOC on "Asia-Pacific (APAC) Paints and Coatings Market by Resin Type (Acrylic, Polyester, Polyurethane, Epoxy), by Formulation (Water-Based, Solvent-Based, Powder Coatings, UV Coatings), by Application (Architectural & Decorative, Industrial, Marine), by Country (China, Japan, India) – Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/apac-paints-and-coatings-market
In terms of application, the APAC paints and coatings market is categorized into architectural and decorative, industrial, and marine. During the forecast period, the volume sales of paintings and coatings are expected to witness the highest growth for industrial application, with a CAGR of 7.5%. Increasing demand for paints and coatings solutions from industries such as consumer goods, automotive, and machinery manufacturing is driving the market growth.
India is expected to emerge as the fastest growing market
Of all countries in the APAC paints and coatings market, the fastest growth during the forecast period is expected in India. Expanding construction industry coupled with increasing government and private spending on commercial and residential construction applications is expected to increase construction activities in the country, which in turn is likely to boost the market growth. For instance, the Airport Authority of India is planning to develop city-side infrastructure at 13 regional airports in the country.
Emerging economies to serve as lucrative market
Countries such as China, India, Indonesia, and Malaysia have witnessed rapid economic transformation in the past few decades. Majority of these nations have a large and rapidly growing middle-class population. These factors make these developing countries a suitable paint and coatings market. As these countries are home to fast-growing construction and automotive industry, an increase in the consumption of paint and coatings is expected from these. Hence, developing countries with a high economic growth rate will continue to bolster the market of paints and coatings in APAC in the coming years.
APAC Paints and Coatings Market Competitive Landscape
Some of the major players operating in the APAC paints and coatings market 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.
APAC PAINTS AND COATINGS MARKET SEGMENTATION
By Resin Type