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The Asia Pacific coatings market is characterized by a changing business environment influenced by various factors. It comprises countries such as China, India, Japan, South Korea and others which have seen significant growth in their coatings industry owing to different triggers. One of the main dynamics shaping this market is the rapid economic growth being experienced in numerous APAC nations. The result of these expanding economies has been a surge in demand for coatings across key segments including construction, automotive and industrial applications among others. There is also a rising middle class population in countries like China and India which has led to higher levels of demand for residential as well as commercial properties hence increasing the consumers’ need for paints.
Also, fast urbanization and industrialization have had a great impact on the Asian-Pacific coatings markets. In addition to infrastructure programs that are coming up with urbanization, there has been an upsurge on requests concerning coats used in safeguarding homes against environmental problems due to ongoing construction boom within these areas. Furthermore, cars remain one of major drivers behind the region’s market for coats. As people’s incomes rise or their lifestyles change they may tend to buy more vehicles leading to increase demand for coats both aesthetically and protective.
Besides economics and industry, environmental rules and sustainability concerns also play a main part in shaping the coatings market dynamics of Asia Pacific. Governments and regulatory institutions are tightening the screw on environmental norms hence pushing manufacturers be creative by developing environmentally friendly low VOC (volatile organic compounds) coatings. This shift towards sustainable approach is not only congruent with international environmental goals but it also suits preferences of consumers with ecological awareness.
The competitive landscape further adds to the complexity of market dynamics in the Asia Pacific coatings sector. The presence of both local and international players makes it a dynamic market characterized by innovation, quality, and price competition. Local manufacturers usually concentrate on cost-effective solutions to meet the price-sensitive market demand while multinational companies bring in advanced technologies and high quality products satisfying more demanding customers.
Furthermore, technological innovations as well as research and development initiatives contribute immensely towards shaping this industry’s dynamic nature. Such investments enable companies come up with coatings that possess enhanced performance properties which include durability, resistance to corrosion besides easy application. For example nanotechnology find applications in coating technology leading to nanocoatings that have unique properties hence contributing to enhancement of functionality as well as longevity.
Moreover, external factors such as global trends, raw material prices fluctuations among others impact on Asia pacific coatings market. Changes in key raw materials prices such resins and pigments lead to variations in overall production costs consequently impacting on pricing strategies for coatings within markets. Geopolitical events can affect availability of raw materials influencing accessibility into markets thus affecting industry player’s strategies.
Asia Pacific Coatings Market Highlights:
Asia Pacific Coatings Market Overview
Asia Pacific Coatings Market Size was valued at USD 35.2 Billion in 2022. The coatings market industry is projected to grow from USD 37.24 Billion in 2023 to USD 58.467 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2023 - 2032). The expansion is mainly attributed to market drivers boosting the market, including the expanding building sector, rising auto sales, the oil and gas industry's soaring need for paints and coatings, and increased consumer expenditure in the area.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Coatings Market Trends
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Growing Requirements from the Architecture Sector to Accelerate Market Growth
Architectural coatings are used to adorn and safeguard surface elements. Homes and structures are coated with them. The majority are made specifically for one use, such deck finishes, wall paints, or roof coatings. Every architectural coating, regardless of use, needs to have specific protective, long-lasting, and attractive qualities. Moreover, architectural coatings are employed in commercial settings, including shopping centers, office buildings, warehouses, retail convenience stores, and residential structures. Sealers and specialist products are examples of such coatings that can be applied to interior and exterior surfaces. Furthermore, most homeowners like the color they choose for the walls in their living room and bedroom. As a result, acrylic paints are recommended since they provide an extensive range of color and tone options. Thus, the expansion of the building sector has made the Asia-Pacific area the largest market for architectural coatings. For instance, in the upcoming years, the Indian government is pushing for significant projects. By 2022, the government hopes to have more than 20 million affordable homes built for the urban poor under its Housing for All plan. This might give home building a big boost.
The coatings save energy and material resources by shielding and preserving the substrates that are painted over. Businesses regularly consider the sustainability factor when conducting their operations. Reducing volatile organic compounds (VOCs) in relation to energy and resource conservation, process efficiency enhancement, renewable materials, and waste minimization are the main priorities. For instance, DSM provides paints using a vegetable resin called Decovery. By substituting crude oil, recovery ingredients have a lower carbon footprint—up to 34%—and are safe. They also have low volatile organic compounds (VOCs), which enhance and safeguard both indoor and outdoor air quality. As a result, the business concentrates on eco-friendly solutions and changing the coatings sector from solvent-based to waste-based. Thus, driving the coatings market revenue.
In February 2024, Grasim Industries, the leading corporation of the Aditya Birla Group, entered the paint industry by introducing their eagerly awaited brand, Birla Opus. This action heightens competition in the decorative paints industry, which is presently controlled by prominent companies such as Asian Paints and Berger. The group, headquartered in Mumbai, has the objective of becoming a profitable second-ranking company in the near future. During the company's Annual General Meeting (AGM), Birla articulated the group's aspiration to attain a lucrative second place in the paints market in the upcoming years. As part of its marketing plan, the company is retailing its paint cans equipped with a QR code. By scanning the code, customers will be motivated to receive a 10% discount, while also providing the corporation with important data on the specific locations where the cans are being sold. In addition to Grasim, Pidilite and JSW have also just entered the market and are now competing with well-established companies such as Asian Paints, Berger Paints, Kansai Nerolac, and Akzo Nobel India. Collectively, these established businesses today dominate around 75% of the market.
Coatings Market Segment Insights
Coatings Technology Insights
The Asia Pacific Coatings market segmentation, based on technology includes Water-borne, Solvent-borne, Powder, and Other Technologies (UV/ EB, High-solids, Etc.). The water-borne category led the market in 2022 because of expanding use in the printing ink, wood, plastic, furniture, and automotive sectors. The advantages of waterborne coatings, like their quick-drying time, lack of volatile organic compounds (VOCs), and ease of application, are what are propelling this market's expansion.
Figure 1: Asia Pacific Coatings Market, by Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Coatings Resin Type Insights
The Asia Pacific Coatings market segmentation, based on resin type, includes Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Other Resin Types. The acrylic category generated the most income because of its flexibility, relative resistance, adhesion, and drying speed, which make it appropriate for use in paints and coatings. The primary driver of acrylic's demand is its increasing application in architectural coatings for windows, panels, and walls both inside and outside.
Coatings End-user Industry Insights
The Asia Pacific Coatings market segmentation, based on end-user industry, includes Architectural/Decorative, Automotive, Wood, Protective, General Industries, Transportation, and Packaging. The architectural/decorative category generated the most income. Coatings are mostly employed in architectural applications for ornamental reasons on residential and non-residential structures and buildings to shield them from environmental degradation and UV radiation. The market is expected to increase as a result of the increasing usage of these materials in a variety of industries, including automobile building.
Coatings Country Insights
Asia Pacific held a sizable portion of the market in 2022 and is likely to hold that position going forward. This is brought on by the expansion of the building and construction industry as well as the automobile industries in China, India, and Japan. The coatings are becoming more and more in demand since they are used to coat both residential and non-residential infrastructure. They work wonderfully for wall, window, and furniture decoration. China is the primary customer since the country's expanding population is propelling the rise of the residential building industry, which in turn is fueling the market's expansion. Moreover, their application in the automobile sector raises their market worth in the Asia-Pacific area. Furthermore, with a goal rate of 70% by 2030, China is actively supporting and enduring continuous urbanization. The need for more living spaces in urban areas due to urbanization and middle-class urban residents' desire to improve their living conditions could have a significant impact on the housing market and, as a result, increase the amount of residential construction done in the nation, which will benefit the market for coatings.
Figure 2: ASIA PACIFIC COATINGS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Coatings Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the coatings market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, coatings industry must offer cost-effective items.
Major players in the coatings market are attempting to increase market demand by investing in research and development operations includes Akzo Nobel NV, Asian Paints, Avian Brands, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Boysen Paints, Davies Paints Philippines Inc., Hempel A/S, Jotun, Kansai Paint Co. Ltd, Nippon Paint Holdings Co. Ltd, PPG Industries Inc., PT. Propan Raya, The Sherwin-Williams Company, and TOA Paint Public Company Limited.
Key Companies in the coatings market include
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Akzo Nobel NV
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Asian Paints
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Axalta Coating Systems
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BASF SE
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Boysen Paints
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Davies Paints Philippines Inc.
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Hempel A/S
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Jotun
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Kansai Paint Co. Ltd
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Nippon Paint Holdings Co. Ltd
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PPG Industries Inc.
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PT. Propan Raya
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The Sherwin-Williams Company
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TOA Paint Public Company Limited
Coatings Industry Developments
October 2022: Asian Paints intended to build a factory in India that would produce the paint and coating ingredients VAE (vinyl acetate ethylene emulsion) and VAM (vinyl acetate monomer). The capacity of this facility will be 100,000 tons per year for VAM and 150,000 tons per year for VAE.
January 2022: In order to increase its ability to deliver water-based texture paints from Dulux products for use in leisure, architecture, and interior design, Akzo Nobel NV increased the size of its Shanghai, China, production facility. The newly constructed space measures 2,500 square meters.
In April 2024, Nippon Paint China and Zhejiang Deyilong Technology Co., Ltd. (Deyilong) made a joint announcement about the introduction of a range of advanced composite frame products. These products are designed to cater to the requirements of photovoltaic frames in various challenging application scenarios and contribute to the sustainable growth of the photovoltaic industry. The development of composite photovoltaic frames has been ongoing for a decade. Nippon Paint has extensive experience and expertise in the coatings sector, including in-depth knowledge of materials, chemical formulations, and surface science. Through the development of composite coating solutions, it asserts to have successfully addressed the issue of composite frames in challenging environments, including oceans, sandstorms, and inland places. Nippon Paint and Deylon have collaborated to introduce a new line of composite frame products that address various technical challenges, including superior weather resistance, extended outdoor durability, and low VOC emissions. Additionally, these products overcome obstacles such as salt spray, high temperatures and humidity, as well as wind and sand resistance, particularly in offshore photovoltaic installations located in windy and sandy areas.
Coatings Market Segmentation
Coatings Technology Outlook
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Water-borne
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Solvent-borne
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Powder
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Other Technologies (UV/ EB, High-solids, Etc.)
Coatings Resin Type Outlook
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Acrylic
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Alkyd
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Polyurethane
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Epoxy
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Polyester
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Other Resin Types
Coatings End-user Industry Outlook
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Architectural/Decorative
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Automotive
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Wood
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Protective
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General Industries
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Transportation
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Packaging
Coatings Regional Outlook
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Indonesia
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Thailand
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Vietnam
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Malaysia
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Singapore
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Rest of Asia-Pacific
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