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The Asia Pacific coatings markets’ dynamics are shaped by various market factors. One such factor is the fast industrialization which has taken place across the region. China and India, among other countries in the region, have experienced significant economic growth leading to increased demand for coatings in industries such as automotive, construction, and electronics. The result of this has been an increase in overall coating consumption as well as innovation in the sector so as to satisfy diverse needs of these industries that continuously change.
Another important market aspect is population growth and urbanization witnessed in Asia pacific region. It has led to more construction activities due to increasing number of people living in towns thereby further driving up the demand for coatings used in building and infrastructure. The expanding middle class is also boosting the automotive industry hence requiring advanced coatings with both aesthetic appeal and guards against environmental issues. The industry has reacted by producing formulations that are geared towards these specific needs thus leading to its expansion.
Environmental regulations and sustainability considerations increasingly shape the Asia Pacific coatings market. These actions by governments and regulatory bodies are forcing producers into developing environmentally friendly paints as well as low VOCs (Volatile Organic Compounds) coatings. This shift to sustainable practices is driven not only by regulation but also by consumers who want ecofriendly products they can purchase. In this regard, companies involved in manufacture of such paints are allocating huge amounts of their budgets into research aimed at coming up with goal achieving products.
In relation to technologies, significant developments have been seen when it come’s coating formulation including application processes which play a vital role hereunto; Coating application excellent properties rely on proper paint mixture ratios including appropriate curing time applicable before painting or metals coating that ensures better adhesion during service performance than any other design options used earlier on. In conclusion ,
Furthermore, economic conditions globally and trade dynamics affect substantially the Asia Pacific coating market. The region’s closely linked economies with major global players, combined with its position as a manufacturing hub expose it to changes in worldwide business cycle or economic downturns. Trade wars and geopolitics can affect availability and cost of raw materials that ultimately impact on cost structure of paint making. This means that anything can happen hence reactive participants in the market will be better positioned to cope effectively.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 5.80% (2023-2032) |
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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