Asia-Pacific Paints & Coating Market is Expected to be Dominated by China through 2028

Growing construction activities and technological advancements across Asia-Pacific’s paints and coating industry are the factors propelling the market growth.

According to TechSci Research report, “Asia-Pacific Paints & Coating Market - By Country, Competition, Forecast & Opportunities, 2028”, the market is expected to grow in the forecast period because of the growing demand from various industries, such as automotive, aerospace, electronic devices, and marine. Also, increasing government initiatives to improve the country’s infrastructure will positively impact the market. Furthermore, with the introduction of new electric cars and self-driving vehicles, the automotive sector is poised to experience a tremulous change in the region which further flourish the Asia-Pacific paints and coatings market.

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Asia-Pacific paints & coating market is divided into technology, resin type, end-user, and country. Based on technology, the market is segmented into water-borne, solvent-borne, powder, and others. Water-borne technology is the fastest-growing segment in the paints & coating market. The preference for waterborne coatings rises over solvent-borne coatings due to their eco-friendly nature and lower VOC emissions. The waterborne coatings comprises a significant portion of solvents, pigments, binders, and performance additives per the requirements. The ratio of resins and additives is variable as per the coating application.

In the Asia-Pacific region, architectural coating applications mainly drives the market for water-borne coatings. The water-borne coatings in the architectural segment are expected to show healthy growth in the next five years, especially from countries like China, and India, driven by huge investments in infrastructure developments, housing projects, and renovation of existing commercial and residential buildings.

Based on resin type, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and others.  Acrylic segment is expected to dominate the market due to the fact that the application of acrylic coatings is primarily found in the construction industry for high-end finishing in roofs, decks, bridges, floors, and other applications. Water-based acrylic coatings are in high demand owing to environmental concerns, like the negative impact of VOCs which affects the air quality. Therefore, the demand for acrylic resin-based paints and coatings will likely grow in the market during the forecast period.

Based on end-user industry, the market is segmented into architectural/decorative, automotive, wood, protective, general industrial, transportation, and packaging. Architectural/decorative segment is anticipated to dominate the market share since architectural coatings are used in applications for commercial purposes, such as office buildings, warehouses, retail convenience stores, and shopping malls to residential buildings. Such coatings can be applied on outer and inner surfaces and includes sealers, or specialty products in the offices.

Based on country, the market is segmented into China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, and Malaysia. In the Asia-Pacific region, China is the largest economy in terms of GDP. China’s real GDP grew by 2.2% in 2020 and by 8.1% in 2021, largely driven by consumer spending rebound post-pandemic. Furthermore in 2022, as per IMF (International Monetary Fund) forecasts, the country’s GDP is estimated to grow by 3.2% owing to the headwinds faced by the country such as the real estate crises.

China is promoting and undergoing a process of continuous urbanization, with a target rate of 70% for 2030. Increasing requirements for living spaces in the urban areas resulting from urbanization and the desire of middle-class urban residents to improve their living conditions may have a profound effect on the housing market, and thereby increase the residential construction in the country, which in turn will have a positive impact on the paints and coatings market in the country.

Additiobnally, in India, paints & coating demand is anticipated to grow most rapidly since India has approximately 3,000 paint manufacturers, including nearly all of the world’s main brands. Major forces driving the domestic paints and coatings industry include urbanization, an increase in average middle-class disposable income, and a rising rural market.

Japan is known as one of the "manufacturing superpowers“ as it’s manufacturing industry has proven to be the driving force for the Japanese economy to become the third-largest economy in terms of GDP. The huge manufacturing industry of the country is responsible for the demand for various products such as paints and coatings, thus propelling the growth of the market.

Key market players in the Asia-Pacific paints & coating market include:

• Kansai Paint Co. Ltd
• Nippon Paint Holdings Co. Ltd
• Asian Paints ltd
• Avian Brands
• Shalimar Paints Limited
• Berger Paints India Limited
• Chugoku Marine Paints Ltd
• PPG Industries, Inc
• Akzo Nobel N.V.

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“Factors that are propelling the market's growth in the near future are the region's increasing demand for protective coatings and the building industry's accelerating rate of expansion. Paint and coatings are also used on wood-based products to protect them against oxidation, fungi, germs, and pests. The above factors will likely boost the demand in the paints and coatings market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based  global management consulting firm.

“Asia-Pacific Paints & Coating Market Segmented By Technology (Water-borne, Solvent-borne, Powder, and Others), By Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), By End-User Industry (Architectural/Decorative, Automotive, Wood, Protective, General Industrial, Transportation, and Packaging), By Country, Competition, Forecast and Opportunities, 2028” has evaluated the future growth potential of Asia-Pacific paints & coating market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Asia-Pacific paints & coating market.

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