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ASIA-PACIFIC PAINTS & COATINGS MARKET FORECAST 2023-2032

SCOPE OF THE REPORT

Asia-Pacific Paints & Coatings Market by Resin Type (Acrylic, Polyester, Alkyd, Epoxy, Polyurethane, Other Resin Types) Market by Technology (Waterborne, Solvent-borne, Powder Coatings, High Solids, Radiation Cured, Other Technologies) Market by Application (Aerospace, Industrial Coating, Wood Coating, Protective Coating, Marine Coating, Refinish Automotive, Automotive (OEM), Packaging Coating, Electronic Coating, Architectural (Interior/exterior), Special Coating) by Geography

MARKET OVERVIEW

The Asia-Pacific paints & coatings market is evaluated to progress with a CAGR of 5.85% during the forecast period of 2023-2032, acquiring a revenue share of $129752.12 million by 2032.

The regional market’s growth is strengthened by the rapid rates of urbanization coupled with an increase in disposable income, government initiatives to boost the infrastructure across countries, and the swift development of architectural and construction industries. However, the Asia-Pacific paints & coatings market may face challenges such as the fluctuating prices of raw materials and supply shortages.

Asia-Pacific-Paints-Coatings-Market

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The Asia-Pacific paints & coatings market growth evaluation entails a detailed analysis of China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific. China is focused on promoting a process of constant urbanization, with a target rate of 70% for 2030. Aligning with this, the increase in living spaces needed in urban regions, resulting from urbanization as well as the desire of middle-class urban residents to enhance their living conditions, will likely have a profound impact on the housing market in China. This factor, in turn, will augment the country’s residential construction industry, subsequently having a positive impact on China’s paints & coatings market over the upcoming years.

On the other hand, the construction industry in Japan is anticipated to proliferate at a moderate rate during the next five years. This is mainly attributed to the rise in investments in public and private infrastructure as well as commercial projects. Japan is also a key area in the construction of high-rise buildings and skyscrapers, thus making it a notable market for paints & coatings. In this regard, the nation hosts around 290 high-rise buildings, with Tokyo being a major site for the same. The planning and construction of these buildings are set to observe modest growth in Japan within the short term, thus supporting the demand for paints & coatings. Therefore, these factors are expected to boost the market growth in the Asia-Pacific over the forecast period. 

The Asia-Pacific paints & coatings market is segmented into resin type, technology, and application. The application segment includes aerospace, industrial coating, wood coating, protective coating, marine coating, refinish automotive, automotive (OEM), packaging coating, electronic coating, architectural (interior/exterior), and special coating.

Bridges, roads, public parks, and others are subjected to extreme conditions continually. Accordingly, protective paints & coatings in infrastructure can be utilized as inorganic binders as well as varnishes that help safeguard against adverse environmental conditions. Additionally, power generation plants entail a diverse set of facilities requiring a range of protective coatings. They are mainly used in wind, nuclear, hydroelectric, and fossil fuel facilities, coupled with other power sources

Prominent players operating in the Asia-Pacific paints & coatings market include Kansai Paint Co Ltd, Berger Paints India Limited, Asian Paints Limited, etc.

Kansai Paint Co Ltd, headquartered in Japan, is engaged in the manufacturing as well as sale of paints & coatings. The company offers automotive refinish paints, automotive coatings, industrial coatings, marine coatings, decorative coatings, and protective coatings. The company is also involved in the manufacture, design, as well as sale of coating equipment.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2032
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Resin Type, Technology, Application
Countries AnalyzedChina, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific
Companies AnalyzedAkzo Nobel NV, Berger Paints India Limited, Nippon Paint Holdings Co Ltd, Asian Paints Limited, Kansai Paint Co Ltd, Jotun Group, Axalta Coating Systems Ltd, Davies Paints Philippines Inc, Kova Paint Co Ltd, Pacific Paint (Boysen) Philippines Inc (Boysen Paints), PPG Industries Inc, PT Propan Raya ICC, RPM International Inc, The Sherwin-Williams Company, TOA Paint (Thailand) Public Company Limited, Haymes Paint

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. SCOPE OF STUDY
    4. CRISIS SCENARIO ANALYSIS
    5. MAJOR MARKET FINDINGS
      1. BIOCIDES ARE BEING USED IN PAINTS TO ENHANCE LONGEVITY
      2. PAINT MANUFACTURING COMPANIES USE LOW/ZERO VOLATILE ORGANIC COMPOUNDS TO ENSURE SAFE PAINT USE
      3. GLOBAL EXPANSION OF THE PAINTS & COATINGS MARKET FUELED BY RISING M&A ACTIVITY
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. DEVELOPMENTS IN CONSTRUCTION AND PROPERTY SECTORS
      2. THRIVING FURNITURE SECTOR
      3. DEMAND FOR WATERBORNE PAINTS
      4. INTRODUCTION OF PERSONALIZED SOLUTIONS
    2. KEY RESTRAINTS
      1. ENVIRONMENTAL CONCERNS
      2. UNCERTAINTY IN RAW MATERIAL PRICES
      3. REGULATORY CHALLENGES
      4. GEOPOLITICAL TENSIONS
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. GROWTH PROSPECT MAPPING
    4. MARKET MATURITY ANALYSIS
    5. MARKET CONCENTRATION ANALYSIS
    6. VALUE CHAIN ANALYSIS
  5. MARKET BY RESIN TYPE
    1. ACRYLIC
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    2. POLYESTER
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    3. ALKYD
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    4. EPOXY
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    5. POLYURETHANE
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    6. OTHER RESIN TYPES
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
  6. MARKET BY TECHNOLOGY
    1. WATERBORNE
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    2. SOLVENT-BORNE
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    3. POWDER COATINGS
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    4. HIGH SOLIDS
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    5. RADIATION CURED
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    6. OTHER TECHNOLOGIES
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
  7. MARKET BY APPLICATION
    1. AEROSPACE
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    2. INDUSTRIAL COATING
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    3. WOOD COATING
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    4. PROTECTIVE COATING
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    5. MARINE COATING
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    6. REFINISH AUTOMOTIVE
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    7. AUTOMOTIVE (OEM)
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    8. PACKAGING COATING
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    9. ELECTRONIC COATING
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    10. ARCHITECTURAL (INTERIOR/EXTERIOR)
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
    11. SPECIAL COATING
      1. MARKET FORECAST
      2. SEGMENT ANALYSIS
  8. GEOGRAPHICAL ANALYSIS
    1. ASIA-PACIFIC
      1. MARKET SIZE & ESTIMATES
      2. ASIA-PACIFIC PAINTS & COATINGS MARKET DRIVERS
      3. ASIA-PACIFIC PAINTS & COATINGS MARKET CHALLENGES
      4. ASIA-PACIFIC PAINTS & COATINGS MARKET REGULATORY FRAMEWORK
      5. KEY PLAYERS IN ASIA-PACIFIC PAINTS & COATINGS MARKET
      6. COUNTRY ANALYSIS
        1. CHINA
          1. CHINA PAINTS & COATINGS MARKET SIZE & OPPORTUNITIES
        2. JAPAN
          1. JAPAN PAINTS & COATINGS MARKET SIZE & OPPORTUNITIES
        3. INDIA
          1. INDIA PAINTS & COATINGS MARKET SIZE & OPPORTUNITIES
        4. SOUTH KOREA
          1. SOUTH KOREA PAINTS & COATINGS MARKET SIZE & OPPORTUNITIES
        5. INDONESIA
          1. INDONESIA PAINTS & COATINGS MARKET SIZE & OPPORTUNITIES
        6. THAILAND
          1. THAILAND PAINTS & COATINGS MARKET SIZE & OPPORTUNITIES
        7. VIETNAM
          1. VIETNAM PAINTS & COATINGS MARKET SIZE & OPPORTUNITIES
        8. AUSTRALIA & NEW ZEALAND
          1. AUSTRALIA & NEW ZEALAND PAINTS & COATINGS MARKET SIZE & OPPORTUNITIES
        9. REST OF ASIA-PACIFIC
          1. REST OF ASIA-PACIFIC PAINTS & COATINGS MARKET SIZE & OPPORTUNITIES
  9. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
      4. BUSINESS EXPANSIONS
    2. COMPANY PROFILES
      1. AKZO NOBEL NV
      2. ASIAN PAINTS LIMITED
      3. AXALTA COATING SYSTEMS LTD
      4. BERGER PAINTS INDIA LIMITED
      5. DAVIES PAINTS PHILIPPINES INC
      6. HAYMES PAINT
      7. JOTUN GROUP
      8. KANSAI PAINT CO LTD
      9. KOVA PAINT CO LTD
      10. NIPPON PAINT HOLDINGS CO LTD
      11. PACIFIC PAINT (BOYSEN) PHILIPPINES INC (BOYSEN PAINTS)
      12. PPG INDUSTRIES INC
      13. PT PROPAN RAYA ICC
      14. RPM INTERNATIONAL INC
      15. THE SHERWIN-WILLIAMS COMPANY
      16. TOA PAINT (THAILAND) PUBLIC COMPANY LIMITED

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – PAINTS & COATINGS

TABLE 2: RAW MATERIALS

TABLE 3: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY RESIN TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 4: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY RESIN TYPE, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 5: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 6: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY TECHNOLOGY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 7: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 8: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY APPLICATION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 9: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 10: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 11: ASIA-PACIFIC PAINTS & COATINGS MARKET REGULATORY FRAMEWORK

TABLE 12: KEY PLAYERS OPERATING IN ASIA-PACIFIC PAINTS & COATINGS MARKET

TABLE 13: LIST OF MERGERS & ACQUISITIONS

TABLE 14: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 15: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 16: LIST OF BUSINESS EXPANSIONS

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING

FIGURE 4: MARKET MATURITY ANALYSIS

FIGURE 5: MARKET CONCENTRATION ANALYSIS

FIGURE 6: VALUE CHAIN ANALYSIS

FIGURE 7: ASIA-PACIFIC PAINTS & COATINGS MARKET, GROWTH POTENTIAL, BY RESIN TYPE, IN 2022

FIGURE 8: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY ACRYLIC, 2023-2032 (IN $ MILLION)

FIGURE 9: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY POLYESTER, 2023-2032 (IN $ MILLION)

FIGURE 10: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY ALKYD, 2023-2032 (IN $ MILLION)

FIGURE 11: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY EPOXY, 2023-2032 (IN $ MILLION)

FIGURE 12: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY POLYURETHANE, 2023-2032 (IN $ MILLION)

FIGURE 13: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY OTHER RESIN TYPES, 2023-2032 (IN $ MILLION)

FIGURE 14: ASIA-PACIFIC PAINTS & COATINGS MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2022

FIGURE 15: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY WATERBORNE, 2023-2032 (IN $ MILLION)

FIGURE 16: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY SOLVENT-BORNE, 2023-2032 (IN $ MILLION)

FIGURE 17: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY POWDER COATINGS, 2023-2032 (IN $ MILLION)

FIGURE 18: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY HIGH SOLIDS, 2023-2032 (IN $ MILLION)

FIGURE 19: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY RADIATION CURED, 2023-2032 (IN $ MILLION)

FIGURE 20: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY OTHER TECHNOLOGIES, 2023-2032 (IN $ MILLION)

FIGURE 21: ASIA-PACIFIC PAINTS & COATINGS MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2022

FIGURE 22: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY AEROSPACE, 2023-2032 (IN $ MILLION)

FIGURE 23: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY INDUSTRIAL COATING, 2023-2032 (IN $ MILLION)

FIGURE 24: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY WOOD COATING, 2023-2032 (IN $ MILLION)

FIGURE 25: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY PROTECTIVE COATING, 2023-2032 (IN $ MILLION)

FIGURE 26: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY MARINE COATING, 2023-2032 (IN $ MILLION)

FIGURE 27: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY REFINISH AUTOMOTIVE, 2023-2032 (IN $ MILLION)

FIGURE 28: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY AUTOMOTIVE (OEM), 2023-2032 (IN $ MILLION)

FIGURE 29: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY PACKAGING COATING, 2023-2032 (IN $ MILLION)

FIGURE 30: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY ELECTRONIC COATING, 2023-2032 (IN $ MILLION)

FIGURE 31: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY ARCHITECTURAL (INTERIOR/EXTERIOR), 2023-2032 (IN $ MILLION)

FIGURE 32: ASIA-PACIFIC PAINTS & COATINGS MARKET, BY SPECIAL COATING, 2023-2032 (IN $ MILLION)

FIGURE 33: ASIA-PACIFIC PAINTS & COATINGS MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)

FIGURE 34: CHINA PAINTS & COATINGS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 35: JAPAN PAINTS & COATINGS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 36: INDIA PAINTS & COATINGS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 37: SOUTH KOREA PAINTS & COATINGS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 38: INDONESIA PAINTS & COATINGS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 39: THAILAND PAINTS & COATINGS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 40: VIETNAM PAINTS & COATINGS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 41: AUSTRALIA & NEW ZEALAND PAINTS & COATINGS MARKET, 2023-2032 (IN $ MILLION)

FIGURE 42: REST OF ASIA-PACIFIC PAINTS & COATINGS MARKET, 2023-2032 (IN $ MILLION)

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