Increasing construction activities, expanding automotive domain, and rapid industrialization are the key factors influencing the APAC paints and coatings market growth. Paints and coatings are mastic or liquid compositions that provide resistance to the substrate from abrasion and corrosion by forming a layer that converts into a solid film. Increasing investments in construction projects, ranging from retail centers and offices to hospitals and hotels, are leading to the growth of the paints and coatings domain in APAC. Similarly, paints and coatings have found their use in the automotive sector for both protection and aesthetic purposes.
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Advantages such as reduced application time, increased resistance against moisture, and smoother texture and finish make water-based coatings a preferred choice among end-users. On top of this, these last longer in poorly ventilated spaces and confined environments. Hence, owing to the beneficial properties of such materials, the APAC paints and coating niche would experience prosperity during the forecast period.
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.
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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.
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.
