Paints and coatings are extensively used in vehicles for aesthetic and protection purposes. Several types of paints and coatings materials are applied on various vehicle components and also over the body of the automobile in order to improve its efficiency, resistance to various environmental conditions, and durability. With the surging per capita income of people in the emerging economies such as India and China, the sales of personal vehicles are rising sharply.
As per the China Association of Automobile Manufacturers (CAAM), in 2017, the sales of new automobiles reached 28.88 million units in the country. Moreover, this number is predicted to rise even more in the coming years. This will push up the demand for paints and coatings in the country in the coming years. Apart from being heavily used in the automotive industry, paints and coatings are also extensively used in the construction industry.
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This is why the rapid advancement of the construction industry in the developing countries is positively impacting the demand for paints and coatings. Due to these factors, the Asia-Pacific paints and coatings market is registering huge growth. Depending on resin type, the market is divided into polyester, acrylic, epoxy, and polyurethane categories. Out of these, the polyurethane category is predicted to exhibit the highest CAGR in the market in the future years.
This will be because polyurethane provides beauty and strength and is thus, heavily used in all commercial and residential interior projects. With the rise in construction activities, the sales of polyurethane will grow massively across the region. When formulation is taken into consideration, the APAC paints and coatings market is classified into solvent-based, UV coatings, powder coatings, and water-based. Out of these, the UV coatings category is predicted to register the fastest growth in the market in the coming years.
The main factors fueling the progress of the industry in this country are the rapidly expanding construction industry and the soaring private and government spending on residential and commercial construction applications and projects there. As per reports, the Airport Authority of India is aiming to build city-side infrastructure at as many as 13 regional airports around the country. The surge in the manufacturing sector is also positively impacting the sales of paints and coatings in the country.
Thus, it can be said with certainty that the demand for paints and coatings will explode in the region in the coming years, primarily because of the surging construction activities and the mushrooming sales of automobiles in the region.
Read More: https://www.psmarketresearch.com/market-analysis/apac-paints-and-coatings-market
