Market Size of ASEAN Paints and Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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ASEAN Paints and Coatings Market Analysis
The ASEAN paints and coatings market is expected to record a CAGR of over 4% during the forecast period.
The market was negatively impacted by the COVID-19 outbreak in 2020, considering government-imposed lockdowns in various countries. Such factors temporarily stopped construction activities in the ASEAN region. However, in 2021, the market acted by the COVID-19 outbreak in 2020, considering government-imposed lockdowns in various countries. Such factors temporarily stopped construction activities in the ASEAN region. However, in 2021, the market recovered, and demand for paints and coatings in the ASEAN region surged due to an increase in various construction projects. The market is expected to grow at a significant rate in the coming years.
- The construction industry's growth is one of the primary factors driving the market studied.
- However, stringent laws on VOC emissions can hinder the growth of the market.
- New environment-friendly resins for paints and coatings can act as an opportunity for the market.
- Indonesia is expected to be the largest market for paints and coatings in the ASEAN region.
