ASEAN Protective Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

ASEAN Protective Coatings Market is segmented by Resin Type (Epoxy, Acrylic, Alkyd, Polyurethane, Polyester, and Other Resin Types), Technology (Water borne Coatings, Solvent Borne Coatings, Powder Coatings, and UV Cured Coatings), End-User Industry (Oil and Gas, Mining, Power, Infrastructure, and Other End User Industries), and Geography (Indonesia, Malaysia, Thailand, Philippines, Singapore, Vietnam, and Rest of ASEAN). The report offers market size and forecasts in terms of revenue (USD million) for all the above segments.

ASEAN Protective Coatings Market Size

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ASEAN Protective Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 3.00 %
Market Concentration Low

Major Players

ASEAN Protective Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order


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ASEAN Protective Coatings Market Analysis

ASEAN Protective Coatings Market was valued at USD 300 million by the end of this year, and the market is projected to register a CAGR of over 3% during the forecast period.

, COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily.

  • The driving factors that tend to the market growth include initiatives and policies from the government to develop infrastructure and increase activities in the oil and gas sector. Increasing revenue generation from various industries such as plastics, pulp, and paper, among others, and a rising shift in focus towards sustainable coatings are the key market trends driving the market.
  • With supply chain disruptions post-COVID-19 pandemic, raw material prices' fluctuation has hindered the protective coatings market.
  • The growing options for bio-based coatings are further likely to provide opportunities for the studied market during the forecast period.
  • Indonesia is expected to dominate the market's growth across the ASEAN region due to the rising population and increasing infrastructure activities.

ASEAN Protective Coatings Market Trends

This section covers the major market trends shaping the ASEAN Protective Coatings Market according to our research experts:

Rising Demand from Infrastructure Sector

  • The infrastructure sector is one of the major end users of protective coatings. The industry requires corrosion and environmental effects-resistant coatings due to exposure of infrastructure surfaces to heat & sunlight, water, and acid rain, dust, and other chemical effects.
  • The infrastructure sector uses protective coatings for bridges and coastal Structures, including roads and rail structures, Water Treatment, public power generation, transmission, and other infrastructure, including public buildings. Moreover, ASEAN countries' organizations are shifting focus toward strict environmental regulations, which has led to an increased demand for sustainable coating systems.
  • Malaysia is one of the centers of investment for major developed countries due to rising geopolitical tensions, where companies are shifting their manufacturing sector outside of China and relocating it to the countries like Malaysia. Such scenarios drive governments to reform their infrastructure sector by tabling the '12th Malaysian Plan' in 2021, in which the country has allocated USD 90.6 billion for infrastructure activities which is expected to help in fuelling the infrastructure sector in the country.
  • Moreover, protective coatings also have a considerable market in the renewable and power generation as Malaysia is reviving its renewable power generation. The country is focusing on a power generation plan with a target of 31% renewable energy in its installed capacity by 2025, and 40% by 2035.
  • The Philippines is focussing on investing on mega infrastrcutre projects. For instance, the 2021 national budget included a strong focus on infrastructure projects, allocating USD 6.5 billion to the Department of Public Works and Highways for transportation network development among others. Furthermore, The Department of Transportation received USD 1.3 billion for expenditures on rail transport, land public transportation, and maritime infrastructure.
  • All the above-mentioned factors are expected to augment the demand for protective coatings for the infrastructure sector during the forecast period.
ASEAN Protective Coatings Market: Foreign Direct Investment (FDI), in Value, in USD Million, Malaysia, 2019-2021

Indonesia to Dominate the ASEAN region

  • With increasing infrastructure activities, the oil and gas sector, urbanization, and demand for better products in Indonesia, the companies have scaled up production with more efficient processes and increased manufacturing units. Various industries including Food Processing Industry, Pulp, and Paper Industry, pharmaceutical industry, and warehouses among others are also witnessing growth in demand.
  • Indonesia is one of the most populated countries in the region, which is actively driving the demand for protective coatings via infrastructure development. The country is heavily investing in the infrastructure sector. For instance, the Indonesian government aims to invest around USD 430 billion in infrastructure projects from the 2020-2024 period, which is a 20% growth from the 2015-19 period. The infrastructure project includes road and rail development which accounts for a major part of the infrastructure.
  • In addition to the infrastructure sector, water treatment also has a significant contribution to the consumption of protective coatings in Indonesia, as the country holds a large population and with an increasing demand to clean drinking water. For instance, according to Indonesia Statistics, the gross domestic product (GDP) from the water supply, sewage, waste management, and remediation activities in Indonesia increased by around 20% in 2021, when compared to 2018.
  • Moreover, Indonesia is one of the major markets for protective coatings from the oil & gas upstream sector in the ASEAN region as the country has plans for the exploration of its proven oil reserves because of the rising crude oil prices. The country's state-owned company PT Pertamina set a target in 2022 for exploration drilling of 29 wells and the development drilling target of 813 wells. This may create a huge upside demand for protective coatings from the country's upstream segment.
  • All the above-mentioned factors are expected to augment the demand for protective coatings in Indonesia in the ASEAN region.
ASEAN Protective Coatings Market: Investment Value in Food Manufacturing Industry, in Value, In USD Billion, Indonesia,2019-2021

ASEAN Protective Coatings Industry Overview

The ASEAN protective coatings market is fragmented in nature. Some of the major players in the market (not in any particular order) include RPM International Inc, AkzoNobel NV, Jotun, The Sherwin-Williams Company, and PPG Industries, among others.

ASEAN Protective Coatings Market Leaders

  1. RPM International Inc.

  2. AkzoNobel N.V.

  3. Jotun

  4. The Sherwin-Williams Company

  5. PPG Industries, Inc.

*Disclaimer: Major Players sorted in no particular order

ASEAN Protective Coatings Market Concentration
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ASEAN Protective Coatings Market News

In February 2022, Nippon Paint Malaysia Sdn. Bhd. (Nippon Paint), officially announced its 100% acquisition of CMI Construction Material Industry Sdn. Bhd. (CMI) and an 85% stake in CMI Marketing Sdn. Bhd. (CMIM). This strengthens Nippon Paint's positioning as a Total Coating and Construction Solutions (TCCS) providing solutions from bare concrete surfaces to the finishing through a comprehensive range of solutions from coatings to sealants, adhesives, fillers, waterproofing, flooring, and dry-mix.

ASEAN Protective Coatings Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Accelerating Demand from the Infrastructure sector

      2. 4.2.2 Increasing Demand for Protective Coatings in Malaysia

    3. 4.3 Market Restraints

      1. 4.3.1 Price Hikes of Raw Materials

      2. 4.3.2 Other Restraints

    4. 4.4 Industry Value Chain Analysis

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Resin Type

      1. 5.1.1 Epoxy

      2. 5.1.2 Acrylic

      3. 5.1.3 Alkyd

      4. 5.1.4 Polyurethane

      5. 5.1.5 Polyester

      6. 5.1.6 Other Resin Type

    2. 5.2 Technology

      1. 5.2.1 Water Borne Coatings

      2. 5.2.2 Solvent Borne Coatings

      3. 5.2.3 Powder Coatings

      4. 5.2.4 UV Cured Coatings

    3. 5.3 End User Industry

      1. 5.3.1 Oil and Gas

      2. 5.3.2 Mining

      3. 5.3.3 Power

      4. 5.3.4 Infrastructure

      5. 5.3.5 Other End User Industry

    4. 5.4 Geography

      1. 5.4.1 Indonesia

      2. 5.4.2 Malaysia

      3. 5.4.3 Thailand

      4. 5.4.4 Philippines

      5. 5.4.5 Singapore

      6. 5.4.6 Vietnam

      7. 5.4.7 Rest of ASEAN


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) **/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AkzoNobel N.V.

      2. 6.4.2 Aplus Paints

      3. 6.4.3 Asian Paints

      4. 6.4.4 Axalta Coating Systems

      5. 6.4.5 BOXER Paint

      6. 6.4.6 Dover Paints Manufacturing

      7. 6.4.7 Helios Coatings

      8. 6.4.8 Hempel A/S

      9. 6.4.9 IST Paint SDN BHD

      10. 6.4.10 Jotun

      11. 6.4.11 Kossan Paint

      12. 6.4.12 Nippon Paint China

      13. 6.4.13 Noroo Paint

      14. 6.4.14 PPG Industries Inc.

      15. 6.4.15 PUTRAMATARAM

      16. 6.4.16 RPM International Inc

      17. 6.4.17 Sino Polymer

      18. 6.4.18 The Sherwin Williams Company

      19. 6.4.19 Welda Paint

    5. *List Not Exhaustive

    1. 7.1 Bio-Based Coatings for Sustainable Solutions

**Subject to Availability
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ASEAN Protective Coatings Industry Segmentation

Protective Coatings are made of various raw materials, including resins, additives, pigments, solvents, and other materials. They are used to protect infrastructure, petrochemical industries, and oil and gas industries from corrosion and environmental effects, including acid rain, among others. The market is segmented based on resin, Technology, and the end-user industry. By resin type, the market is segmented into Resin Epoxy, Acrylic, Alkyd, Polyurethane, Polyester, and Other Resin Types. By Technology, the market is segmented into Water borne Coatings, Solvent Borne Coatings, Powder Coatings, and UV Cured Coatings. By End-User Industry, the market is segmented into Oil and Gas, Mining, Power, Infrastructure, and Other End-User Industries. By Geography, the market is segmented into Indonesia, Malaysia, Thailand, Philippines, Singapore, Vietnam, and the Rest of ASEAN. The report also covers the market size and forecasts for the ASEAN Protective Coatings market. The report offers market size and forecasts for revenue (USD million) for all the above segments.

Resin Type
Other Resin Type
Water Borne Coatings
Solvent Borne Coatings
Powder Coatings
UV Cured Coatings
End User Industry
Oil and Gas
Other End User Industry
Rest of ASEAN
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ASEAN Protective Coatings Market Research FAQs

The ASEAN Protective Coatings Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

RPM International Inc., AkzoNobel N.V., Jotun, The Sherwin-Williams Company and PPG Industries, Inc. are the major companies operating in the ASEAN Protective Coatings Market.

The report covers the ASEAN Protective Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the ASEAN Protective Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

ASEAN Protective Coatings Industry Report

Statistics for the 2024 ASEAN Protective Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ASEAN Protective Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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ASEAN Protective Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)