Asia-Pacific Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific Paints and Coatings Market is segmented by Technology (Water-borne, Solvent-borne, Powder, and UV-cured), Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Other Resin Types), End-user Industry (Architectural/Decorative, Automotive, Wood, Protective Coatings, General Industrial, Transportation, and Packaging), and Geography (China, India, Japan, South Korea, Australia, Indonesia, Thailand, Malaysia, Vietnam, Philippines, Singapore, and Rest of Asia-Pacific). The report offers the market size and forecast in revenue (USD million) and volume (kiloton) for all the above segments.

Market Snapshot

Asia-Pacific paints and coatings market Overview
Study Period: 2017-2027
Base Year: 2021
CAGR: >5 %

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Market Overview

The Asia-Pacific paints and coatings market was estimated at over USD 61 billion in 2021, and the market is projected to register a CAGR of greater than 5% during the forecast period (2022-2027).

Due to the COVID-19 outbreak, nationwide lockdowns around the world, disruption in manufacturing activities and supply chains, production halts, and labor unavailability have negatively impacted the market. However, the conditions started recovering in 2021, thereby restoring the growth trajectory of the market studied during the forecast period.

  • Over the short term, the accelerating growth of the construction industry and increasing demand for protective coatings in Malaysia are driving the market's growth.
  • On the flip side, rising environmental concerns and regulations in India and the slowdown in automotive production are likely to have a negative impact on the market in the short to medium term.
  • The use of nanotechnology in the paints and coatings industry and accelerating demand for bio-based and eco-friendly coatings are likely to act as opportunities for the market studied.
  • By resin, the acrylic segment accounted for the largest share, and it is estimated to witness the fastest CAGR over the forecast period.

Scope of the Report

Paints and coatings can be defined as a liquid material that, when spread over a surface as a relatively thin film, subsequently dries to form a solid, cohesive, adhesive, decorative, and protective layer. Paints and coatings find major applications in the architectural industry as decorative and protective coatings. The market is segmented by technology, resin type, end-user industry, and geography. By technology, the market is segmented into water-borne, solvent-borne, powder, and UV-cured. By resin type, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types. By end-user industry, the market is segmented into architectural/decorative, automotive, wood, protective coatings, general industrial, transportation, and packaging. The report also offers the market size and forecasts for ten countries across the region. For each segment, the market sizing and forecasts have been done on the basis of value (USD million) and volume (kiloton).

Technology
Water-borne
Solvent-borne
Powder
UV-cured
Resin Type
Acrylic
Alkyd
Polyurethane
Epoxy
Polyester
Other Resin Types (Isopropyl Alcohol Coatings, Fluoropolymers )
End-user Industry
Architectural/Decorative
Automotive
Wood
Protective Coatings
General Industrial
Transportation
Packaging
Geography
China
India
Japan
South Korea
Australia & New Zealand
Indonesia
Thailand
Malaysia
Vietnam
Philippines
Singapore
Rest of Asia-Pacific

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Key Market Trends

The Water-borne Segment to Drive the Market Growth

  • Water-borne is the fastest growing technology in the overall paints and coatings market. The major reason for their gain over solvent-borne is due to their eco-friendly nature, as they are generally lower in volatile organic compounds (VOCs), which degrade the environment. Additionally, other properties, like low odor, more durability, and block resistance, make water-borne paints preferable.​
  • Water-borne coatings constitute a major portion of water as solvents, binders, pigments, and performance additives, as per the requirements. The proportion of additives and resins is variable, as per the application of the coatings. ​
  • The increasing eco-friendly nature, along with the versatile properties of water-borne coatings, is increasing the demand for water-borne coatings across the region. The market is mainly driven by architectural coatings applications. The water-borne coatings in the architectural segment are expected to show healthy growth in the next five years, especially in the developing economies, driven by huge investments in infrastructure developments, housing projects, and renovation of existing residential and commercial buildings.​
  • In recent times, there has been a propensity to seek coatings with low odor, usability, and water clean-up characteristics among the end users. Water-borne coatings meet these requirements and also facilitate low viscosity without the addition of low-molecular-weight monomers. However, water-based coatings cannot be as easily applied as solvent-borne coatings, and they pose other challenges, including the complexity of fluids, system compatibility as per application, and higher reactivity.​
  • The market share of water-borne systems has grown rapidly, owing to their favorable properties, such as mild odor, increased availability, and fast-drying. Furthermore, the UV-curable technology for water-borne coatings has received widespread attention in industrial research.
Asia-Pacific Paints and Coatings Market - Segmentation Trends

China to Dominate the Market

  • In the Asia-Pacific region, China dominated the market share, with the rising consumption from the automotive industry, construction activities, and industrial goods, providing demand for paints and coatings in the region.
  • China is experiencing massive growth in its construction sector. According to the National Bureau of Statistics of China, in 2021, the construction output in China was valued at approximately CNY 29.31 trillion.
  • China has been majorly driven by ample developments in the residential and commercial construction sectors supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push-start the construction of low-cost housing. The officials aim to provide 301,000 public housing units in 10 years till 2030.​
  • In September 2021, Axalta announced that it had broke ground for the construction of a coating facility in Jilin City, Jilin Province, North China. The 46,000-square-meter new plant will produce mobility coatings for light vehicles, commercial vehicles, and automotive plastic components.
  • In May 2021, PPG today announced the completion of a USD 13 million investment in its Jiading, Chinese paint and coatings facility, including eight new powder coating production lines and an expanded Powder Coatings Technology Center. The expansion will increase the plant’s capacity by more than 8,000 metric ton per year.
  • Furthermore, in 2021, electric vehicle sales in China skyrocketed by 154%, with total electric vehicle sales of 3.3 million units in 2021, up from 1.3 million in 2020. This was in accordance with the Ministry of Finance of China statement to provide financial subsidies for new electric vehicles, as they will be exempted from vehicle purchase tax between January 1, 2021, to December 31, 2022.
  • All the aforementioned factors are expected to act as driving factors for the paints and coatings market during the forecast period.​
Asia-Pacific Paints and Coatings Market - Regional Trends

Competitive Landscape

The Asia-Pacific paints and coatings market is highly fragmented in nature, with no player having a significant share in the market. Although mergers and acquisitions have started to gain significance in the Asia-Pacific market, it continues to be less than in the other regions of the world. Key players in the Asia-Pacific paints and coatings market (not in any particular order) include Akzo Nobel NV, Asian Paints, Kansai Paint Co. Ltd, Nippon Paint Holdings Co. Ltd, and PPG Industries Inc.

Recent Developments

  • In November 2021, Asian Paints announced plans to invest USD 127 million in its Gujarat plant, India, in the expansion of paints manufacturing capacity from 130,000 kilo liters to 250,000 kilo ton in the next two to three years.​
  • In September 2021, Axalta Coating Systems completed the acquisition of U-POL Holdings Limited. U-POL is a supplier of paint, protective coatings, and accessories primarily for the automotive aftermarket.
  • In March 2021, Hempel acquired Wattyl Group consisting of Wattyl Australia Pty Ltd and Wattyl New Zealand Ltd, one of Australia and New Zealand’s manufacturers of paint for the decorative and protective business areas.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Accelerating Growth of the Construction Industry

      2. 4.1.2 Increasing Demand for Protective Coatings in Malaysia

    2. 4.2 Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

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

    1. 5.1 Technology

      1. 5.1.1 Water-borne

      2. 5.1.2 Solvent-borne

      3. 5.1.3 Powder

      4. 5.1.4 UV-cured

    2. 5.2 Resin Type

      1. 5.2.1 Acrylic

      2. 5.2.2 Alkyd

      3. 5.2.3 Polyurethane

      4. 5.2.4 Epoxy

      5. 5.2.5 Polyester

      6. 5.2.6 Other Resin Types (Isopropyl Alcohol Coatings, Fluoropolymers )

    3. 5.3 End-user Industry

      1. 5.3.1 Architectural/Decorative

      2. 5.3.2 Automotive

      3. 5.3.3 Wood

      4. 5.3.4 Protective Coatings

      5. 5.3.5 General Industrial

      6. 5.3.6 Transportation

      7. 5.3.7 Packaging

    4. 5.4 Geography

      1. 5.4.1 China

      2. 5.4.2 India

      3. 5.4.3 Japan

      4. 5.4.4 South Korea

      5. 5.4.5 Australia & New Zealand

      6. 5.4.6 Indonesia

      7. 5.4.7 Thailand

      8. 5.4.8 Malaysia

      9. 5.4.9 Vietnam

      10. 5.4.10 Philippines

      11. 5.4.11 Singapore

      12. 5.4.12 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

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

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Akzo Nobel NV

      2. 6.4.2 Asian Paints Limited

      3. 6.4.3 Avian Brands

      4. 6.4.4 Axalta Coating Systems

      5. 6.4.5 BASF SE

      6. 6.4.6 Beger Co. Ltd

      7. 6.4.7 Berger Paints India

      8. 6.4.8 Boysen Paints

      9. 6.4.9 Davies Paints Philippines Inc.

      10. 6.4.10 Hempel

      11. 6.4.11 Jotun

      12. 6.4.12 Kansai Paint Co. Ltd

      13. 6.4.13 Nippon Paint Holdings Co. Ltd

      14. 6.4.14 PPG Industries Inc.

      15. 6.4.15 PT. Propan Raya ICC

      16. 6.4.16 The Sherwin-Williams Company

      17. 6.4.17 TOA Paint Public Company Limited

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Asia-Pacific Paints and Coatings Market market is studied from 2017 - 2027.

The Asia-Pacific Paints and Coatings Market is growing at a CAGR of >5% over the next 5 years.

Asian Paints, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd , PPG Industries, Inc., Akzo Nobel N.V. are the major companies operating in Asia-Pacific Paints and Coatings Market.

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