Asia-Pacific is the largest market for paints and coatings, accounting for an estimated share of over 44% in 2015. Currently, the market has a value of USD 31.36 billion, which is expected to grow at its fastest rate at a CAGR of 12%. The Asia-Pacific leads the global paints and coatings market followed by Europe and North America. The developing countries of Asia-Pacific like China, Japan, India, Indonesia, Malaysia, Philippines, are focused on the construction of new residential and commercial buildings and this is expected to further increase in future. The construction paints and coatings market are driven by the factors such as advances in civil construction and the high demand for efficient paints. These paints act as protective layers for buildings and prevent the building from corrosion, dampness and damages due to the extreme weather conditions.
The Asia-Pacific paints and coatings market is segmented by their product type (acrylic, alkyd, polyurethane, epoxy, polyesters and others), by their applications (automotive sector, marine paints, consumer durables, other OEMs, and industrial wood coatings), by their decorative applications (interior and exterior wall paints, wood finishes, and enamel, putty & other applications) and by region (China, India, Malaysia, Indonesia, Japan, South Korea, and the Rest of Asia Pacific). With a value of USD XX.XX billion and a market share of XX.XX% in 2015, the water-based paints and coatings category was the largest within the Asia-Pacific paints and coatings market. Meanwhile, solvent-based paints and coatings valued USD XX.XX billion in 2015, accounting for over 32.0% of the market size.
There is a development of near-infrared (NIR) coatings and tiles to reduce heating of dark-colored surfaces on roofs and facades. The sun-reflective building materials help to achieve a reduction of cooling loads and improve thermal comfort. They are often seen in roofing, but there are also tentative applications for facades.
Market Dynamics of the Asia-Pacific Paints and Coatings Market:
The eco-friendly paints are being preferred over normal paints as normal paints are toxic and cause health hazards like cancer, tuberculosis and respiratory illness. The volatile organic compounds (VOC) used to hold the ingredients in a blended state when the paint is in a liquid state, escape into the atmosphere and cause gene mutation when the paint is applied to buildings. Thus, in the recent years compounds like lead and chromium is banned from household paints as they cause loads of health hazards to the human beings. The market for coatings and paints includes liquid- and powder-based paints, varnishes and related products used in architectural and decorative, industrial and specialty product segments. Interior and exterior paints, primers, sealers and varnishes are part of the architectural and decorative segment, which are used in homes and buildings. Products that are a part of the production process form part of the industrial products segment. Aerosol paints, marine paints, high-performance maintenance coatings, and automotive refinish paints, all together, constitute the specialty products segment.
Furthermore, the development of eco-friendly coating will offer numerous opportunities for the growth of the Asia-Pacific paints and coatings market. Some of the major companies dominating this market for its products, services, and continuous product developments are:
Key Deliverables in the Study: