Asia Pacific Coatings Market Size was valued at USD 35.2 Billion in 2022. The coatings market industry is projected to grow from USD 37.24 Billion in 2023 to USD 58.467 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2023 - 2032). The expansion is mainly attributed to market drivers boosting the market, including the expanding building sector, rising auto sales, the oil and gas industry's soaring need for paints and coatings, and increased consumer expenditure in the area.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Architectural coatings are used to adorn and safeguard surface elements. Homes and structures are coated with them. The majority are made specifically for one use, such deck finishes, wall paints, or roof coatings. Every architectural coating, regardless of use, needs to have specific protective, long-lasting, and attractive qualities. Moreover, architectural coatings are employed in commercial settings, including shopping centers, office buildings, warehouses, retail convenience stores, and residential structures. Sealers and specialist products are examples of such coatings that can be applied to interior and exterior surfaces. Furthermore, most homeowners like the color they choose for the walls in their living room and bedroom. As a result, acrylic paints are recommended since they provide an extensive range of color and tone options. Thus, the expansion of the building sector has made the Asia-Pacific area the largest market for architectural coatings. For instance, in the upcoming years, the Indian government is pushing for significant projects. By 2022, the government hopes to have more than 20 million affordable homes built for the urban poor under its Housing for All plan. This might give home building a big boost.
The coatings save energy and material resources by shielding and preserving the substrates that are painted over. Businesses regularly consider the sustainability factor when conducting their operations. Reducing volatile organic compounds (VOCs) in relation to energy and resource conservation, process efficiency enhancement, renewable materials, and waste minimization are the main priorities. For instance, DSM provides paints using a vegetable resin called Decovery. By substituting crude oil, recovery ingredients have a lower carbon footprint—up to 34%—and are safe. They also have low volatile organic compounds (VOCs), which enhance and safeguard both indoor and outdoor air quality. As a result, the business concentrates on eco-friendly solutions and changing the coatings sector from solvent-based to waste-based. Thus, driving the coatings market revenue.
The Asia Pacific Coatings market segmentation, based on technology includes Water-borne, Solvent-borne, Powder, and Other Technologies (UV/ EB, High-solids, Etc.). The water-borne category led the market in 2022 because of expanding use in the printing ink, wood, plastic, furniture, and automotive sectors. The advantages of waterborne coatings, like their quick-drying time, lack of volatile organic compounds (VOCs), and ease of application, are what are propelling this market's expansion.
Figure 1: Asia Pacific Coatings Market, by Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Asia Pacific Coatings market segmentation, based on resin type, includes Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Other Resin Types. The acrylic category generated the most income because of its flexibility, relative resistance, adhesion, and drying speed, which make it appropriate for use in paints and coatings. The primary driver of acrylic's demand is its increasing application in architectural coatings for windows, panels, and walls both inside and outside.
The Asia Pacific Coatings market segmentation, based on end-user industry, includes Architectural/Decorative, Automotive, Wood, Protective, General Industries, Transportation, and Packaging. The architectural/decorative category generated the most income. Coatings are mostly employed in architectural applications for ornamental reasons on residential and non-residential structures and buildings to shield them from environmental degradation and UV radiation. The market is expected to increase as a result of the increasing usage of these materials in a variety of industries, including automobile building.
Asia Pacific held a sizable portion of the market in 2022 and is likely to hold that position going forward. This is brought on by the expansion of the building and construction industry as well as the automobile industries in China, India, and Japan. The coatings are becoming more and more in demand since they are used to coat both residential and non-residential infrastructure. They work wonderfully for wall, window, and furniture decoration. China is the primary customer since the country's expanding population is propelling the rise of the residential building industry, which in turn is fueling the market's expansion. Moreover, their application in the automobile sector raises their market worth in the Asia-Pacific area. Furthermore, with a goal rate of 70% by 2030, China is actively supporting and enduring continuous urbanization. The need for more living spaces in urban areas due to urbanization and middle-class urban residents' desire to improve their living conditions could have a significant impact on the housing market and, as a result, increase the amount of residential construction done in the nation, which will benefit the market for coatings.
Figure 2: ASIA PACIFIC COATINGS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the coatings market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, coatings industry must offer cost-effective items.
Major players in the coatings market are attempting to increase market demand by investing in research and development operations includes Akzo Nobel NV, Asian Paints, Avian Brands, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Boysen Paints, Davies Paints Philippines Inc., Hempel A/S, Jotun, Kansai Paint Co. Ltd, Nippon Paint Holdings Co. Ltd, PPG Industries Inc., PT. Propan Raya, The Sherwin-Williams Company, and TOA Paint Public Company Limited.
Akzo Nobel NV
Asian Paints
Axalta Coating Systems
BASF SE
Boysen Paints
Davies Paints Philippines Inc.
Hempel A/S
Jotun
Kansai Paint Co. Ltd
Nippon Paint Holdings Co. Ltd
PPG Industries Inc.
PT. Propan Raya
The Sherwin-Williams Company
TOA Paint Public Company Limited
October 2022: Asian Paints intended to build a factory in India that would produce the paint and coating ingredients VAE (vinyl acetate ethylene emulsion) and VAM (vinyl acetate monomer). The capacity of this facility will be 100,000 tons per year for VAM and 150,000 tons per year for VAE.
January 2022: In order to increase its ability to deliver water-based texture paints from Dulux products for use in leisure, architecture, and interior design, Akzo Nobel NV increased the size of its Shanghai, China, production facility. The newly constructed space measures 2,500 square meters.
Water-borne
Solvent-borne
Powder
Other Technologies (UV/ EB, High-solids, Etc.)
Acrylic
Alkyd
Polyurethane
Epoxy
Polyester
Other Resin Types
Architectural/Decorative
Automotive
Wood
Protective
General Industries
Transportation
Packaging
Asia-Pacific
China
Japan
India
Australia
South Korea
Indonesia
Thailand
Vietnam
Malaysia
Singapore
Rest of Asia-Pacific
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 35.2 Billion |
| Market Size 2023 | USD 37.24 Billion |
| Market Size 2032 | USD 58.467 Billion |
| Compound Annual Growth Rate (CAGR) | 5.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Resin Type, End-user Industry, and Region |
| Region Covered | Asia Pacific |
| Countries Covered | China, Japan, India, Australia, South Korea, Indonesia, Thailand, Vietnam, Malaysia, Singapore, and Rest of Asia-Pacific |
| Key Companies Profiled | Akzo Nobel NV, Asian Paints, Avian Brands, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Boysen Paints, Davies Paints Philippines Inc., Hempel A/S, Jotun, Kansai Paint Co. Ltd, Nippon Paint Holdings Co. Ltd, PPG Industries Inc., PT. Propan Raya, The Sherwin-Williams Company, and TOA Paint Public Company Limited |
| Key Market Opportunities | Expanding Sustainability Advancement in the Coatings Sector |
| Key Market Dynamics | Increasing the Construction Industry's Growth Rate Malaysia's Growing Need for Protective Coatings |
Asia Pacific Coatings Market Highlights:
Frequently Asked Questions (FAQ) :
The Asia Pacific Coatings market size was valued at USD 35.2 Billion in 2022.
The market is projected to grow at a CAGR of 5.80% during the forecast period, 2023-2032.
The key players in the market are Akzo Nobel NV, Asian Paints, Avian Brands, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Boysen Paints, Davies Paints Philippines Inc., Hempel A/S, Jotun, Kansai Paint Co. Ltd, Nippon Paint Holdings Co. Ltd, PPG Industries Inc., PT. Propan Raya, The Sherwin-Williams Company, and TOA Paint Public Company Limited.
The acrylic category dominated the market in 2022.
The water-borne category had the largest share in the market.
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