The APAC paints and coatings market is projected to reach $148.4 Billion by 2023, the market growth in the region is driven by the increasing demand for paints and coatings solutions from the automotive, electronic, and construction industries.Based on resin type, the APAC paints and coatings market is categorized into acrylic, polyester, polyurethane, epoxy, and others. Other resins include nylon, nitrocellulose lacquer, and polycarbonates. Of these, the volume sales of polyurethane are expected to exhibit the fastest growth in the market, witnessing a CAGR of 8.3% during the forecast period.
On the basis of formulation, the APAC paints and coatings market is categorized into water-based, solvent-based, powder coatings, and UV coatings. During the forecast period, the fastest growth in volume sales is expected in the UV coatings category, with a CAGR of 8.8%. These coatings have certain advantages over other types, such as reduced environmental impact, zero pot life issues, rapid cure speed, and low energy costs.
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In terms of application, the APAC paints and coatings market is categorized into architectural and decorative, industrial, and marine. During the forecast period, the volume sales of paintings and coatings are expected to witness the highest growth for industrial application, with a CAGR of 7.5%. Increasing demand for paints and coatings solutions from industries such as consumer goods, automotive, and machinery manufacturing is driving the market growth.
Countries such as China, India, Indonesia, and Malaysia have witnessed rapid economic transformation in the past few decades. Majority of these nations have a large and rapidly growing middle-class population. These factors make these developing countries a suitable paint and coatings market.
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Some of the major players operating in the APAC paints and coatings market are Akzo Nobel N. V., PPG Industries Inc., The Sherwin-Williams Company, Berger Paints India Limited, Shalimar Paints Limited, Kansai Paint Co. Ltd., Chugoku Marine Paints Ltd., KCC Corporation, Nippon Paint Holdings Co. Ltd., Dulux Group Limited, and Asian Paints Limited.
APAC PAINTS AND COATINGS MARKET SEGMENTATION
By Resin Type
- Acrylic
- Polyester
- Polyurethane
- Epoxy
- Others
By Formulation
- Water-Based
- Solvent-Based
- Powder Coatings
- UV Coatings
By Application
- Architectural and Decorative
- Residential
- Non-Residential
- Industrial
- Automotive OEM
- Automotive Refinish
- Wood
- Coil
- Can
- Manufacturing
- Others
- Marine
By Country
- China
- By Resin Type
- By Formulation
- By Application
- Japan
- By Resin Type
- By Formulation
- By Application
- India
- By Resin Type
- By Formulation
- By Application
- Rest of APAC
- By Resin Type
- By Formulation
- By Application
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