China Paints & Coatings Market to Grow with a CAGR of 2.86% through 2029
Growth in research and development activities is expected
to drive the China Paints & Coatings Market growth in the forecast period,
2025-2029
According to TechSci Research report, “China Paints
& Coatings Market – By Region, Competition, Forecast and Opportunities,
2019-2029F”, the China Paints & Coatings Market stood at USD20.55
billion in 2023 and is anticipated to grow with a CAGR of 2.86% in the forecast
period, 2025-2029. The initiatives taken by government based on paints & coatings
has led to favorable market conditions for the China Paints & Coatings
Market. Several factors contribute to the growth of various paints & coatings
market products.
Recognizing the imperative of environmental conservation, the Chinese government has recently implemented updated regulations concerning decorative, wood, vehicle, and protective coatings. These revised guidelines, set to be enforced by July 2019, target the reduction of volatile organic compound (VOC) emissions, thereby advancing a more eco-friendly and sustainable trajectory for the nation. Consequently, there has been a notable uptick in the adoption of low-VOC coatings across diverse industries in China.
In pursuit of leveraging the substantial growth prospects within China's paints, coatings, adhesives, and sealants sectors, key corporations have undertaken significant investments in the region. These strategic initiatives have been considerably facilitated by the government's proactive measures aimed at stimulating economic expansion and nurturing industrial progress. By fostering the growth of these industries, China endeavors not only to bolster its domestic manufacturing capacities but also to establish itself as a global frontrunner in coatings and adhesive technologies..
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An important result of heightened research and development (R&D) efforts is the ongoing innovation of novel and advanced products. To meet the increasing demand for top-tier paints and coatings, companies are allocating substantial resources to R&D endeavors aimed at crafting state-of-the-art solutions with enhanced attributes. These encompass heightened durability, superior weather resilience, and augmented aesthetic allure. Such innovative offerings not only cater to evolving consumer requirements but also propel the overall expansion of China's paints and coatings market, solidifying its status as a focal point for industry technological breakthroughs.
The China Paints & Coatings Market is segmented in
resin type, application, regional distribution, and company.
Based on its resin type, the acrylic segment held the
largest share in the market. Chinese manufacturers are investing substantially in research and development to continually improve the characteristics of acrylic resins. By leveraging state-of-the-art technologies and innovative methodologies, they can create updated iterations of these resins with enhanced performance. These advanced resins not only showcase improved adhesion and heightened resistance to chemicals and corrosion but also boast superior durability and longevity. This ongoing quest for enhancement guarantees that the acrylic resins manufactured in China adhere to the highest industry standards, offering customers dependable and top-quality solutions for various applications.
Based on region, South Central segment is expected to
grow during the forecast period.
South Central China's strategic location, nestled in
the heart of the country, plays a crucial role in its dominance in the paints
and coatings market. The region's advantageous position as a major trade and
commerce hub allows for seamless access to abundant raw materials and diverse
markets. This accessibility proves highly advantageous for the paints and
coatings industry, enabling efficient sourcing of materials and expanded reach
to cater to a wide range of customer needs.
Major companies operating in China Paints &
Coatings Market are:
- PPG Coatings (Kunshan) Co. Ltd.
- Akzo Nobel China B.V.
- Cosco Kansai Paint & Chemicals
(Shanghai) Co., Ltd.
- Nippon Paint (China) Co. Ltd.
- BASF Shanghai Coatings Co.
- Valspar Coatings Co., Ltd.
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“Growing application of paints & coatings in
various end user industries are key drivers of the paints & coatings market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of paints & coatings
with every passing year are anticipated to register an impressive growth to China
Paints & Coatings Market in the forecast period.,” said Mr. Karan Chechi,
Research Director, TechSci Research, a research-based management consulting
firm.
“China Paints & Coatings Market Segmented By Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Others), By Application (Architectural, Industrial, Others), By Region, Competition, Forecast and Opportunities, 2019-2029F”, has evaluated the future growth potential of China
Paints & Coatings Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in China Paints
& Coatings Market.
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