|
Forecast Period
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2024-2028
|
|
Market Size (2022)
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USD 71.43 Billion
|
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CAGR (2023-2028)
|
7.45%
|
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Fastest Growing
Segment
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Automotive
|
|
Largest Market
|
China
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Asia-Pacific Paints & Coating Market has valued at USD 71.43 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 7.45% through 2028. Asia-Pacific paints and
coating market is anticipated to grow at a steady pace in the forecast period,
2024–2028 as the construction sector in the
Asia-Pacific region is the largest in the world. The Asia-Pacific construction
market was estimated to be valued at USD 6747.05 billion in 2021.
Paints and coatings are thin layers of material applied on top of a
surface to protect, decorate, or add functionality. Paints are used for
decorative purposes to add color and texture, while coatings are typically used
to improve the durability and performance of a surface. Examples of coatings
can include anti-corrosion, anti-fouling, anti-slip, flame retardant, and
reflective coatings. The terms paints and coatings are primarily used
interchangeably, yet paints are mainly used for aesthetics.
Nowadays, paint manufacturers are producing different types of paints
with specific properties like protecting the surface from rain and solar
radiation and increasing surface durability. Paints and coatings are used for
protection and enhancing the look of buildings. They generally protect surfaces
from external and environmental elements, such as sunlight, acid rain, UV
(Ultraviolet) exposure, and corrosion.
Growing Construction Sector in the Asia-Pacific Region
The increasing existence of foreign corporations in the Asia-Pacific
region has created a demand for the construction of new offices, buildings, and
production houses. Thereby, pushing the growth of the construction sector in
the region. With the growing demand from technology, ecommerce companies, and
banking-financial services, office space requirements are significantly rising,
resulting in the construction of new offices in the region. For example, the
demand for construction in the Asia-Pacific countries is growing due to high GDP
and largest population. According to the National Bureau of Statistics of
China, the output value of the construction works in the country accounted for
CNY 25.92 trillion (USD 3640000 Million) in 2021, compared to CNY 23.27 (USD 3270000
Million) trillion in 2020, thus, enhancing the demand for the paints &
coating market. Additionally, China is one of the leading countries moving
towards the construction of shopping centrs in the location. The country has almost 4,000 shopping centres, while
7,000 more are expected to be constructed by 2025 which leads to the growth of
the paints
& coating market across the Asia-Pacific region.
Moreover, in India, construction activities are growing drastically as
well. The demand of paints
& coating in India is rising quickly since GDP from construction in India
averaged 2329.02 INR billion (USD 28190 million) from 2011 until 2022, reaching
an all-time high of 3382.83 INR billion (USD 40940 million) in the first
quarter of 2022 and a record low of 1346.82 INR billion (USD 16300 million) in
the second quarter of 2020. This pattern is expected to grow in the forecast
period. Due to these figures, highest growth for housing is expected to be
registered in the region, owing to the expanding housing construction markets
in China and India. The middle-class population in these nations are more than
40%, which leads to the drastic growth in the construction sector.
Acceptance of Water/Dirt Repulsion (Nanotechnology) in
Paints and Coating Market
The creation of nanotechnology has completely changed the
way paints and coatings are manufactured. Industrial firms are using this
technology to create nano paints and coatings, which have superior properties
including water/dirt repulsion and microbiological resistance, along with zero
or low-VOC formulations. Smart coatings are an advance over conventional
functional coatings since they display features in reaction to outside stimuli
rather than continually reacting to any circumstance. Coatings that respond to
the presence of chemicals, volatile organic compounds (VOCs), or carbon
emissions are some examples of smart coatings. In addition, companies are
increasingly using this nanotechnology in their paint products. For instance,
in July 2021, Nippon launched a coating product named “FASTAR” that had a
self-polishing antifouling property. This product had hydrophilic and
hydrophobic nanodomain structures using unique nanotechnology. Such product
launches are majorly demanded in marine industry. Therefore, the acceptance of
water/dirt repulsion (nanotechnology) is attributing to the growth of paints
and coating in the Asia-Pacific market.