APAC Paints & Coatings Market Will Reach USD 133.03 Billion By 2030
This growth can be credited to the snowballing demand for vehicles, increasing customer expenditure in the region, mounting manufacturing industry, and increasing requirement for paints and coatings from the oil & gas sector.
In 2022, the water-borne category, generated the largest revenue share of approximately 48%, Based on technology, and is projected to grow at a significant pace in the future as well. This is majorly credited to the snowballing need for these coatings from numerous furniture and automobile producers, credited to their lucrative nature and greater adhesion characteristics.
In 2022, Acrylic formulation led the industry with a revenue share of approximately 40%. This is because of the characteristics of acrylic compounds, including water resistant, versatile, highly soluble, non-toxic, and elastic which generates heavy demand for paints and coatings with this formulation. Furthermore, the acrylic formulation holds characteristics, including thermoplastic nature, weather/UV resistance, optical clarity, and brilliant dimensional stability.
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The architectural coating has extensive application ranges, credited to the fast development in the populace throughout the world, which has amplified the demand for these items for commercial and residential building projects
The industrial coatings industry is divided into automotive original equipment manufacturer coatings, other transport coatings, powder coatings, packaging finishes, coil coatings, general industrial finishes, wood finishes, and coil coatings. Among all, the general industrial finishes category had the largest size share in 2022. This is credited to a huge number of manufacturing units throughout the globe.
In 2022, In the APAC market, China generated the largest revenue share, at 58%. This can be credited to the rising number of manufacturing plants, increasing building actions, and the growing manufacturing of automobiles in China. For example, in the Shanghai chip production plant, the project involved the building of a 12-inch wafer manufacturing plant, which was initiated in 2022 and is projected to be completed by 2024.
The construction sector is rising at a substantial pace in India, Japan, China, and Australia, credited to the increasing populace and rapid urbanization. This has caused a surge in the expenditure on construction projects, including apartments, retail centers, hotels, and civic infrastructure hence, the construction sector is boosting the demand for decorative coatings.
Hence, snowballing demand for vehicles, increasing customer expenditure in the region, mounting manufacturing industry, and increasing requirement for paints and coatings from the oil & gas sector are the major factors propelling APAC paints and coatings industry.
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