Asia-Pacific Paints & Coatings Market - Segmented by End-user Industry, Technology, Resin Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)

  • ID: 4515046
  • Report
  • Region: Asia Pacific
  • 170 pages
  • Mordor Intelligence
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  • 4Oranges Co. Ltd
  • Akzo Nobel NV
  • Avian Brands
  • Chugoku Marine Paints Ltd
  • Hempel Group
  • Oseven Corporation
  • MORE
The Asia-Pacific paints & coatings market is expected to reach 20,460.04 kilotons by volume, and USD 59.06 billion by revenue, in 2018. It is estimated to reach 27,917.08 kilo metric ton by volume, and USD 80.58 billion by revenue, by 2023, at estimated CAGRs of 5.43% and 5.27% respectively, over the forecast period of 2018-2023.

Increasing Demand from Automotive Industry

With rising consumer spending and growing population in the Asia-Pacific, the automotive production has been increasing constantly. China, India, the Philippines, and Vietnam are turning out to be potential markets for demand and supply of automobiles, owing to many automobile manufacturers establishing their manufacturing and assembly plants in these countries. This can be attributed to the availability of labor at low costs, favorable raw material prices, and the growing urban population in the region. Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia, have either set up their automotive manufacturing facilities or are planning to start new facilities in the Asia-Pacific region, in the near future. In China, with the growing middle-class population, along with urbanization of Western China, there has been an increase in the demand and production of vehicles in the country. For instance, in 2017, ~29 million vehicles were sold in the country, an increase of 3.9% from 2016. In India, the automotive industry accounts for ~7.1% of the country’s GDP, where the two-wheeler segment holds ~81% share, owing to the rising young and middle-class population. Additionally, with the government’s initiatives, such as the Make in India campaign, local and state-owned manufacturers have started to provide their products to the consumers, and are giving stiff competition to the international players. Hence, the strong production rates of automotive from emerging countries in the Asia-Pacific are expected to boost the demand for, and usage of, automotive paints and coatings, in both OEMs and aftermarket.

Architectural Coatings - The Fastest Growing Type by End-user Industry

Paints and coatings are extensively used in the architectural sector for both exterior and interior applications. Paints and coatings are applied on the exterior of the house, not only to give them a new look but also to protect it from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking. Modern advances in paint technology, specifically in the acrylic formulations have offered a wide range of weatherproof coatings. Elastomeric coatings that retain their flexibility and strand etch ability over a wide range of temperatures are becoming popular solutions for homes, worldwide. However, moisture causes problems for paint. dew, rain, snow, and ice on the outside, or vapor and moisture buildup from the inside can cause problems with exterior paint. When moisture penetrates the paint, blisters can form and the paint might peel. Moisture blisters, unlike temperature blisters, go through all coats of paint down to the wood. Besides this, paints and coatings are also used in interiors of houses to add colors or decorative purposes, along with a wide range of other functions. Their functions vary depending upon the type of environment and room that they are used on. All the aforementioned factors, in turn, increase the demand for paints & coatings in the region.

China to Lead the Market in the Asia-Pacific Region

In 2017, the Chinese construction industry developed rapidly, due to the central government’s push for infrastructure investment, as a means to sustain economic growth. The significant development of rail and road infrastructure by the Chinese government to withstand the expanding industrial and service sectors has resulted in a significant growth of the Chinese construction industry in the recent years, despite the volatile growth in the real estate sector in the last couple of years. As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the growth of the industry in the country. The Chinese automotive manufacturing industry is the largest in the world. It is growing rapidly, with the increasing automobile production (increasing at a YoY of 3.19% over 2016) and sales (increasing at a YoY of 3.9% over 2016). With the growing construction and automotive industries in the country, the demand for paints and coatings is being augmented. The investments in the transportation sector increased in the near past. China’s transport ministry and National Development and Reform Commission (NDRC) planned to invest USD 724 billion between 2016-2018, for constructing 303 key transportation projects, which include railways, highways, waterways, airports, and urban rail. The investment plan would enhance the country’s connectivity between the major cities, which helps for the wider economic and social development of the region. Hence, with the growth in the various end-user industries in the country, the consumption of paints and coatings is expected to drive the demand in the market studied during the forecast period.

Key Developments in the Market
  • June 2017 - The Sherwin-Williams Company completed the acquisition of The Valspar Corporation and creates a global leader in paints & coatings industry
  • April 2017 - Asian Paints subsidiary Berger International had acquired Causeway Paints Lanka (Pvt) Ltd (CPLPL) in Sri Lanka.
Major Players: Nippon Paint, AkzoNobel N.V., PPG Inc., BASF, Axalta, Xiangjiang Coatings, and Carpoly, among others.

Reasons to Purchase the Report
  • To understand the impact of end-user applications on the market
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • To understand the dominating technology in the market
  • Countries expected to witness the fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3 months analyst support, along with the Market Estimate sheet (in Excel).
Customization of the Report

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Note: Product cover images may vary from those shown
2 of 5


  • 4Oranges Co. Ltd
  • Akzo Nobel NV
  • Avian Brands
  • Chugoku Marine Paints Ltd
  • Hempel Group
  • Oseven Corporation
  • MORE

1. Introduction
1.1 Scope of the Report
1.2 Study Assumptions
1.3 Study Deliverables
1.4 Research Phases

2. Executive Summary

3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness – Porter’s Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
3.3 Regulatory Policy Analysis

4. Market Dynamics
4.1 Drivers
4.1.1 Increasing Construction Activities in Emerging Economies
4.1.2 Growing Demand from the Automotive Industry
4.2 Restraints
4.2.1 Rising Environmental Concerns and Regulations in China
4.3 Opportunities
4.3.1 Accelerating Demand for Bio-based and Eco-friendly Coatings
4.3.2 Use of Nanotechnology in Paints and Coatings Industry

5. Market Segmentation and Analysis (Market Size, Share, and Forecast)
5.1 By Resin Type
5.1.1 Acrylic
5.1.2 Alkyd
5.1.3 Polyurethane
5.1.4 Epoxy
5.1.5 Polyester
5.1.6 Other Resin Types
5.2 By End-user Industry
5.2.1 Architectural
5.2.2 Automotive
5.2.3 Wood
5.2.4 Protective Coating
5.2.5 General Industrial
5.2.6 Transportation
5.2.7 Packaging
5.3 By Technology
5.3.1 Water-borne
5.3.2 Solvent-borne
5.3.3 Powder Coating
5.3.4 UV-cured Coating

6. Country Market Analysis (Market Size, Share, and Forecast)
6.1 China
6.2 India
6.3 Australia & New Zealand
6.4 Indonesia
6.5 Malaysia
6.6 Vietnam
6.7 Singapore
6.8 Thailand
6.9 Philippines
6.10 Rest of Asia-Pacific

7. Competitive Landscape
7.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
7.2 Market Share Analysis**
7.3 Strategies Adopted by Leading Players

8. Company Profiles (Overview, Financials**, Products & Services, Recent Developments, and Analyst View)
8.1 4Oranges Co. Ltd
8.2 A Dong Paint
8.3 Akzo Nobel NV
8.4 Asian Paints
8.5 Avian Brands
8.6 Axalta Coating Systems LLC
8.8 Berger Paints India Limited
8.9 Boysen Paints
8.10 Chugoku Marine Paints Ltd
8.11 Haymes
8.12 Hempel Group
8.13 Jotun Group
8.15 Nippon Paint Holdings Co. Ltd
8.16 Oseven Corporation
8.17 PPG Industries Inc.
8.18 PT Propan Raya ICC
8.19 RPM International Inc.
8.20 TOA Paint Public Company Limited

*List Not Exhaustive

9. Disclaimer

**Subject to availability on public domain

Note: Product cover images may vary from those shown
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4 of 5
  • 4Oranges Co. Ltd
  • A Dong Paint
  • Akzo Nobel NV
  • Asian Paints
  • Avian Brands
  • Axalta Coating Systems LLC
  • Berger Paints India Limited
  • Boysen Paints
  • Chugoku Marine Paints Ltd
  • Haymes
  • Hempel Group
  • Jotun Group
  • Nippon Paint Holdings Co. Ltd
  • Oseven Corporation
  • PPG Industries Inc.
  • PT Propan Raya ICC
  • RPM International Inc.
  • TOA Paint Public Company Limited
Note: Product cover images may vary from those shown
5 of 5
Note: Product cover images may vary from those shown