Asia Pacific Decorative Paints Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Water Based and Solvent Based) and Application (Residential and Non-Residential)

Water Based segment to be the fastest growing segment in the Asia Pacific Decorative Paints Market during 2020-2028.

According to a new market research study on “Asia Pacific Decorative Paints Market to 2028 - COVID-19 Impact and Regional Analysis and Forecast by Deployment and Application,” is expected to reach US$ 39,984.00 million by 2028 from US$ 27,327.98 million in 2020. The market is estimated to grow at a CAGR of 4.9% from 2020 to 2028. The report provides trends prevailing in the Asia Pacific decorative paints market along with the drivers and restraints pertaining to the market growth. Boosting focus over sustainability, technological expansion along with new product development, and development in the construction industry, are the major factor driving the growth of the decorative paints market. However, potentially dangerous effects of lead in paints along with excessive cost of raw material hinder the growth of decorative paints market.

The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Government have asked the chemicals & materials manufacturers to delay their production which will adversely affect the global supply of decorative paints. The construction industry is one of the hardest hit industries by COVID-19. In India, one of the largest constraints that the construction industry faced was the shortage of labor, which was due to the lockdowns, as there were difficulty sourcing migrant workers which is an integral part of the construction sector.

Asia Pacific decorative paints market is segmented based on type and application. The Asia Pacific decorative paints market based on type is segmented into water based and solvent based. Water based segment accounted for the highest share in the market in 2019 and is expected to be fastest growing during forecast period. Based on application, is segmented into residential and non-residential. Residential segment accounted for the highest share in 2019 and non-residential segment is expected to be the fastest growing during forecast period.

Akzo Nobel N.V.; BASF SE; Dow Inc.; Axalta Coating Systems; PPG Industries Inc.; RPM International Inc.; Kansai; Asian Paints; and Nippon Paints are among some of the leading companies in the Asia Pacific decorative paints market. The market players focus on new product innovations and developments in order to achieve sustainable growth and to distinguish themselves among competitors present in the highly competitive decorative paints market.

The report segments the Asia Pacific Decorative Paints Market as follows:

Asia Pacific Decorative Paints Market - By Type

• Water based
• Solvent based

Asia Pacific Decorative Paints Market - By Application

• Residential
• Non-Residential

Asia Pacific Decorative Paints Market - By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

Reasons to buy:

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific decorative paints market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific decorative paints market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the decorative paints market as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution