The paint and coatings industry comprises two end-use industry types: architectural and industrial decorative. Decorative paint accounts for about 40% of the market, along with related products like putties and primers. There are multiple subcategories within this category, such as wood finishes, enamels, and interior and exterior wall paints. The industrial paint category, which includes a wide range of industries like automotive, marine, packaging, powder, protection, and other general industrial coatings, makes up the remaining 60% of the paint industry.
According to SPER market research, ‘Asia Pacific Paints and Coatings Market Size - By Technology, By Resin Type, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the APAC Paints and Coatings Market is predicted to reach USD 126.42 billion by 2033 with a CAGR of 6.25%.
The construction industry's rapid expansion and Malaysia's increasing need for protective coatings are two of the factors driving the market's growth. With the introduction of environmentally friendly paint and coating resins, the industry is expected to witness tremendous growth opportunities. In addition, a number of important factors are fueling the Asia Pacific paint and coatings market's explosive growth. First off, the region's rapid industrialization and urbanization have led to an increase in both residential and commercial construction. The need for paints and coatings has increased in step with the growth in construction because they are critical to maintaining and extending the lifespan of buildings.
There are various challenges that the paint and coating industry must overcome to maintain its operations and dynamics. The demand for more environmentally friendly and sustainable products, coupled with the tightening of environmental regulations, is one major challenge. Complexity in the processes of developing new products and producing them has increased due to the necessity of formula modifications and the creation of low-VOC (volatile organic compound) or VOC-free coatings. Along with this, the industry is facing increased costs for raw materials, especially for basic components like pigments and resins, which can put pressure on manufacturers' profit margins.
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Impact of COVID-19 on Asia Pacific Paints and Coatings Market
The COVID-19 pandemic had a complex effect on the Asia Pacific Paints and Coatings Market. A brief decline in the market for paints and coatings was caused by the widespread lockdowns that several nations implemented in an effort to stop the virus's spread. These measures severely hindered the construction of both residential and commercial buildings. Manufacturers struggled with production and distribution due to a decline in construction projects and disruptions in the supply chain. The temporary closure of the production facilities affected the automotive industry, which is a major consumer of coatings and also affected the demand for automotive paints.
Asia Pacific Paints and Coatings Market Key Players:
Furthermore, Japan is a major market for the use of architectural paints and coatings since it leads the world in the construction of skyscrapers and other high-rise structures. Additionally some of the market players are: Akzo Nobel NV, Asian Paints, Avian Brands, Axalta Coating Systems, BASF SE, Berger Paints India Limited.
Asia Pacific Paints and Coatings Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Technology: Based on the Technology, Asia Pacific Paints and Coatings Market is segmented as; Water-borne, Solvent-borne, Powder, Others.
By Resin Type: Based on the Resin Type, Asia Pacific Paints and Coatings Market is segmented as; Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others.
By End User: Based on the End User, Asia Pacific Paints and Coatings Market is segmented as; Architectural/Decorative, Automotive, Wood, Protective, General Industries, Transportation, Packaging.
By Region: This research also includes data for China, India, Japan, South Korea, Australia and New Zealand, Indonesia, Thailand, Malaysia, Vietnam, Philippines, Singapore, Rest of Asia-Pacific.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Asia Pacific Paints and Coatings Market Revenue
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