The total size of the APAC paints and coatings market was USD 84.09 billion in 2022, and it will grow at a rate of 5.90% in the years to come, to touch USD 133.03 billion by 2030.
The water-borne category had about 48% share in the recent past, and it grow considerably in the years to come as well. This has a lot to do with the growing requirement for these coatings from quite a few automobile and furniture manufacturers, due to their economical nature and better adhesion properties.
In contrast, the UV category will experience the fastest growth by the end of this decade, on account of the increasing acceptance of these alternatives in the aerospace sector.
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This is due to the fact that these offer high reactivity, fast curing, low-temperature processing, extended shelf-life, virtually no volatile organic compound emission, high rigidity, and abrasion resistance.
Furthermore, the acrylic formulation owns properties, for example, thermoplastic nature, optical clarity, exceptional dimensional constancy, and UV resistance.
In the APAC paints and coatings market, China had the largest share of 58%. As per P&S Intelligence. This is because of the increasing construction activities, the increasing count of manufacturing plants, and the snowballing production of automobiles.
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The construction sector is growing significantly in India, China, Australia, and Japan, because of the increasing populace and growing development. This has brought about in increasing investment in construction projects, including hotels, offices, retail centers, apartments, and civic infra.
Also, governments of more than a few nations are funding the expansion and improvement of infra. This will surge the requirement for these products for providing aesthetic benefits.
It is because of the developing construction industry and increasing demand for automobiles, the demand for paints and coatings in the Adia Pacific region will also grow at pace in the years to come.