Asia-Pacific Paints & Coating Market Segmented By Technology (Water-borne, Solvent-borne, Powder, and Others), By Resin Type (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), By End-User Industry (Architectural/Decorative, Automotive, Wood, Protective, General Industrial, Transportation, and Packaging), By Country, Competition, Forecast and Opportunities 2028

Asia-Pacific Paints & Coating Market has valued at USD 71.43 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 7.45% through 2028. Asia-Pacific paints and coating market is anticipated to grow at a steady pace in the forecast period, 2024–2028 as the construction sector in the Asia-Pacific region is the largest in the world. The Asia-Pacific construction market was estimated to be valued at USD 6747.05 billion in 2024-2032.

Paints and coatings are thin layers of material applied on top of a surface to protect, decorate, or add functionality. Paints are used for decorative purposes to add color and texture, while coatings are typically used to improve the durability and performance of a surface. Examples of coatings can include anti-corrosion, anti-fouling, anti-slip, flame retardant, and reflective coatings. The terms paints and coatings are primarily used interchangeably, yet paints are mainly used for aesthetics.

Nowadays, paint manufacturers are producing different types of paints with specific properties like protecting the surface from rain and solar radiation and increasing surface durability. Paints and coatings are used for protection and enhancing the look of buildings. They generally protect surfaces from external and environmental elements, such as sunlight, acid rain, UV (Ultraviolet) exposure, and corrosion.

Growing Construction Sector in the Asia-Pacific Region

The increasing existence of foreign corporations in the Asia-Pacific region has created a demand for the construction of new offices, buildings, and production houses. Thereby, pushing the growth of the construction sector in the region. With the growing demand from technology, ecommerce companies, and banking-financial services, office space requirements are significantly rising, resulting in the construction of new offices in the region. For example, the demand for construction in the Asia-Pacific countries is growing due to high GDP and largest population. According to the National Bureau of Statistics of China, the output value of the construction works in the country accounted for CNY 25.92 trillion (USD 3640000 Million) in 2024-2032, compared to CNY 23.27 (USD 3270000 Million) trillion in 2024-2032, thus, enhancing the demand for the paints & coating market. Additionally, China is one of the leading countries moving towards the construction of shopping centr

Moreover, in India, construction activities are growing drastically as well. The demand of

Acceptance of Water/Dirt Repulsion (Nanotechnology) in Paints and Coating Market

The creation of nanotechnology has completely changed the way paints and coatings are manufactured. Industrial firms are using this technology to create nano paints and coatings, which have superior properties including water/dirt repulsion and microbiological resistance, along with zero or low-VOC formulations. Smart coatings are an advance over conventional functional coatings since they display features in reaction to outside stimuli rather than continually reacting to any circumstance. Coatings that respond to the presence of chemicals, volatile organic compounds (VOCs), or carbon emissions are some examples of smart coatings. In addition, companies are increasingly using this nanotechnology in their paint products. For instance, in July 2024-2032, Nippon launched a coating product named “FASTAR” that had a self-polishing antifouling property. This product had hydrophilic and hydrophobic nanodomain structures using unique nanotechnology. Such product launches are majorly demanded in marine industry. Therefore, the acceptance of water/dirt repulsion (nanotechnology) is attributing to the growth of paints and coating in the Asia-Pacific market.

Download Free Sample Report

As India have a second largest Construction GDP in Asia-Pacific region. The Indian government's ‘Housing for All by 2022’ is also a significant factor for the industry. This initiative aims to build more than 20 million affordable homes by 2022. According to Indian government, the country will likely to witness an investment of around USD 1.3 trillion in housing over the next seven years. It is expected to see the construction of 60 million new homes. The availability of affordable housing is likely to rise by 70% in 2024. Additionally, the government of India reduced the GST taxes for housing from 12% to 5%. This tax reclamation can increase the construction market in future, foster supporting the demand for paints and coatings from various building and construction applications.

Also, under the Pradhan Mantri Awas Yojana, the Indian government has decided to provide interest subvention of 3% and 4% for loans of up to INR 9 lakhs (USD 0.9 Million), respectively, for the lower strata of the society for buying and building homes. Such factors are likely to support the demand for the studied market from the residential construction segment of the country. The infrastructure sector is a fundamental pillar for the growth of the Indian economy. The government is taking various initiatives to ensure the country's time-bound creation of excellent infrastructure and due to the above-mentioned considerations, the demand for paints & coating is rising.

Moreover, the Chinese administration has rolled out massive construction develops, including making provisions for the movement of 250 million people to its new megacities in the next ten years. This may create significant scope for the paints and coatings market.

Tightening Regulation on VOC Emissions

Volatile organic compounds (VOCs) are organic substances that, in relation to the quantity of molecules in the surrounding air, have a low boiling point and a high vapor pressure at room temperature. VOCs refer to hydrocarbon compounds that evaporate in the atmosphere and produce odors or ground-level ozone. In sunlight, VOCs and nitrous oxide act as precursors that react to produce ozone and particulate matter (PM) 2.5, which contribute significantly to urban outdoor air pollution.

Recent Developments

• In October 2022,Asian Paints Ltd. announced the plan on constructing a facility in India toproduce vinyl acetate monomer and vinyl acetate-ethylene emulsion, whichare used to make paints and coatings. This facility will be capable ofproducing 150,000 tonnes per year of VAE and 100,000 tonnes per year of VAM.
• In June 2022, AkzoNobel NV company announced the expansion of its manufacturing capacity inShanghai, China, thereby boosting its ability to produce water-based texturepaints of Dulux products used in interior design, architecture, and leisure. Itmeasures 2,500 square metres in size.
• Akzo Nobel NV madean internal polymer production investment in February 2022. These resins areessential components in the creation of coatings. This will assist thecompany's innovation pipeline, sustainability goals, and sustainable businessgrowth.
• Many luxuryapartments and residential complexes are under construction in Japan. Forinstance, Mitsubishi State is building the tallest skyscraper in Japan, whichwill house 50 luxurious apartments that will each bring in USD 43,000 per monthin rent. The project is being built near the Tokyo station and is expected toreach completion by 2027.
• The government inSouth Korea outlined its plan to execute large-scale redevelopment projectsaimed at supplying 830,000 housing units in Seoul and other cities of thecountry by 2025. From the projected construction, Seoul will get 323,000 newhouses, and 293,000 will be built near Gyeonggi Province and Incheon. Major towns,like Busan, Daegu, and Daejeon, will also benefit from 220,000 new buildings infive years.
• Many airports inIndia are undergoing renovations to accommodate the rising demand from bothdomestic and foreign travelers. The Chaudhary Charan Singh InternationalAirport in Lucknow, Chennai International Airport in Chennai, and the JaiPrakash Narayan Airport in Patna are few airports that are now undergoing restoration.All these remodeling initiatives are anticipated to significantly increasedemand in the market under investigation.
• The metro railproject is another major infrastructure project expected to create massivedemand for the market studied in the region. For instance, the metro rail linesin five cities of India are under the implementation stage, and a 440 km newmetro network has been approved for construction.

Market Segmentation

Asia-Pacific paints & coating market

Market Players

Major market players in the