The Asia Pacific paints & coatings market is anticipated to record a CAGR of 7.00%, over the forecast years of 2021 to 2028. The region’s market growth is attributed to factors, such as, the rapidly increasing housing construction activities, especially in developing countries, the growing demand from the automotive industry, and the establishment of automotive manufacturing facilities.
The Asia Pacific paints & coatings market growth is analyzed by assessing India, Indonesia, Australia & New Zealand, China, Japan, Thailand, Vietnam, South Korea, and the rest of the Asia Pacific. In India, the construction industry is the second-largest, with a gross domestic product (GDP) contribution of nearly 9%. The sector also depicted promising growth in 2019, in addition to a strengthened output of 8%. As a result, it is estimated that India’s construction industry is likely to emerge as the third-largest market, globally, garnering at least $1 trillion, over the forecast period. Moreover, the segment is also projected to drive the demand for architectural coatings in India, owing to government initiatives, like, UDAN (Ude Desh Ka Aam Nagrik), Bharatmala scheme, and AMRUT (Atal Mission for Rejuvenation and Urban Transformation).
On the other hand, despite its relatively smaller size and population compared to other countries across the Asia Pacific, South Korea accounts for the fourth largest paints and coatings market in the region. For instance, leading producers, such as, Kangnam Jevisco (Kunsul Chemical Industrial Company, KCI), Samhwa Paints, Chokwang Paints, and Noroo Paints, dominate the country’s market, harboring a cumulative revenue share of nearly 75%. Hence, these factors are set to fuel the market growth.
Some of the distinguished companies operating in the market include, ICA Group, Nippon Paint Holdings Co, Asian Paints Ltd, Kansai Paint Co Ltd, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments