New York, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia-Pacific Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06373298/?utm_source=GNW
Due to the COVID-19 outbreak, nationwide lockdowns around the world, disruption in manufacturing activities and supply chains, production halts, and labor unavailability have negatively impacted the market. However, the conditions started recovering in 2021, thereby restoring the growth trajectory of the market studied during the forecast period.
Key Highlights
Over the short term, the accelerating growth of the construction industry and increasing demand for protective coatings in Malaysia are driving the market’s growth.
On the flip side, rising environmental concerns and regulations in India and the slowdown in automotive production are likely to have a negative impact on the market in the short to medium term.
The use of nanotechnology in the paints and coatings industry and accelerating demand for bio-based and eco-friendly coatings are likely to act as opportunities for the market studied.
By resin, the acrylic segment accounted for the largest share, and it is estimated to witness the fastest CAGR over the forecast period.
Key Market Trends
The Water-borne Segment to Drive the Market Growth
Water-borne is the fastest growing technology in the overall paints and coatings market. The major reason for their gain over solvent-borne is due to their eco-friendly nature, as they are generally lower in volatile organic compounds (VOCs), which degrade the environment. Additionally, other properties, like low odor, more durability, and block resistance, make water-borne paints preferable.?
Water-borne coatings constitute a major portion of water as solvents, binders, pigments, and performance additives, as per the requirements. The proportion of additives and resins is variable, as per the application of the coatings. ?
The increasing eco-friendly nature, along with the versatile properties of water-borne coatings, is increasing the demand for water-borne coatings across the region. The market is mainly driven by architectural coatings applications. The water-borne coatings in the architectural segment are expected to show healthy growth in the next five years, especially in the developing economies, driven by huge investments in infrastructure developments, housing projects, and renovation of existing residential and commercial buildings.?
In recent times, there has been a propensity to seek coatings with low odor, usability, and water clean-up characteristics among the end users. Water-borne coatings meet these requirements and also facilitate low viscosity without the addition of low-molecular-weight monomers. However, water-based coatings cannot be as easily applied as solvent-borne coatings, and they pose other challenges, including the complexity of fluids, system compatibility as per application, and higher reactivity.?
The market share of water-borne systems has grown rapidly, owing to their favorable properties, such as mild odor, increased availability, and fast-drying. Furthermore, the UV-curable technology for water-borne coatings has received widespread attention in industrial research.
China to Dominate the Market
In the Asia-Pacific region, China dominated the market share, with the rising consumption from the automotive industry, construction activities, and industrial goods, providing demand for paints and coatings in the region.
China is experiencing massive growth in its construction sector. According to the National Bureau of Statistics of China, in 2021, the construction output in China was valued at approximately CNY 29.31 trillion.
China has been majorly driven by ample developments in the residential and commercial construction sectors supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push-start the construction of low-cost housing. The officials aim to provide 301,000 public housing units in 10 years till 2030.?
In September 2021, Axalta announced that it had broke ground for the construction of a coating facility in Jilin City, Jilin Province, North China. The 46,000-square-meter new plant will produce mobility coatings for light vehicles, commercial vehicles, and automotive plastic components.
In May 2021, PPG today announced the completion of a USD 13 million investment in its Jiading, Chinese paint and coatings facility, including eight new powder coating production lines and an expanded Powder Coatings Technology Center. The expansion will increase the plant’s capacity by more than 8,000 metric ton per year.
Furthermore, in 2021, electric vehicle sales in China skyrocketed by 154%, with total electric vehicle sales of 3.3 million units in 2021, up from 1.3 million in 2020. This was in accordance with the Ministry of Finance of China statement to provide financial subsidies for new electric vehicles, as they will be exempted from vehicle purchase tax between January 1, 2021, to December 31, 2022.
All the aforementioned factors are expected to act as driving factors for the paints and coatings market during the forecast period.?
Competitive Landscape
The Asia-Pacific paints and coatings market is highly fragmented in nature, with no player having a significant share in the market. Although mergers and acquisitions have started to gain significance in the Asia-Pacific market, it continues to be less than in the other regions of the world. Key players in the Asia-Pacific paints and coatings market (not in any particular order) include Akzo Nobel NV, Asian Paints, Kansai Paint Co. Ltd, Nippon Paint Holdings Co. Ltd, and PPG Industries Inc.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06373298/?utm_source=GNW
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