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.Â
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.
Acrylic formulation had the largest revenue share of about 40%. This is owing to the properties of acrylic compounds, including elastic, highly soluble, versatile, non-toxic, and water resistant, leading to the high requirement for paints and coatings with this formulation.Â
Furthermore, the acrylic formulation owns properties, for example, thermoplastic nature, optical clarity, exceptional dimensional constancy, and UV resistance.
Furthermore, the implementation of strict regulations and increasing consciousness about VOC contents will be the main factors powering the requirement for water-based products, which powers the requirement for acrylic resins.
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.Â
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