With the mushrooming usage of paints and coatings in automobiles for aesthetic and protection purposes, their demand is skyrocketing in the Asia-Pacific (APAC) region. Moreover, paints and coatings are also being extensively used by automakers for improving the durability and efficiency of vehicles. In addition to this, paints and coatings also improve the resistance of automobiles to various environmental conditions. According to the China Association of Automobile Manufacturers (CAAM), China registered 28.88 million new vehicle sales in 2017.
Thus, the booming automobile industry, especially in China and India, is driving the demand for paints and coatings in APAC. Apart from this, the rising industrialization rate and the increasing construction activities are also fueling the demand for paints and coatings in APAC. This is subsequently propelling the growth of the Asia-Pacific paints and coatings market. As a result, the market value is expected to surge from $92.5 billion in 2017 to $148.4 billion by 2023.
This is credited to the fact that this resin is extensively used for all commercial and residential interior projects, on account of its ability to provide excellent aesthetics and strength. Moreover, the surging construction activities are massively boosting the sales of polyurethane in the region. Paints and coatings are also categorized, based on formulation, into solvent-based, water-based, ultraviolet (UV) coatings, and powder coatings. Amongst these, the sales of the UV coatings are expected to rise rapidly in the upcoming years.
This will be because these coatings have several advantages over the other types such as their low energy costs, negligible pot life issues, rapid cure speed, and greater eco-friendliness. In APAC, the demand for paints and coatings is predicted to surge sharply in India in the coming years. This is attributed to the thriving construction industry and the soaring investments being made by the government and the private companies in various residential and commercial construction projects in the country.
Hence, it is safe to say that the demand for paints and coatings will shoot up in APAC in the upcoming years, primarily because of their growing usage in the automobile industry and the increasing construction activities in the region.
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