Kerry Pianoforte, Editor09.04.23
This month’s issue of Coatings World features an in-depth analysis of the Asia Pacific Coatings Market, authored by Douglas Bohn of Orr & Boss Consulting.
According to Orr & Boss’s research, the Asia Pacific paint and coatings market continues to be the largest and fastest growing geographic segment in the world. It has had its challenges in the last year with slower growth in China and higher inflation and higher interest rate in some countries. Despite this, all indications are these markets will grow faster than the global averages going forward.
The 2023 Asia Pacific paint and coatings market is estimated to be 27 billion liters and $88 billion. As in other regions of the world, decorative or architectural coatings is the largest segment of the market. Decorative is an estimated 38.7% of the market. The other large segments include general industrial, protective, powder, and industrial wood.
Greater China is the largest geographic sub-region of the Asia Pacific coatings market at 55%. Japan & Korea is the next largest region at 15% (Japan is an estimated 10% of the market and South Korea is 5% of the market). South Asia is also 15% of the market. South Asia includes India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, and the Maldives but is mostly India.
Breakdown of the $88 Billion Asia Pacific Coatings Market by Segment:
• Decorative 38.7%
• General Industrial 14.4%
• Protective 11.5%
• Powder 9.7%
• Wood 6.7%
• Auto OEM 5.6%
• Marine 4.1%
• Auto Refinish 2.7%
• Coil 2.1%
• Other Transportation 1.8%
• Flexible Packaging 1.3%
• Rigid Can Packaging 1.3%
Looking forward, economic trends indicate a positive outlook for the Asia Pacific paint and coatings market.
According to Orr & Boss’s research, the Asia Pacific paint and coatings market continues to be the largest and fastest growing geographic segment in the world. It has had its challenges in the last year with slower growth in China and higher inflation and higher interest rate in some countries. Despite this, all indications are these markets will grow faster than the global averages going forward.
The 2023 Asia Pacific paint and coatings market is estimated to be 27 billion liters and $88 billion. As in other regions of the world, decorative or architectural coatings is the largest segment of the market. Decorative is an estimated 38.7% of the market. The other large segments include general industrial, protective, powder, and industrial wood.
Greater China is the largest geographic sub-region of the Asia Pacific coatings market at 55%. Japan & Korea is the next largest region at 15% (Japan is an estimated 10% of the market and South Korea is 5% of the market). South Asia is also 15% of the market. South Asia includes India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, and the Maldives but is mostly India.
Breakdown of the $88 Billion Asia Pacific Coatings Market by Segment:
• Decorative 38.7%
• General Industrial 14.4%
• Protective 11.5%
• Powder 9.7%
• Wood 6.7%
• Auto OEM 5.6%
• Marine 4.1%
• Auto Refinish 2.7%
• Coil 2.1%
• Other Transportation 1.8%
• Flexible Packaging 1.3%
• Rigid Can Packaging 1.3%
Looking forward, economic trends indicate a positive outlook for the Asia Pacific paint and coatings market.
