ASEAN Paints and Coatings Market Size (2024 - 2029)

The ASEAN paints and coatings market is anticipated to experience growth over the forecast period, driven primarily by the expansion of the construction industry. Despite the temporary setbacks caused by COVID-19 and associated lockdowns, the market has shown recovery and increased demand due to rising construction projects. While stringent regulations on VOC emissions pose challenges, the development of new environment-friendly resins presents opportunities for market expansion. Indonesia is projected to be the largest market within the region.

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Market Size of ASEAN Paints and Coatings Industry

ASEAN Paints and Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.00 %
Market Concentration Low

Major Players

ASEAN Paints and Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

ASEAN Paints and Coatings Market Analysis

The ASEAN paints and coatings market is expected to record a CAGR of over 4% during the forecast period.

The market was negatively impacted by the COVID-19 outbreak in 2020, considering government-imposed lockdowns in various countries. Such factors temporarily stopped construction activities in the ASEAN region. However, in 2021, the market acted by the COVID-19 outbreak in 2020, considering government-imposed lockdowns in various countries. Such factors temporarily stopped construction activities in the ASEAN region. However, in 2021, the market recovered, and demand for paints and coatings in the ASEAN region surged due to an increase in various construction projects. The market is expected to grow at a significant rate in the coming years.

  • The construction industry's growth is one of the primary factors driving the market studied.
  • However, stringent laws on VOC emissions can hinder the growth of the market.
  • New environment-friendly resins for paints and coatings can act as an opportunity for the market.
  • Indonesia is expected to be the largest market for paints and coatings in the ASEAN region.

ASEAN Paints and Coatings Industry Segmentation

Paints and coatings are used not only for aesthetic applications but also to increase shelf life. They are used in various sectors, including construction and infrastructure, automotive, and other sectors. The market is segmented by technology, resin type, end-user industry, and geography. By technology, the market is segmented into solvent-borne coatings, water-borne coatings, and other technologies. By resin type, the market is segmented into acrylics, polyurethane, polyester, and other resin types. By end-user industry, the market is segmented into architectural/decorative, wood, protective, packaging, marine, and automotive. The report also covers the market size and forecasts for the ASEAN paints and coatings market across 6 countries in the ASEAN region. The report offers market size and forecast in revenue (in USD million) for all the above segments.

Technology
Solvent-borne Coatings
Water-borne Coatings
Other Technologies
Resin Type
Acrylics
Polyurethane
Polyester
Other Resin Types
End-user Industry
Architectural/Decorative
Wood
Protective
Packaging
Marine
Automotive
Geography
Indonesia
Malaysia
Thailand
Philippines
Singapore
Vietnam
Rest of ASEAN
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ASEAN Paints and Coatings Market Size Summary

The ASEAN paints and coatings market is poised for significant growth, driven primarily by the expansion of the construction and automotive industries in the region. The market experienced a temporary setback due to the COVID-19 pandemic, which halted construction activities and disrupted supply chains. However, it rebounded in 2021 as construction projects resumed, boosting demand for paints and coatings. The market's growth is further supported by the increasing automotive production in countries like Thailand and Indonesia, which have become key hubs for automotive manufacturing. Despite challenges such as stringent VOC emission regulations, the introduction of eco-friendly resins presents new opportunities for market expansion. Indonesia is anticipated to emerge as the largest market within the ASEAN region, fueled by its burgeoning population, rapid urbanization, and expanding middle class.

The ASEAN paints and coatings industry is characterized by a fragmented market structure, with numerous domestic and multinational players such as Akzo Nobel N.V., Jotun, and PT Propan Raya. The industry has seen innovations like Avian Brands' launch of AvitexAnti Viruz, a certified wall paint, and Akzo Nobel's investment in resin manufacturing to enhance sustainability. The market's growth trajectory is supported by government initiatives in real estate, such as zero down payments and VAT reductions, which are expected to drive demand for housing and, consequently, paints and coatings. The presence of major players and ongoing investments in innovation and sustainability are likely to bolster the market's expansion in the coming years.

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ASEAN Paints and Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Accelerating Growth of the Construction Industry

      2. 1.1.2 Increasing Demand for Protective Coatings in Malaysia

    2. 1.2 Restraints

      1. 1.2.1 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Technology

      1. 2.1.1 Solvent-borne Coatings

      2. 2.1.2 Water-borne Coatings

      3. 2.1.3 Other Technologies

    2. 2.2 Resin Type

      1. 2.2.1 Acrylics

      2. 2.2.2 Polyurethane

      3. 2.2.3 Polyester

      4. 2.2.4 Other Resin Types

    3. 2.3 End-user Industry

      1. 2.3.1 Architectural/Decorative

      2. 2.3.2 Wood

      3. 2.3.3 Protective

      4. 2.3.4 Packaging

      5. 2.3.5 Marine

      6. 2.3.6 Automotive

    4. 2.4 Geography

      1. 2.4.1 Indonesia

      2. 2.4.2 Malaysia

      3. 2.4.3 Thailand

      4. 2.4.4 Philippines

      5. 2.4.5 Singapore

      6. 2.4.6 Vietnam

      7. 2.4.7 Rest of ASEAN

ASEAN Paints and Coatings Market Size FAQs

The ASEAN Paints and Coatings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Jotun, Akzo Nobel N.V., TOA Paint (Thailand) Public Company Limited., PT Propan Raya and Nippon Paint Holdings Co., Ltd. are the major companies operating in the ASEAN Paints and Coatings Market.

ASEAN Paints and Coatings Market Report Snapshots

ASEAN Paints and Coatings Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)