ASEAN Protective Coatings Market Size (2024 - 2029)

The ASEAN Protective Coatings Market is experiencing a steady recovery and growth trajectory, having rebounded to pre-pandemic levels. This growth is driven by government initiatives to enhance infrastructure and boost activities in the oil and gas sector, alongside increasing revenue from industries such as plastics and pulp and paper. A notable trend is the shift towards sustainable coatings, which, along with opportunities in bio-based coatings, is expected to further influence the market's expansion. Despite challenges such as raw material price fluctuations due to post-pandemic supply chain disruptions, the market is poised for growth, with Indonesia leading in market expansion due to its rising population and infrastructure developments.

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Market Size of ASEAN Protective Coatings Industry

ASEAN Protective Coatings Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 3.00 %
Market Concentration Low

Major Players

ASEAN Protective Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

ASEAN Protective Coatings Market Analysis

ASEAN Protective Coatings Market was valued at USD 300 million by the end of this year, and the market is projected to register a CAGR of over 3% during the forecast period.

, COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily.

  • The driving factors that tend to the market growth include initiatives and policies from the government to develop infrastructure and increase activities in the oil and gas sector. Increasing revenue generation from various industries such as plastics, pulp, and paper, among others, and a rising shift in focus towards sustainable coatings are the key market trends driving the market.
  • With supply chain disruptions post-COVID-19 pandemic, raw material prices' fluctuation has hindered the protective coatings market.
  • The growing options for bio-based coatings are further likely to provide opportunities for the studied market during the forecast period.
  • Indonesia is expected to dominate the market's growth across the ASEAN region due to the rising population and increasing infrastructure activities.

ASEAN Protective Coatings Industry Segmentation

Protective Coatings are made of various raw materials, including resins, additives, pigments, solvents, and other materials. They are used to protect infrastructure, petrochemical industries, and oil and gas industries from corrosion and environmental effects, including acid rain, among others. The market is segmented based on resin, Technology, and the end-user industry. By resin type, the market is segmented into Resin Epoxy, Acrylic, Alkyd, Polyurethane, Polyester, and Other Resin Types. By Technology, the market is segmented into Water borne Coatings, Solvent Borne Coatings, Powder Coatings, and UV Cured Coatings. By End-User Industry, the market is segmented into Oil and Gas, Mining, Power, Infrastructure, and Other End-User Industries. By Geography, the market is segmented into Indonesia, Malaysia, Thailand, Philippines, Singapore, Vietnam, and the Rest of ASEAN. The report also covers the market size and forecasts for the ASEAN Protective Coatings market. The report offers market size and forecasts for revenue (USD million) for all the above segments.

Resin Type
Epoxy
Acrylic
Alkyd
Polyurethane
Polyester
Other Resin Type
Technology
Water Borne Coatings
Solvent Borne Coatings
Powder Coatings
UV Cured Coatings
End User Industry
Oil and Gas
Mining
Power
Infrastructure
Other End User Industry
Geography
Indonesia
Malaysia
Thailand
Philippines
Singapore
Vietnam
Rest of ASEAN
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ASEAN Protective Coatings Market Size Summary

The ASEAN protective coatings market is experiencing a steady recovery and growth trajectory following the disruptions caused by the COVID-19 pandemic. The market is driven by government initiatives to bolster infrastructure and activities in the oil and gas sector, alongside increasing revenue from industries such as plastics and pulp and paper. A significant trend is the shift towards sustainable coatings, which is gaining traction across the region. Despite challenges like fluctuating raw material prices due to supply chain disruptions, the market is poised for growth, with Indonesia expected to lead due to its burgeoning population and infrastructure development activities. The infrastructure sector remains a major consumer of protective coatings, necessitated by the need for corrosion and environmental resistance in various structures.

In addition to infrastructure, the protective coatings market in ASEAN is bolstered by the oil and gas sector, urbanization, and the demand for advanced products in countries like Indonesia and Malaysia. Indonesia's substantial investments in infrastructure and water treatment, coupled with its plans for oil reserve exploration, are set to significantly boost the demand for protective coatings. Malaysia's strategic focus on infrastructure development, driven by geopolitical shifts and renewable energy goals, further supports market expansion. The market is characterized by fragmentation, with key players like RPM International Inc., AkzoNobel NV, and Jotun actively participating. Recent strategic moves, such as Nippon Paint's acquisition of CMI, highlight the competitive landscape and the ongoing efforts to provide comprehensive coating solutions.

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ASEAN Protective Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Accelerating Demand from the Infrastructure sector

      2. 1.2.2 Increasing Demand for Protective Coatings in Malaysia

    3. 1.3 Market Restraints

      1. 1.3.1 Price Hikes of Raw Materials

      2. 1.3.2 Other Restraints

    4. 1.4 Industry Value Chain Analysis

    5. 1.5 Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

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

    1. 2.1 Resin Type

      1. 2.1.1 Epoxy

      2. 2.1.2 Acrylic

      3. 2.1.3 Alkyd

      4. 2.1.4 Polyurethane

      5. 2.1.5 Polyester

      6. 2.1.6 Other Resin Type

    2. 2.2 Technology

      1. 2.2.1 Water Borne Coatings

      2. 2.2.2 Solvent Borne Coatings

      3. 2.2.3 Powder Coatings

      4. 2.2.4 UV Cured Coatings

    3. 2.3 End User Industry

      1. 2.3.1 Oil and Gas

      2. 2.3.2 Mining

      3. 2.3.3 Power

      4. 2.3.4 Infrastructure

      5. 2.3.5 Other End User Industry

    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 Protective Coatings Market Size FAQs

The ASEAN Protective Coatings Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

RPM International Inc., AkzoNobel N.V., Jotun, The Sherwin-Williams Company and PPG Industries, Inc. are the major companies operating in the ASEAN Protective Coatings Market.

ASEAN Protective Coatings Report Snapshots

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