Why Is APAC Largest Consumer of Paints and Coatings in the World?

People not only care for their own appearance but also that of the things they own, such as houses and automobiles. Thus, with the booming population pushing up the requirement for houses, vehicles, and a host of other practical and materialistic things, the paints and coatings market has a bright future ahead. As per P&S Intelligence, the sale of such materials valued $156,086.2 million in 2019, and this revenue is set to witness a 4.2% CAGR during 2020–2030, to reach $227,834.0 million by 2030.

This is because paints and coatings are what give the products their aesthetic value, which, however, is not their only purpose. They are also applied in high volumes to the interiors and exteriors to protect them from heat, moisture, chemicals, scratches, and abrasions. Hence, apart from architectural purposes, paints and coatings are also used for several special and industrial applications. Among these, they are consumed in the highest volumes for architectural applications, majorly because of the booming construction sector.

Thus, owing to the burgeoning automobile sales and homeownership rate, Asia-Pacific (APAC) generates the highest revenue in the paints and coatings market. China, Japan, India, and South Korea account for the highest sales and production figures of automobiles globally due to their booming population and rising urbanization rate. Moreover, regional governments are implementing several policies to make housing affordable, which is another reason behind the rising consumption of such materials.

Most of the paints and coatings used currently are waterborne, which is because of the several stringent regulations implemented to ban the usage of solvent-borne coatings. The volatile organic compounds contained in chemical solvents are highly carcinogenic and also harmful to the environment, which is why they are being rapidly replaced with waterborne variants. Another type of coatings that are gaining popularity is smart coatings, which change their properties on being stimulated by heat or electric current.

Hence, with the booming homeownership rate and automobile sales, the demand for paints and coatings, especially the technologically advanced ones, will keep shooting up.

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