Asia Pacific Decorative Paints Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Water Based and Solvent Based) and Application (Residential and Non-Residential)
Market Introduction
The Asia Pacific region comprises developed and developing countries such as Australia, China, India, Japan, South Korea, and other Asian countries. The growth of the decorative paints market in the Asia Pacific region is mainly attributed to government authorities' rising focus on infrastructural development in countries like China, Japan, and India. The government of developing countries, especially India, is investing heavily in infrastructure development, such as buildings and other physical structures. As a result, the use of decorative paints becomes inevitable and drives the growth of the decorative paints market in the Asia Pacific. In Asia-Pacific, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. However, due to the onset of COVID-19 in 2020, China's economic growth is estimated to contract to 1.90%, and it is expected to witness recovery at a rate of 8.20% in 2021. The Asia Pacific hosts a vast construction sector, especially China. The developments in the residential and non-residential sectors in the past two years have supported the construction sector's growth at large, both in volume and value. China has been primarily driven by the ample developments in the residential and non-residential construction sectors supported by the growing economy. Unfortunately, due to the pandemic scenario, several countries in the region went into lockdown, halting all the manufacturing and construction activities, thus negatively impacting the demand in the decorative paints market. However, the condition is anticipated to recover in 2021, thereby restoring the growth trajectory of the market. Further, cheap labor and easy access to the architectural industry attract designing buildings and other physical structures activities in the country.
The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Government have asked the chemicals & materials manufacturers to delay their production which will adversely affect the global supply of decorative paints. The construction industry is one of the hardest hit industries by COVID-19. In India, one of the largest constraints that the construction industry faced was the shortage of labor, which was due to the lockdowns, as there were difficulty sourcing migrant workers which is an integral part of the construction sector.
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Market Overview and Dynamics
The decorative paints market in Asia Pacific is expected to grow to US$ 39,984.00 million by 2028 from US$ 27,327.98 million in 2020. The market is estimated to grow at a CAGR of 4.9% from 2020 to 2028. Construction is considered to be one of the most dynamic industrial sectors which are significantly related to the evolution of better societies across the world. With the rise in disposable income along with shift in lifestyle and change in working demographics, need for better residential and commercial spaces, the need for architectural facilities have risen, thereby, promoting growth of construction industry. The growth of the market is supported by increased expenditure of government towards construction sector coupled with recovering labor market, strong credit growth and positive measures undertaken by government. The growth in residential and commercial sector along with new renovation activities is expected to promote the demand for decorative paints. The use of decorative paints across commercial and residential buildings is expected to provide growth opportunities of the market. Such paints are widely used at homes, complexes, offices, and other spaces. The demand for decorative paints is rising from the construction sector as they help to enhance the interiors and exteriors of buildings with different finishes including eggshell and satin, matte finish, gloss and others. Further, such paints are widely used in several construction operations such as wall paints, roof coatings and other finishes for better appeal. Positive government measures coupled with increased investment towards building and construction sector is expected to fuel the demand for decorative paints in the market.
Key Market Segments
Asia Pacific decorative paints market is segmented based on type and application. The Asia Pacific decorative paints market based on type is segmented into water based and solvent based. Water based segment accounted for the highest share in the market in 2019 and is expected to be fastest growing during forecast period. Based on application, is segmented into residential and non-residential. Residential segment accounted for the highest share in 2019 and non-residential segment is expected to be the fastest growing during forecast period.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on decorative paints market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Akzo Nobel N.V.; BASF SE; Dow Inc.; Axalta Coating Systems; PPG Industries Inc.; RPM International Inc.; Kansai; Asian Paints; and Nippon Paints among others.
Reasons to buy report
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific decorative paints market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific decorative paints market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the decorative paints market as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
ASIA PACIFIC DECORATIVE PAINTS MARKET SEGMENTATION
Asia Pacific Decorative Paints Market – Type
- Water based
- Solvent based
Asia Pacific Decorative Paints Market – By Application
- Residential
- Non-Residential
Asia Pacific Decorative Paints Market – By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Asia Pacific Decorative Paints Market Company Profiles
- Akzo Nobel N.V.
- BASF SE
- Dow Inc.
- PPG Industries, Inc.
- RPM International, Inc.
- Axalta Coatings Systems
- Kansai
- Nippon Paint
- Asian Paints
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Decorative Paints Market, by Type
1.3.2 Decorative Paints Market, by Application
1.3.3 Asia Pacific Decorative Paints Market, by Country
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Asia Pacific Decorative Paints – Market Landscape
4.1 Market Overview
4.2 Expert Opinion
5. Asia Pacific Decorative Paints Market – Key Market Dynamics
5.1 Drivers
5.1.1 Development in the Construction Industry
5.1.2 Higher Demand of Water based Paints.
5.2 Market Restraints
5.2.1 Potentially Dangerous Effects of Lead in Paints along with Excessive cost of Raw Material
5.3 Market Opportunities:
5.3.1 Boosting focus over sustainability
5.4 Future Trends:
5.4.1 Technological expansion along with New Product Development
5.5 Impact Analysis of Drivers and Restraints
6. Asia Pacific Decorative Paints – Market Analysis
6.1 Decorative Paints Market Overview
6.2 APAC: Decorative Paints Market – Revenue and Forecast to 2028 (US$ Million)
7. Asia Pacific Decorative Paints Market Analysis – By Type
7.1 Overview
7.1.1 Asia Pacific: Decorative Paints Market, by Type
7.2 Water Based Decorative Paints
7.2.1 Overview
7.2.2 Water Based Decorative Paints: Decorative Paints Market – Revenue, and Forecast to 2028 (US$ Million)
7.3 Solvent Based Decorative Paints
7.3.1 Overview
7.3.2 Solvent Based Decorative Paints: Decorative Paints Market – Revenue, and Forecast to 2028 (US$ Million)
8. Asia Pacific Decorative Paints Market Analysis – By Application
8.1 Overview
8.1.1 Asia Pacific: Decorative Paints Market, by Application
8.2 Residential
8.2.1 Overview
8.2.2 Residential: Decorative Paints Market – Revenue, and Forecast to 2028 (US$ Million)
8.3 Non-Residential
8.3.1 Overview
8.3.2 Non-Residential: Decorative Paints Market – Revenue, and Forecast to 2028 (US$ Million)
9. Asia Pacific Decorative Paints Market Analysis – Country Analysis
9.1 Overview
9.1.1 Asia Pacific: Decorative Paints Market, by Key Country
9.1.1.1 Australia: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Australia: Decorative Paints Market, by Type
9.1.1.1.2 Australia: Decorative Paints Market, by Application
9.1.1.2 China: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 China: Decorative Paints Market, by Type
9.1.1.2.2 China: Decorative Paints Market, by Application
9.1.1.3 India: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 India: Decorative Paints Market, by Type
9.1.1.3.2 India: Decorative Paints Market, by Application
9.1.1.4 Japan: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Japan: Decorative Paints Market, by Type
9.1.1.4.2 Japan: Decorative Paints Market, by Application
9.1.1.5 South Korea: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 South Korea: Decorative Paints Market, by Type
9.1.1.5.2 South Korea: Decorative Paints Market, by Application
9.1.1.6 Rest of APAC: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of APAC: Decorative Paints Market, by Type
9.1.1.6.2 Rest of APAC: Decorative Paints Market, by Application
10. Impact of COVID-19 Pandemic on Asia Pacific Decorative Paints Market
10.1 Impact of COVID-19 on Asia Pacific Decorative Paints Market
11. Company Profiles
11.1 Akzo Nobel N.V.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.2 BASF SE
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.4 Dow Inc.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.5 PPG Industries, Inc.
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.6 RPM International, Inc.
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.7 Axalta Coatings Systems
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Nippon Paint
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Asian Paints
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Kansai
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of TermsLIST OF TABLES
Table 1. Australia Decorative Paints Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 2. Australia Decorative Paints Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 3. China Decorative Paints Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. China Decorative Paints Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 5. India Decorative Paints Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. India Decorative Paints Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 7. Japan Decorative Paints Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. Japan Decorative Paints Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 9. South Korea Decorative Paints Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. South Korea Decorative Paints Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 11. Rest of Asia Pacific Decorative Paints Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of Asia Pacific Decorative Paints Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 13. Glossary of Terms, Asia Pacific Decorative Paints Market
LIST OF FIGURES
Figure 1. Asia Pacific Decorative Paints Market Segmentation
Figure 2. Asia Pacific Decorative Paints Market Segmentation – By Country
Figure 3. Asia Pacific Decorative Paints Market Overview
Figure 4. Residential Segment Held Largest Share of Asia Pacific Decorative Paints Market
Figure 5. China Region Held Largest Share of Asia Pacific Decorative Paints Market
Figure 6. Asia Pacific Decorative Paints Market, Industry Landscape
Figure 7. APAC: PEST Analysis
Figure 8. Expert Opinion
Figure 9. Decorative Paints Market Impact Analysis of Drivers and Restraints
Figure 10. APAC: Decorative Paints Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. Asia Pacific: Decorative Paints Market Revenue Share, by Type (2019 and 2028)
Figure 12. Water Based Decorative Paints: Decorative Paints Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 13. Solvent Based Decorative Paints: Decorative Paints Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 14. Asia Pacific: Decorative Paints Market Revenue Share, by Application (2019 and 2028)
Figure 15. Residential: Decorative Paints Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 16. Non-Residential: Decorative Paints Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 17. Geographic Overview of Asia Pacific Decorative Paints Market
Figure 18. Asia Pacific: Decorative Paints Market Revenue Share, by Key Country (2019 and 2028)
Figure 19. Australia: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
Figure 20. China: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
Figure 21. India: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
Figure 22. Japan: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
Figure 23. South Korea: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
Figure 24. Rest of APAC: Decorative Paints Market –Revenue and Forecast to 2028 (US$ Million)
Figure 25. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
- Akzo Nobel N.V.
- BASF SE
- Dow Inc.
- PPG Industries, Inc.
- RPM International, Inc.
- Axalta Coatings Systems
- Kansai
- Nippon Paint
- Asian Paints
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific decorative paints market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific decorative paints market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the decorative paints market as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution