MARKET OUTLOOK
Triton Market Research envisions that the Asia-Pacific market for paints & coatings would witness a CAGR of 6.42% in terms of revenue and at a CAGR of 5.55% in terms of volume, over the forecast period of 2019 to 2027.
China, India, South Korea, Japan, ASEAN countries, Australia & New Zealand and countries in rest of APAC together form the market for paints & coatings in the Asia-Pacific region.
India has a developing economy with huge potential growth opportunities for the paints & coatings market. In spite of a disadvantageous global economic condition, the robust urban consumption and the rise in public investment have alleviated the growth of the economy. The industrial automotive, as well as the production & manufacturing sectors, have witnessed significant growth with government and commercial investments along with FDI involvement, which in turn are driving the paints & coatings market in India. Various factors, such as the growing demand from the construction and automotive industries as well as the increased awareness towards sustainable products, are driving the country’s paints & coatings industry. The country’s paints & coatings segment is dominated by decorative paints and coatings.
COMPETITIVE OUTLOOK
The leading companies in the market are BASF Coatings, Valspar Corporation, Beckers Group, Indigo Paints Pvt. Ltd., The Sherwin-Williams, Asian Paints Limited, Nippon Paint Holdings Co., Ltd., Berger Paints India Limited, AkzoNobel N.V., Kelly-Moore Paints, Rpm International, Inc., Jotun A/S, PPG Industries, Axalta Coating System LLC and Kansai Paint Co., Ltd.