Asia-Pacific Solvent Borne Coatings Market Outlook, 2028

Asia-Pacific Solvent Borne Coatings Market Outlook, 2028

The Asia-Pacific region boasts a thriving and dynamic solvent-borne coating industry that has been instrumental in shaping the region's industrial landscape. With its rapid economic growth, technological advancements, and burgeoning manufacturing sector, Asia-Pacific has emerged as a prominent hub for solvent-borne coatings. This industry not only caters to the region's domestic demand but also plays a vital role in global supply chains. The Asia-Pacific solvent-borne coating market showcases a perfect amalgamation of tradition and innovation, combining age-old craftsmanship with cutting-edge technologies. It is fueled by a strong commitment to quality, efficiency, and sustainability. With a diverse range of applications across industries such as automotive, construction, electronics, and packaging, solvent-borne coatings have become an integral part of the region's industrial infrastructure. The industry's continuous drive for innovation, emphasis on research and development, and collaboration between manufacturers, suppliers, and end-users has contributed to its growth and success. As the Asia-Pacific region continues to expand its industrial prowess, the solvent-borne coating industry stands poised to meet the evolving needs of a dynamic and rapidly developing market. The solvent-borne coating industry in the Asia-Pacific market is witnessing several noteworthy trends that are shaping its growth and development. These trends reflect the dynamic nature of the region's industrial landscape and the evolving needs of various sectors. High-performance solvent-borne coatings are in greater demand due to technological advances and increased consumer expectations. Coatings with exceptional durability, corrosion resistance, chemical resistance, and adhesion are needed in sectors including automotive, aerospace, and electronics. Manufacturers are spending money on R&D to create novel coating compositions with improved performance qualities. To stay competitive in this dynamic market, manufacturers in the solvent-borne coating industry are increasingly forming strategic partnerships and collaborations. These alliances aim to leverage each other's strengths, enhance research and development capabilities, expand market reach, and offer comprehensive coating solutions to customers. Such collaborations foster innovation, knowledge sharing, and the development of tailored coatings for specific industry needs.

According to the research report Asia Pacific Solvent Borne Coating Market Outlook, 2028, published by Bonafide Research, the Asia Pacific Solvent Borne Coating market is expected to grow at a 5.59% CAGR by 2023–2028. The Asia-Pacific region is experiencing significant industrialization and urbanisation, leading to increased demand for solvent-borne coatings. Industries such as automotive, construction, electronics, and packaging are expanding rapidly, driving the need for protective, decorative, and functional coatings. Due to urbanisation, population expansion, and infrastructure spending, the Asia-Pacific area is now seeing significant building and infrastructure development projects. The demand for solvent-borne coatings is fueled by the important role these coatings play in preserving and lengthening the lifespan of structures, including buildings, bridges, and other types of infrastructure. Furthermore, The Asia Pacific region has emerged as a manufacturing hub for various industries, including electronics, appliances, furniture, and machinery. Solvent-Borne coatings are extensively used in these manufacturing processes for surface finishing, protection, and aesthetic purposes. The region's strong manufacturing base drives the demand for solvent-borne coatings. Rising disposable income and increasing consumer spending in the Asia-Pacific region contribute to the demand for consumer goods, appliances, and vehicles. These products often require solvent-borne coatings for aesthetics, protection, and functional purposes, driving the growth of the market. The Asia-Pacific area is seeing rapid expansion in the automobile and transportation industries. Automotive refinishing, original equipment manufacturer (OEM), and coating applications in the aerospace, marine, and rail sectors all make extensive use of solvent-borne coatings. The increasing demand for vehicles and transportation infrastructure contributes to the growth of the solvent-borne coating market.

Government policies and regulations regarding solvent-borne coatings in the Asia-Pacific region vary across countries. Here are some government policies and regulations related to solvent-borne coatings in the Asia Pacific region, including the many countries in the Asia-Pacific region have implemented VOC regulations to limit the emission of harmful volatile organic compounds from coatings. These regulations often set maximum allowable VOC limits for various coating types and applications. Manufacturers are required to comply with these limits and use low- or zero-VOC formulations. Furthermore, governments in the region have regulations in place to control the use and handling of hazardous substances, including certain chemicals used in solvent-borne coatings. These regulations focus on labelling, storage, transportation, and proper disposal of hazardous substances to ensure worker safety and protect the environment. As well as the Some countries in the Asia-Pacific region require environmental impact assessments for industrial projects, including those related to coating manufacturing or large-scale coating applications. These assessments evaluate the potential environmental impact of the project and recommend mitigation measures to minimise adverse effects.

Based on the types, the segment includes the one-component and two-component systems of solvent-borne coating. In the Asia-Pacific region, both one-component and two-component systems of solvent-borne coatings are widely used, depending on the specific requirements and applications. One-component solvent-borne coatings are popular due to their simplicity and ease of use. They do not require any further mixing or activation before application, making them ideal for a variety of applications requiring efficiency and a short drying time. One-component coatings are frequently utilised in industries such as general industrial, automobile refinishing, maintenance, and small-scale projects that require simplicity and speed of application. Based on the industry vertical, this includes utilities, the oil and gas industry, the manufacturing industry, hospitals, and other industry verticals. Solvent-borne coatings are utilised in a wide range of industries across the Asia-Pacific region. The specific industries that predominantly use solvent-borne coatings vary depending on market dynamics, the industrial landscape, and regional preferences. However, some key industries where solvent-borne coatings are commonly used in the Asia-Pacific region include Solvent-borne coatings play a vital role in the construction and infrastructure sectors, where they are applied to various surfaces for protection, decoration, and functional purposes. These coatings are used on buildings, bridges, roads, pipelines, and other infrastructure projects to enhance durability, weather resistance, and appearance. Furthermore, solvent-borne coatings are used in the energy and power sectors for coating applications in power plants, transmission pipelines, renewable energy infrastructure, and storage facilities. These coatings offer protection against corrosion, erosion, and chemical exposure.

Based on the report, the Asia-Pacific market is segmented into five countries, including China, Japan, India, Australia, and South Korea. Among them, China will dominate the market in 2022. China has emerged as a leading country in the solvent-borne coating market in the Asia-Pacific region due to several factors that contribute to its market dominance. China has a robust and extensive manufacturing infrastructure, including a vast network of coating manufacturers, raw material suppliers, and equipment providers. This manufacturing strength allows China to produce a large volume of solvent-borne coatings to meet domestic and international demand. China has experienced significant growth in industries such as automotive, construction, electronics, appliances, and general manufacturing. These sectors are major consumers of solvent-borne coatings for various applications, driving the demand for coatings in the country. China has a vast domestic market, a large population, and a rapidly expanding middle class. This creates a substantial demand for products that require solvent-borne coatings, such as automobiles, consumer goods, and construction materials. The size of the domestic market contributes to the overall growth and prominence of China in the solvent-borne coating industry. China is a major exporter of solvent-borne coatings to various countries in the Asia-Pacific region and beyond. The country's competitive pricing, manufacturing capabilities, and quality products have positioned it as a preferred supplier for many international markets. Export opportunities contribute to China's leadership in the solvent-borne coating market. Furthermore, the Chinese government has implemented policies and initiatives to support the growth of the coatings industry. This includes investment in research and development, promotion of eco-friendly coatings, and measures to enhance environmental protection. Government support has facilitated the development and expansion of solvent-borne coating manufacturers in China.

Recent Development:

• Asian Paints, one of the leading coating manufacturers in India, has recently launched new solvent-borne coating products catering to various industries. They have introduced high-performance coatings for automotive applications, protective coatings for industrial use, and decorative coatings for architectural purposes. Asian Paints is also focusing on sustainable formulations and eco-friendly solutions to meet the evolving market demands.

• Kansai Paint, a renowned Japanese coating manufacturer, has been actively developing and launching new solvent-borne coatings in the Asia Pacific market. They have introduced advanced automotive coatings that offer improved durability, scratch resistance, and weathering protection. Kansai Paint is also investing in R&D to develop eco-friendly coatings with reduced VOC content and enhanced environmental performance.

• Nippon Paint, a leading global coatings manufacturer with a strong presence in the Asia Pacific region, has launched several innovative solvent-borne coating products. They have introduced high-performance marine coatings that offer excellent protection against corrosion and fouling. Nippon Paint has also developed specialized industrial coatings for applications such as heavy machinery, infrastructure, and energy sectors.

• Jotun, a prominent coatings manufacturer with a significant presence in the Asia Pacific market, has introduced new solvent-borne coating solutions in recent years. They have launched high-performance protective coatings for offshore structures, industrial equipment, and oil and gas facilities. Jotun is also focusing on sustainable coatings and has introduced environmentally friendly options with reduced VOC emissions.

• KCC Corporation, a leading chemical company in South Korea, has been actively involved in developing and launching new solvent-borne coating products in the Asia Pacific region. They have introduced advanced architectural coatings for exterior and interior applications, including durable and weather-resistant coatings. KCC Corporation is also expanding its product portfolio in the automotive, electronics, and industrial sectors.

• 6-8 SEPTEMBER 2023, Bangkok International Trade and Exhibition center, Thailand, Due to the rising demand in the construction sector, powder coatings is also expected to see the highest growth rate by 2027, Harness these opportunities at the Asia Pacific Coatings Show as it offers the perfect platform to meet suppliers and manufacturers from the global coatings industry.

Considered in this report

• Geography: Asia Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report

• Asia Pacific Solvent Born Coating market with its value and forecast along with its segments
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:

• China
• Japan
• India
• Australia
• South Korea

By Type:

• One Component System Solvent Borne Coating
• Two Component System Solvent Borne Coating

By Application:

• Automotive Solvent Borne Coatings,
• Industrial Solvent Borne Coatings,
• Printing Inks

By Industry Vertical:

• Utilities,
• Oil & Gas Industry,
• Manufacturing Industry,
• Hospitals,
• Other Industry Verticals

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Smart Lighting industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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