< Key Hightlight >

MARKET OUTLOOK 

Based on a study by Triton Market Research, the smart coatings market in the Asia-Pacific is expected to rise with a CAGR of 24.64% over the forecast years from 2021-2028. China, Japan, India, South Korea, Australia & New Zealand, ASEAN countries, and Rest of Asia-Pacific together shape the market in this region.

According to industry sources, the coatings industry in India is dominated by the decorative segment, which represents more than 75% of the market. Further, the industrial coatings segment is also growing rapidly owing to the increased investments from the government and commercial entities in sectors such as infrastructure, automotive, shipping port projects, and general manufacturing. This indicates a bright future for the Indian market in the years to come.

Further, the smart coatings market in Indonesia is also expected to show notable growth. The country has one of the fastest-growing paints and coatings markets, on account of the huge population, high rate of urbanization, and a rapidly growing middle class. Supported by 4 domestic, 6 multinational paint producers, and several small-scale domestic producers, the Indonesian paints and coatings industry has registered significant growth in the last couple of years. 

Currently, the architectural segment is the main factor driving the demand for paints and coatings in the country. Moreover, sources suggest that the national government’s target of building 10 million new houses for low-income citizens is also expected to generate substantial demand for paints and coatings in the forthcoming years.

COMPETITIVE OUTLOOK

The leading players in the smart coatings market include The Sherwin Williams Company, Dow Chemical Company, Jotun AS, Axalta Coating System, Tesla NanoCoatings Inc, EI Du Pont De Nemours & Company, AkzoNobel NV, and 3M Company.