MALAYSIA PAINTS AND COATINGS MARKET

Malaysia paints and coatings market is estimated to grow at a steady CAGR of 3.5% during the forecast period between 2025-2032 fueled by the growing construction sector along with the automotive industry in the country.

Major Market Drivers and Emerging Trends

The market growth is primarily driven by the rise in construction activities along with infrastructure development in the country. Steady economic growth in Malaysia has boosted demand for housing and commercial buildings while also promoting more investment in infrastructure development that further drives market growth. The construction industry has been strongly supported by the government which has fostered economic growth through key infrastructure projects including building roads and public transportation.

The government has also launched social welfare schemes including affordable housing projects which contribute to the growing demand for paint and coatings. The construction sector in the country has seen substantial foreign direct investment particularly in real estate along with commercial projects driven by optimism among investors regarding the country’s growth prospects and strategic positioning which further contribute to paint and coatings market growth.

The government has also introduced the New Industrial Master Plan which aims to position the manufacturing sector as high value and globally competitive. The plan calls for the newly developed industrial parks and the enhancement of infrastructure to support the manufacturing sector growth thereby increasing the demand for paints and coatings.

The other factor supporting the Malaysia paints and coatings market size growth is the increasing demand from industries like marine and automotive. The rise of electric cars and autonomous vans will bring about a fundamental change in the automotive industry which drives higher production rates and will significantly boost the paints and coatings market that leads to higher revenues. Paints are also essential for protecting aircraft against corrosion and their high cost contributes to the increased market value. The surge in trade has further led to more frequent voyages by ships which in turn increases the need for paints and coatings to combat surface corrosion.

Based on resin type, the acrylic segment dominates the market and is expected to experience the highest growth rate throughout the forecast period. Acrylic resin commands a substantial market share by volume owing to its adhesion and fast drying time. It also boasts durability and flexibility which makes it ideal for paints and coatings. The increasing adoption of acrylic in architectural coatings for interior and exterior walls or windows is the primary factor fueling the need for the product.

Epoxy resins find broad use in floor coatings with the thinners being essential. Epoxy coatings are preferred for their low porosity and corrosion resistance. They also have strong adhesive qualities and remarkable durability. Alkyd resins are primarily utilized in gloss paints for decorative purposes in both commercial office spaces and homes. PU resins offer scratch resistance and excellent adhesion which are expected to drive a significant increase in the need for PU coatings.

Based on technology, waterborne coatings are experiencing the highest growth rate. Their success over solvent borne alternatives is largely due to their eco-friendliness as they have lower levels of VOCs that contribute to environmental degradation. Waterborne paints are favored for their low odor and resistance to blockages among other benefits. Solvent borne coatings are composed of organic compounds designed for use in tough environments including on industrial metals and building exteriors. Powder coatings are becoming increasingly popular due to their absence of a liquid carrier and ability to form thicker layers without any sagging. They also have zero solvent content along with the minimal release of VOCs. These coatings are applied to complex industrial machinery and automotive. They provide robust resistance to corrosion and scratches.

Based on end-use industry, the market can be segmented into architectural and industrial segments. The government aims to improve the infrastructure in Malaysia coupled with new investments in both housing and commercial building projects which will drive the need for paints and coatings in the architectural segment. The industrial segment is also growing rapidly driven by higher automobile demand and production along with the increasing purchasing power which fuels the automotive market growth. The forecast period is expected to witness a substantial increase in automobile sales which leads to a corresponding rise in the need for paints and coatings. The marine and aerospace industries also make a substantial contribution to the industrial segment growth.

Top Market Players

Numerous leading companies in the market are AkzoNobel, Jotun, Nippon Paint, TOA Paint, Propan, Asian Paints, among others.

Key Developments

• • In 2024, PPG revealed that it has broadened its facilities in Petaling Jaya. The expanded capacity at the Malaysian plant will cater to the increasing coatings demand along with more space for customer-focused services like a modern testing laboratory.
  • In 2024, the new SMART Asia Chemical manufacturing facility in Perak will significantly increase its output of water-based protective coatings and decorative paints with production expected to grow by around threefold. This expansion is a major step forward in the company’s growth plan which reflects its dedication to innovation and improving customer service.

Segments covered in the Report:

The Malaysia Paints and Coatings Market has been segmented on the basis of Resin Type, Technology, and End-use Industry. Based on the Resin Type, the market is segmented into Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, and Others. Based on the Technology, the market is segmented into Water-borne Coatings, Solvent-borne Coatings, Powder-based, and Others. Based on the End-use Industry, the market is segmented into Architectural and Industrial. The Architectural segment is further segmented into Residential and Non-Residential. The Industrial segment is further segmented into General Industrial, Protective, Automotive, Wood, Marine, Packaging, and Others.

Market Segmentation

Malaysia Paints and Coatings Market by Resin Type

• • Acrylic
  • Alkyd
  • Epoxy
  • Polyester
  • Polyurethane
  • Others

Malaysia Paints and Coatings Market by Technology

• • Water-borne Coatings
  • Solvent-borne Coatings
  • Powder-based
  • Others

Malaysia Paints and Coatings Market by End-Use Industry

• • Architectural
    • Residential
    • Non-Residential
  • Industrial
    • General Industrial
    • Protective
    • Automotive
    • Wood
    • Marine
    • Packaging
    • Others

Malaysia Paints and Coatings Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • AkzoNobel
  • Jotun
  • Nippon Paint
  • TOA Paint
  • Propan
  • Asian Paints