South Korea Paints & Coatings Market Overview, 2028

In South Korea, demand for paints and coatings is driven by several factors such as the booming construction industry in the country contributes to a substantial portion of the market. With ongoing infrastructure development, residential and commercial construction projects, there is a consistent need for paints and coatings to beautify and protect building’s exteriors and interiors. The automotive sector is another key driver of the paints and coatings market in South Korea. The country is home to major automobile manufacturers, and the production of vehicles requires a significant amount of coatings for corrosion protection, durability, and visual appeal. The increasing demand for automobiles, both domestically and for export, fuels the growth of this segment. South Korea's shipbuilding and marine industry also provide significant opportunities for the paints and coatings market. With its robust shipbuilding sector, there is a continuous need for marine coatings to protect vessels from corrosion, fouling, and harsh marine environments. Ship maintenance and repair also contribute to the demand for coatings. Additionally, the furniture and woodworking industry rely on paints and coatings to enhance the aesthetic appeal of products and protect wood surfaces from wear and tear. The electronics and appliance sector also utilizes coatings for surface protection, insulation, and functionality in electronic devices and appliances. Paints and coatings industry offer a wide range of products, including architectural coatings, automotive coatings, industrial coatings, and specialty coatings. In, South Korea is diverse and vibrant, driven by the construction, automotive, shipbuilding, industrial, furniture, and electronics sectors. The market is characterized by innovation, technological advancements, and a focus on environmental sustainability. With ongoing infrastructure development and economic growth, the demand for paints and coatings in South Korea is expected to remain robust in the foreseeable future. According to the report title, “South Korea Paints and Coatings Market Outlook, 2028”, publish by Bonafide research, the market is anticipated to add USD 1.88 Billion from 2022 to 2028. South Korea has shown a growing interest in smart coatings, which incorporate advanced functionalities such as self-healing properties, anti-bacterial coatings, anti-graffiti coatings, and anti-fog coatings. These coatings are designed to offer enhanced protection and functionality. The paints and coatings industry in South Korea is highly export-oriented. Korean paint and coating manufacturers export their products to various countries around the world, including the United States, China, Japan, and Southeast Asian nations. South Korea has several leading domestic paint and coating manufacturers, including KCC Corporation, SKK Corporation, and Samsung Fine Chemicals. These companies have a strong presence in the domestic market and are also expanding their global reach. With the country's focus on advanced technologies and industrial sectors, there is a growing demand for high-performance coatings in South Korea. These coatings offer superior protection against corrosion, chemicals, and extreme weather conditions. South Korean paint and coating manufacturers have established strong collaborations with the automotive industry. They work closely with major automobile manufacturers such as Hyundai and Kia to develop coatings that meet the specific requirements of the automotive sector. South Korea's commitment to energy efficiency extends to the paints and coatings sector. There is an emphasis on developing coatings that contribute to energy savings, such as cool roof coatings that reflect sunlight and reduce cooling needs in buildings. Waterborne coatings are gaining popularity in South Korea due to their low VOC content, reduced environmental impact, and ease of application. The shift towards waterborne coatings is driven by both regulatory factors and the industry's focus on sustainability. Korea Chemical Industry Association (KCIA) is a leading industry association representing the chemical sector in South Korea. It includes members from various industries, including the paints and coatings industry. The association works towards promoting the interests of its members, fostering collaboration, and addressing regulatory and policy issues. Korea Industrial Safety Association (KOSHA) is another government organization responsible for ensuring workplace safety and health in South Korea. It establishes and enforces safety regulations and standards, including those related to the handling, storage, and use of chemicals, including paints and coatings. In addition, Ministry of Environment (MOE) in South Korea is responsible for environmental protection and regulation. It establishes and enforces environmental policies, including regulations related to the use, disposal, and emissions of chemicals, including those used in paints and coatings. The ministry works to ensure sustainable practices and compliance with environmental standards. Furthermore, Ministry of Trade, Industry, and Energy (MOTIE) is responsible for formulating and implementing policies related to trade, industry, and energy sectors in South Korea. The ministry supports the development of industries, including the paints and coatings sector, by providing support, grants, and incentives for research, development, and innovation. Moreover, Korea Institute of Industrial Technology (KITECH) is a government research institute that focuses on technological development and innovation across various industries. It conducts research and provides technical support to industries, including the paints and coatings sector, to enhance their competitiveness and promote sustainable practices. With a focus on industrial infrastructure development, there is a growing demand for anti-corrosion coatings in South Korea. These coatings are used to protect metal structures, equipment, and pipelines from corrosion caused by exposure to harsh environments. Powder coatings have gained popularity in South Korea due to their durability, resistance to chipping and fading, and environmental advantages. They are widely used in various industries, including automotive, appliances, and furniture. South Korean consumers have a strong appreciation for aesthetics and design. This has led to a significant demand for decorative coatings that offer unique colors, textures, and finishes for both residential and commercial applications. South Korea invests heavily in research and development activities within the paints and coatings industry. Research institutes and universities collaborate with companies to develop advanced coatings technologies, including nanocoatings, functional coatings, and sustainable formulations. Nanostructured coatings, which have engineered structures at the nanoscale, are gaining attention in South Korea. These coatings offer enhanced properties such as improved hardness, scratch resistance, self-cleaning capabilities, and anti-reflective properties. Environmental sustainability is a key focus within the South Korean paints and coatings market. There is a shift towards greener coatings, including water-based coatings, high-solid coatings, and coatings made from renewable raw materials, to reduce environmental impact. Considered in this report: • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

Aspects covered in this report: • South Korea Paints and Coatings Market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type: • Waterborne Coatings • Solventborne Coatings • Powder Coatings • UV Cured Coatings • Others Segment Includes (Speciality Coating (Primer, Topcoat, Undercoat, etc.), Electron Beam Cure coating, High Solids Coatings, etc.) By Application Type: • Architectural • Industrial By Resin Type: • Acrylic • Alkyd • Epoxy • Polyester • Polyurethane • Fluoropolymers • Vinyl • Others 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, analyzing 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 paints and coatings 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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