Asia Pacific Coating Resins Market to attain Valuation of US$7.2 Bn by 2023

Press Release

The vendor landscape of the Asia Pacific coating resins market is characterized by a high degree of fragmentation and intense level of competition, notes Transparency Market Research (TMR). In 2014, the top eight companies in the regional market accounted for around 59.0% in 2014. The competitive landscape is dotted by several medium- and large-sized manufacturers. Small-scale coating resins manufacturers in the region are largely dissuaded to enter the market on account of the bleak profit margins prevalent in most segments.

However, TMR observes that the scope is vast in the area of green and sustainable coating technologies. This is observed against the onslaught of rising industry efforts in several countries of Asia Pacific to adhere to environmental legislations and norms that prohibit toxic emissions from the paints and coating industry. In this context, waterborne coating technologies are expected to present new, lucrative avenues for numerous vendors to capitalize on to get a firm foothold in the market. A growing number of players are also actively engaged in making product innovations to meet the coating demand spanning various industries, in order to gain a competitive edge over others.

The Asia Pacific coating resins coating resins market is projected to expand at a steady CAGR of 5.9% during the forecast period of 2015–2023. The regional market stood at US$4.3 billion in 2014 and is estimated to reach a worth of US$7.2 billion by the end of the assessment period.

The various end-use industries for the application of coating resins are building and construction, marine, electronics, automotive, and furniture, along with the others segment. Of these, the construction and building industry leads the pack with the dominant share in 2014, vis-à-vis volume. The uptake is catalyzed by extensive construction activities in emerging economies of the region.

Of the various countries witnessing the demand for coating resins in Asia Pacific, China presently holds the sway. It accounted for a major share of the regional market in 2014 and is likely to contribute substantial revenues in the years to come as well. The growth will be driven by extensive manufacturing and consumption of coating resins in the country throughout the assessment period.

Extensive Demand for Coating Applications in Construction and Building and Automotive Industries propelling Growth

The rapid, attractive pace of industrialization and urbanization across Asia Pacific has led to a staggering demand for resins for various coating applications in several end-use industries. The burgeoning demand for architectural coatings for residential as well non-residential sectors is a notable factor accentuating the regional market. The demand is notably catalyzed by the rising spending on commercial construction projects in several emerging economies. The large share of disposable incomes of people in developing countries in Asia Pacific is fueling the regional market growth.

The growth of the Asia Pacific coating resins is further propelled by the rising demand for waterborne, solventborne, and powdered resins in industries, notably in automotive, marine, aerospace, and electronics. In this regard, the widespread demand for coating resins and binders in the automotive industry is boosting the regional market. The large strides being taken by the industry in Asia Pacific is essentially supporting the burgeoning demand.

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Environmental Curbs on Harmful Emissions from Coating Industry key Constraint

In recent years, infrastructural developments are witnessing exciting strides in countries such as Vietnam, which is presenting vast latent opportunities for the regional players.

However the growth of the market tends to be hindered by a few factors. Key among of them are marked fluctuations in raw material costs and the environmental curbs on the emission of volatile organic compounds from the paints and coatings industry. The high price of raw material prices also constrains the supply chain efficiencies in the regional market. Nevertheless, manufacturers across Asia Pacific are focusing on exploring sustainable coating technology options. They are engaged in developing green solutions that are safe for environment and the end users, which has created new, lucrative avenues in Asia Pacific market.

This post was originally published on Food and Beverage Herald

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