Steady infrastructural development and urbanization witnessed in Asia Pacific have created demand for advanced building materials. This provides remunerative opportunities for the coating resins manufacturers in Asia Pacific. The region is also reporting a significant rise in the construction activities in residential as well as non-residential sectors. This in turn is fueling demand for coating resins. Besides this, the market is also projected to gain from the rising demand from the automotive industry, states Transparency Market Research (TMR).
Despite witnessing positive growth, volatility in raw material prices is expected to dampen the growth of the Asia Pacific coating resins market to an extent. Nevertheless, the rising infrastructural development and construction activities in Vietnam will fuel opportunities for the market’s growth in the near future.
According to TMR, the Asia Pacific coating resins market stood at US$4.3 bn in 2014. Exhibiting a CAGR of 5.9%, the market is expected to reach US$7.2 bn by the end of 2023.
Rapid Urbanizations Fuels Coating Resins Demand from China
Regionally, China is currently the leading consumer of coating resins in Asia Pacific. In 2014 it was the leading revenue generator for the Asia Pacific coating resins market. China, with its strong infrastructure and huge population base, has thus proven to be a fertile ground for the sales of coating resins. These are the key factors driving the construction industry in the country, which is subsequently fuelling demand for coating resins. The increasing demand for ship repair and maintenance will also create lucrative prospects for the coating resins manufacturers in China. As per TMR, the marine industry in China is likely to report the highest demand for coating resins. By volume, China contributed over 59.5% to the coating resins market in Asia Pacific.
Besides China, India will also emerge as one of the most lucrative markets for coating resins. The market in India will be driven by the development of innovative and environmentally sustainable technologies. The demand for coating resins is also rising at a considerable pace in Indonesia and Malaysia. As per TMR, robust construction activities and the expanding marine and automotive segments will fuel demand for coating resins in Vietnam.
Rising Building and Construction Activities in Asia Pacific to Fuel Demand for Coating Resins
On the basis of end users, industries such as marine, building and construction, electronics, furniture, automotive, and others report the highest demand for coating resins. Of these, the usage of coating resins has been significantly rising in the construction and building industry. It therefore emerged as the largest end user in 2014 holding over 38.2% in terms of volume. Rising construction activities in emerging economies such as India, China, Singapore, and Malaysia significantly contributed to the growth witnessed by the coating resins market in Asia Pacific.
The automotive industry also reports high demand for coating resins, and thus emerged as the second-largest end user segment in 2014. Economic growth across major economies has significantly boosted the demand from the automotive industry in the region. Since coating resins are applied to protect metal and plastic components in vehicles, their demand is expected to rise in response to the expanding automotive industry. However, TMR projects the marine industry to report the fastest growth during the course of the forecast period.
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Some of the leading companies operating in the market are PT. Inawan Chemtex Sukses Abadi, Nuplex Industries Ltd., Akzo Nobel N.V., Evonik Industries, BASF SE, Arkema S.A., DIC Corporation, Eternal Resin Co. Ltd., Royal Chemie Indonesia Tbk, Worldwide Resins & Chemicals Sdn Bhd, Royal DSM N.V., PT. Citra Resins Industries, and PT. Diachem Resins Indonesia.