The coating resins market in Asia Pacific
demonstrates a highly fragmented vendor landscape, with the top eight
companies holding approximately 59.5% of the market in 2014. The
market is largely split between large-scale and medium-scale
manufacturers. Due to the high level of competition prevailing in the
market, the majority of the players have had to settle for marginal
profits in their coating resins businesses, finds Transparency Market
Research.
Development of waterborne technologies and innovation
are expected to be key strategies adopted by the market players over
the next few years. This will enable companies to gain a competitive
advantage in the global coating resins market.
This 155 page report gives readers a comprehensive
overview of the Coating Resins market. Browse Market Research Report
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Demand for Coating Resins to Increase in Response
to Rising Construction Activities
“The uptick in construction activities in Asia
Pacific is primarily fuelling demand for coating resins from the
region,” said a lead TMR analyst. The overall living standard in
the region has risen in response to the rising disposable income
levels of consumers and rapid urbanization, subsequently accelerating
construction activities in Asia Pacific. Since the use of advance
building materials is regarded as being essential to meet the quality
requirements for manufacturing decorative, protective, and
architectural coatings, the demand for coating resins is expected to
increase in Asia Pacific.
Furthermore, the use of coating resins has
significantly increased in infrastructural construction as these are
used in residential and non-residential constructions as well. These
factors are creating lucrative opportunities for the coating resins
manufacturers in Asia Pacific. Besides this, the demand for coating
resins is also expected to increase from the automotive industry.
Overall, a paradigm shift has been noticed in
consumer preference for vehicles as the focus has now shifted on
cleaner fuels and lower emissions. At the same time, the aesthetic
appeal, comfort, and safety in vehicles continues to remain a
purchase decision influencer. Coating resins are often applied to
protect their plastic and metal components of vehicles such as
suspension and chassis under construction. They are also used to
protect hard-wearing metal components in trucks.
Price Fluctuation of Raw Materials to Negatively
Influence Coating Resins Sales in Asia Pacific
Fluctuations in the prices of raw materials are
expected to dampen the market’s growth in Asia Pacific to an
extent. Raw materials that go into the production of coating resins
are derived from petrochemicals. Due to the wide application of these
raw materials across diverse industries, their price tends to
fluctuate by a wide range. This existing volatility in raw material
prices is negatively influencing the coating resins market in Asia
Pacific. “Besides fluctuating raw material prices, stringent
government regulations intended to curb VOC emissions will have an
adverse impact on the market,” added the TMR analyst.
Nevertheless, coating resins manufacturers are
expected to witness lucrative opportunities in Vietnam. According to
TMR, Vietnam is expected to emerge as the fastest growing market for
coating resins by the end of 2023. Rapid urbanization and
industrialization witnessed in the country are expected to fuel
demand for coating resins from its construction, marine, and building
and automotive industries. This will provide lucrative opportunities
for the coating resins manufacturers to capitalize on in the near
future.
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According to TMR, the global coating resins market
stood at US$4.3 bn in 2014. Rising at a CAGR of 5.9%, the market is
expected to reach US$7.2 bn by the end of 2023. By end users, the
building and construction segment led the market with a share of
38.2% in terms of volume in 2014. China in the same year emerged as
the largest market for coating resins holding over 59.5% of the
market in terms of volume.
This review is based on information published by TMR
in a report, titled “Coating Resins Market - Asia Pacific Industry
Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key Takeaways:
- Building and construction segment to account for 2% of the demand for coating resins reported in Asia Pacific in 2014.
- China contributed to 59.5% of the overall demand for coating resins in Asia Pacific in 2014.
- Rising demand for coating resins in Vietnam to fuel market’s growth in the near future.
The coating resins market in Asia Pacific has been
segmented as follows:
Coating Resins Market - Asia Pacific Product
Segment Analysis
- Acrylics
- Alkyds
- Epoxies
- Unsaturated polyesters
- Urethanes
- Others (Including amino coating resins, etc.)
Coating Resins Market – Asia Pacific
Technology Analysis
- Solventborne
- Waterborne
- High solids/radiation cures
- Powder
- Others (Including hybrid technology, etc.)
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