A recent market research report published by Transparency Market Research (TMR) presents a detailed overview of the market for coating resins in Asia Pacific. The report is titled “Coating Resins Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”. The report states that the Asia Pacific coating resins market, which had a valuation of US$15.2 bn in 2014, will expand at a 7.0% CAGR between 2015 and 2023 and rise to a valuation of US$27.8 bn by 2023.
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The report states that the rising demand for coating resins in the construction sector in Asia Pacific, which has exhibited significant growth over the years at a steady pace, is the key factor propelling the region’s coating resins market. Over the past few years, there has been a huge surge in building and construction activities in countries such as China, India, Malaysia, Vietnam, and Indonesia. This has led to a significant rise in the consumption of coating resins in these countries, positively affecting the overall market. The rapid growth of the automotive industry in the region is also a key factor driving the Asia Pacific coating resins market. However, the market’s growth is hindered to a certain extent owing to the stringent regulations related to industrial emissions and VOC content.
The report segments the Asia Pacific coating resins market on the basis of four criteria: product type, technology, end-use industry, and geography. On the basis of product type, the market is segmented into acrylics, epoxies, alkyds, urethanes, unsaturated polyesters, and other types such as amino coating resins. On the basis of technology, the market is segmented into solvent-borne, waterborne, high solids/radiation cured, and other technologies such as hybrid technology, etc. Based on the end-use industry, the market is segmented into electronics, marine, furniture, building and construction, automobiles, and other industries such as aerospace, etc. Geography-wise, the market is segmented into India, China, Malaysia, Indonesia, Thailand, Singapore, Vietnam, and rest of Asia Pacific.
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Of the various product types studied in the report, the segment of acrylics accounted for a 25% share in the Asia Pacific coating resins market. The segment of urethanes is projected to expand at the fastest pace over the report’s forecast period. Of the technology types studied in the report, the segment of solvent-borne coating resins held the largest share in the market in 2014. Of the key end-use segments, the segment of building and construction held the largest share in 2014. High demand for coating resins in the construction sector can be attributed to their high usage for the processing of architectural coatings for building interiors as well as exteriors. Over the report’s forecast period, high demand for coating resins in the marine industry is expected to generate significant growth prospects to the Asia Pacific coating resins market. Geography-wise, China dominated the market and India held the second largest share in the market in 2014.
The report also presents a detailed account of the competitive landscape of the market with the help of business profiles and SWOT analysis of some of the key companies in the market and info about their recent developments. Some of the key vendors of coating resins in the market are Akzo Nobel N.V., BASF SE, DIC Corporation, Evonik Industries, Royal Chemie Indonesia Tbk, Arkema S.A., Royal DSM N.V., Eternal Resin Co. Ltd., Nuplex Industries Ltd., Worldwide Resins & Chemicals Sdn Bhd, PT. Citra Resins Industries, PT. Inawan Chemtex Sukses Abadi, and PT. Diachem Resins Indonesia.
The coating resins market in Asia Pacific has been segmented as follows:
Coating Resins Market - Asia Pacific Product Segment Analysis
- Unsaturated polyesters
- Others (Including amino coating resins, etc.)
Coating Resins Market – Asia Pacific Technology Analysis
- High solids/radiation cures
- Others (Including hybrid technology, etc.)
Coating Resins Market – Asia Pacific End-user Analysis
- Building & construction
- Others (Including aerospace, etc.)
Coating Resins Market – Asia Pacific Country Analysis
- Rest of Asia Pacific
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