Transparency Market Research has published a new report, titled “Coating Resins Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 -2023.” According to the report, the Asia Pacific coating resins market was valued at US$15.24 bn in 2014 and is anticipated to reach US$27.87 bn by 2023, expanding at a CAGR of 7.0% between 2015 and 2023.
Increase in demand for coating resins in the building and construction industry is the key driver of the market in Asia Pacific. Growth in building and construction activities in China, India, Indonesia, Vietnam, and Malaysia is expected to boost industry growth. Furthermore, expansion of the automotive industry in the region is likely to drive the coating resins market from 2015 to 2023. The marine and electronics industries are the other major end-users of coating resins in Asia Pacific. However, stringent regulations related to VOC and suspended particulate emissions as well as volatile raw material prices are anticipated to hamper market growth in Asia Pacific. Vietnam is likely to offer new growth opportunities in the coating resins market during the forecast period.
Acrylics was the most widely used product, accounting for over 25% share of the coating resins market in Asia Pacific in 2014. This resin is extensively used in building and construction as it improves the quality of coatings. Alkyds held the second-largest share of the coating resins market in Asia Pacific in terms of volume in 2014. These resins are largely used during processing of decorative and protective coatings. However, urethanes is estimated to be the fastest growing product segment during the forecast period due to high demand in the furniture and marine industries.
In terms of technology, the solventborne segment accounted for the largest share of the coating resins market in Asia Pacific in 2014. However, rising governmental regulations regarding VOC emissions is expected to propel demand for waterborne, high solid/radiation cured, and powder technologies in the region from 2015 to 2023. Waterborne is expected to be the fastest growing technology segment in Asia Pacific during the forecast period.
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The building & construction end-user segment held the largest share of the coating resins market in Asia Pacific in 2014. Coating resins are used in the processing of architectural coatings for exterior as well as interior constructions. The automotive segment accounted for the second-largest share of the coating resins market in Asia Pacific in 2014. However, high demand for coating resins in the marine industry is likely to provide strong growth opportunities for coating resins during the forecast period. Furthermore, this segment is the fastest growing end-user in the region.
China dominated the coating resins market in Asia Pacific, accounting for more than half of the total market in terms of volume in 2014. Development in the building & construction and automotive industries drives the coating resins market in this country. India held the second-largest share of the coating resins market in Asia Pacific in 2014. Rising infrastructure activities have fueled the growth of the market in India. Countries such as Indonesia, Malaysia, Singapore, Vietnam and Thailand are likely to witness increase in demand for coating resins by 2023 due to growth in the building & construction, automotive, and marine industries.
The report provides a comprehensive view of the coating resins market in terms of volume and revenue. It includes current demand analysis and forecast for product segments and end-users in China, India, Indonesia, Malaysia, Singapore, Thailand, Vietnam, and Rest of Asia Pacific.
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