The Asia Pacific coating resins market is characterized as highly fragmented and competitive in nature, owing to the presence of a large number of players operating in it, states a market intelligence report by Transparency Market Research. The leading players operating in the coating resins market in Asia Pacific, namely Allnex Belgium SA/NV, Arkema S.A., Nuplex Industries Ltd., BASF SE, Evonik Industries, Eternal Resin Co. Ltd., DIC Corporation, and Royal DSM N.V., collectively led the market and held a share of 50.5% in 2014. The Asia Pacific market for coating resins comprises of a large number of medium-scale and large-scale manufacturers. The rising importance of these players on advancements and innovations is estimated to encourage the growth of the overall market in the next few years. This will also allow players to gain a competitive edge in the Asia Pacific coating resins market.
As per the research study, in 2015, the Asia Pacific market for coating resins was worth US$16.23 bn and is projected to reach a value of US$27.8 bn by the end of 2023. The market is anticipated to register a healthy 7.0% CAGR between 2015 and 2023.
Growing Focus on Innovations to Create Opportunities for India Coating Resins Market
From a geographical viewpoint, China is expected to lead the coating resins market in Asia Pacific throughout the forecast period and account for a key share in terms of revenue. The high growth of this segment can be attributed to the rising focus on infrastructure development and the rising population. In addition, the booming construction industry is estimated to drive the demand for coating resins in China throughout the forecast period. On the other hand, India is expected to witness substantial growth in the coming few years. The growing focus on innovations and the development of environmentally sustainable technologies are some of the vital factors likely to fuel the growth of the coating resins market in India in the next few years.
In 2015, the building and construction end use segment led the Asia Pacific coating resins market and is anticipated to continue with its leading position in the next few years. As per the research study, this segment is projected to account for a share of 38.1% of the Asia Pacific coating resins market by the end of 2023. The rising construction activities in most of the emerging nations of Asia Pacific is one of the important factors anticipated to encourage the growth of this segment in the coming few years.
Developing Automotive Industry in Asia Pacific to Encourage Growth
The growing demand for coating resins from the building and construction industry is one of the key factors anticipated to fuel the growth of the Asia Pacific coating resins market in the next few years, states a TMR analyst. In addition, the expansion of the automotive industry in this region is projected to accelerate the growth of the overall market. The rising focus of key players on expansion of the application base is another factor likely to supplement the growth of the coating resins market in Asia Pacific in the coming years.
Fluctuating Raw Material Prices to Hamper Market Growth
The Asia Pacific market for coating resins is expected to face several challenges in the next few years, which will restrict the growth of the market. The volatility in prices of raw materials and crude oil is anticipated to curb the growth of the Asia Pacific coating resins market in the coming few years. In addition, stringent government regulations regarding volatile organic compounds are likely to hamper the market’ growth, says a TMR analyst. Nevertheless, the high growth of coating resins market in Vietnam is likely to generate potential opportunities for the leading players.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Coating Resins Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The Asia Pacific Coating Resins market has been segmented as below:
Asia Pacific Coating Resins Market, by Product Type
- Unsaturated polyesters
- Others (Including amino coating resins, etc.)
Asia Pacific Coating Resins Market, by Technology
- High solids/radiation cures
- Others (Including hybrid technology, etc.)
Asia Pacific Coating Resins Market, by End Use
- Building & construction
- Others (Including aerospace, etc.)
Asia Pacific Coating Resins Market, by Country
- Rest of Asia Pacific
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