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The Asia Pacific market for coating resins is expected to grow from $ 16.23 billion in 2015 to $ 27.8 billion by the end of 2023, according to a report by Transparency Market Research (TMR). The market is anticipated to register a healthy 7 percent CAGR between 2015 and 2023.
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, stated the TMR report. 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.
The Asia Pacific coating resins market is characterised 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 (TMR). The leading players operating in the coating resins market in Asia Pacific, namely Allnex Belgium, Arkema, Nuplex Industries Ltd, BASF, Evonik Industries, Eternal Resin Co Ltd, DIC Corporation, and Royal DSM NV, collectively led the market and held a share of 50.5 percent 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.
“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,” said TMR in a statement.
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 percent 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.
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, added the TMR report. Nevertheless, the high growth of coating resins market in Vietnam is likely to generate potential opportunities for the leading players.
