Coating Resins Market - Positive Long-Term Growth Outlook 2023

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.

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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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This release was published on openPR.