Asia Pacific coating resins market Will Experience Accelerating Growth, by reaching revenue US$27.87 bn by 2023.

The rise in construction activities in Asia Pacific is fueling the Asia Pacific coating resins market in recent times. In 2014, the market stood at US$15.24 bn. Analysts expect it to expand at a CAGR of 7.0% over the period of 2015-2023 and reach a market value of US$27.87 bn by the end of 2023.

Acrylics lead Asia Pacific Coating Resins Market, Building and Construction Industry to Fuel Demand

Acrylics, urethanes, unsaturated polyesters, epoxies, alkyds, and amino coating resins are the key products available in the Asia Pacific market for coating resins. The market for acrylics accounted for a 25% of the Asia Pacific coating resins products market in 2014 and positioned itself as the largest segment, while the alkyds market occupied the second place. However, the urethanes market is anticipated to report the fastest growth among all the product segments in the near future, owing to the high demand for urethanes from the marine and furniture industries in Asia Pacific.

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The building and construction, electronics, marine, automotive, and furniture industries are the key end users of coating resins in Asia Pacific. The building and construction industry in this region reported the highest demand for coating resins and accounted for more than 35% of the Asia Pacific market for coating resins in 2014. According to market experts, this segments is likely to continue as the biggest end user for coating resins in the near future.

The automotive sector in China accounted for the second highest demand for coating resins in the region in 2014. However, the demand for coating resins from the marine industry is projected to post the fastest growth in this region over the next few years.

Based on technology, the Asia Pacific market for coating resins is segmented into water-borne, solvent-borne, powder, radiation cures/high solids, and hybrid technologies markets. The solvent-borne segment dominated the Asia Pacific market in 2014. However, the water-borne segment is likely to exhibit the fastest growth over the next few years in Asia Pacific.

China to Dominate Asia Pacific Coating Resins Market

India, China, Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Rest of Asia Pacific are the major regional markets for coating resins in Asia Pacific. Among these, China has emerged as the leading regional market and is expected to maintain its dominance also in the near future.

The main reason for this significant growth of the coating resins market in China can be attributed to the rapid development of the building and construction industry in this region. Furthermore, the rise in the China automotive industry is projected to boost the coating resins market in China significantly in the near future. India and Vietnam are also expected to exhibit robust growth in the next few years.

Worldwide Resins & Chemicals Sdn Bhd, DIC Corp., Evonik Ind., Nuplex Ind. Ltd., BASF SE, Royal DSM N.V., PT. Inawan Chemtex Sukses Abadi, Allnex Belgium SA/NV, Arkema S.A., Royal Chemie Indonesia Tbk, PT. Citra Resins Ind., Akzo Nobel N.V., Eternal Resin Co. Ltd., and PT. Diachem Resins Indonesia are the major participants operating in the Asia Pacific market for coating resins.

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