Asia Pacific Coating Resins Market to Exhibit CAGR of 7.0% between 2015 and 2023; Vietnam Offers Huge Growth Opportunities
Transparency Market Research has recently published a new research report that studies the Asia Pacific coating resins market in detail. The research report examines the trends and dynamics governing the overall market along with analyzing the historical data pertaining to the market. According to the report, the Asia Pacific coating resins market stood at US$15.24 bn in 2014 and is likely to reach US$27.87 bn by 2023, rising at a steady CAGR of 7.0% between 2015 and 2023.The research report, titled “Coating Resins Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” explains coatings resins to be primary polymer compounds. These polymers are used for making various types of coatings. Today, coating resins are seen in several industrial verticals such as building and construction, marine, automotive, furniture, and electronics. Building & construction was the largest end-user segment of the coating resins market in Asia Pacific in 2014.
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The rise of the coating resin market in Asia Pacific will be a result of the burgeoning construction industry in the region. The rising number of construction contracts and sites in countries such as Vietnam, India, China, Indonesia, and Malaysia are likely to augment the overall market. The flourishing automotive industry in the Asia Pacific region will also be responsible for the growth of the coating resins market in the region between 2015 and 2023. The electronics and marine industries will contribute to this ongoing dynamic.
The strong market drivers will be tugged in the opposite direction by the strict government regulations pertaining to suspended particulate emissions and VOCs. This problem will be further compounded by the volatility of raw material prices. However, Vietnam is poised to offer a range of new opportunities to this market in the coming years.
The Asia Pacific coating resins market is segmented on the basis of product, technology, end users, and countries. The key products available in this market are acrylics, epoxies, alkyds, urethanes, unsaturated polyesters, and others such as amino coating resins. The technologies being used in the Asia Pacific coating resins market are waterborne, solventborne, powder, high solids/radiation cures, and others such as hybrid technology. The end users of coating resins are the building and construction, automotive, marine, electronics, furniture, and other indsutries such as aerospace sectors. The countries assessed in this market are India, China, Indonesia, Malaysia, Singapore, Thailand, Vietnam, and Rest of Asia Pacific.
In terms of countries, China held a significant share in the Asia Pacific, accounting for nearly 50% of the total market in 2014. This growth was a result of the developing building and construction and automotive industries. The second-largest share in the Asia Pacific coating resins market was held by India in 2014. This demand was driven by increasing infrastructure activities in the country. In the coming years, Malaysia, Indonesia, Vietnam, Singapore, and Thailand are anticipated with witness a steady growth rate in the market all through 2023 due to increasing activities in the automotive, building and construction, and marine industries.
Some of the important players in the Asia Pacific coating resins market are Allnex Belgium SA/NV, Nuplex Industries Ltd., DIC Corporation, Royal DSM N.V., Evonik Industries, Arkema S.A., Eternal Resin Co. Ltd., and BASF SE. The research report profiles these players to offer readers a comprehensive understanding of the competitive landscape of the Asia Pacific coating resins market. Furthermore, the research report also provides a thorough explanation of the number of employees, an overview of the brands in under these companies, business overview, recent/key developments, acquisitions, business strategies, and financial overview of these top players for the coming few years.
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