Published By : 15 Dec 2015 | Published By : QYRESEARCH
Increasing construction activities in Asia Pacific is expected to fuel the coating resins market in this region in the years to come. Acrylics, unsaturated polyesters, urethanes, amino coating resins, alkyds, and epoxies are some of the key products available in Asia Pacific coating resins market. Availability of plenty of coating resins products is expected to drive the Asia Pacific coating resins market in the years to come. The increasing use of acrylics has made this segment a dominant segment in the coating resins market in Asia Pacific. Alkyds segment was the second largest segment in 2014. The urethanes segment is predicted to be the fastest-growing segment in the years to come owing to factors such as increasing demand for urethanes from the furniture and marine industries in the Asia Pacific region.
The Asia Pacific coating resins market stood at US$15.24 bn in 2014 and is predicted to reach US$27.87 bn by 2023. The Asia Pacific coating resins market is expected to expand at a 7.0% CAGR during the period from 2015 to 2023 due to the rapid expansion of the construction industry across the region. Recovery of the construction industry in Asia Pacific has helped develop the coating resins market across this region.
The marine, building and construction, automotive, furniture, and electronics industries are the leading end users of coating resins in the Asia Pacific region. Increasing applications of coating resins across various verticals and industries will boost the Asia Pacific coating resins market in coming few years. The building and construction industry is predicted to generate maximum demand for coating resins across Asia pacific in coming few years. Demand for coating resins from marine industry is also expected to be on the higher side.
The future of Asia Pacific coating resins market is likely to be brighter. Instability of prices of raw materials and availability of plenty of substitutes are two of the factors expected to restrict the growth of the Asia Pacific market for coating resins in the years to come. However, an increasing number of strategic initiatives from key market players is expected to trigger new opportunities in the market in coming five years.