Booming Construction Activities Driving Paints and Coatings Demand in Asia-Pacific

 With the mushrooming usage of paints and coatings in automobiles for aesthetic and protection purposes, their demand is skyrocketing in the Asia-Pacific (APAC) region. Moreover, paints and coatings are also being extensively used by automakers for improving the durability and efficiency of vehicles. In addition to this, paints and coatings also improve the resistance of automobiles to various environmental conditions. According to the China Association of Automobile Manufacturers (CAAM), China registered 28.88 million new vehicle sales in 2017. 

Thus, the booming automobile industry, especially in China and India, is driving the demand for paints and coatings in APAC. Apart from this, the rising industrialization rate and the increasing construction activities are also fueling the demand for paints and coatings in APAC. This is subsequently propelling the growth of the Asia-Pacific paints and coatings market. As a result, the market value is expected to surge from $92.5 billion in 2017 to $148.4 billion by 2023.

Furthermore, the market will record a CAGR of 8.3% between 2018 and 2023, as per the forecast of P&S Intelligence, a market research company based in India. The paints and coatings sold in this region are classified into polyester, acrylic, epoxy, nylon, polycarbonates, lacquer, and polyurethane, depending on the resin type. Out of these, the demand for the polyurethane-based paints and coatings is predicted to rise at the fastest pace in the coming years.

For example, the Airport Authority of India aims to build city-side infrastructure at as many as 13 regional airports across the country. Marine, industrial, and architectural and decorative are the major applications of paints and coatings in APAC. Out of these, the usage of these products is expected to be the highest in industrial applications in the forthcoming years, primarily because of the burgeoning requirement for paints and coatings solutions in industries such as automotive, machinery manufacturing, and consumer goods. 

Hence, it is safe to say that the demand for paints and coatings will shoot up in APAC in the upcoming years, primarily because of their growing usage in the automobile industry and the increasing construction activities in the region.

Source: www.psmarketresearch.com

Comments

Post a Comment

Popular posts from this blog

Why Oxygen-Free Copper Market Opportunities Galore in APAC?

Image
 The major factors in the global oxygen-free copper market are skyrocketing demand for oxygen-free copper wires in the electronics & electrical industry and electric vehicles (EVs). This surging demand is owing to their ease of welding, renowned creep resistance, high impact strength, high thermal and electrical conductivity, and high ductility. The market is predicted to grow significantly in the coming years. The outbreak of COVID-19 had disrupted the entire circular economy, significantly reducing this market’s sales because of the ruptured logistical network, shutdown of electronic & electrical product factories, and reduced EV production. Within the grade system, the oxygen-free copper market can be bifurcated into oxygen-free electronic and oxygen-free categories. The latter bifurcation generated higher revenue in the market in the past, not only in terms of value but also in terms of volume. The category will continue to exhibit this trend in the coming years as well. T
Read more

How Will Rapid Industrialization Drive Hydraulic Equipment Demand?

Image
The Government of India completed the construction of 2,734 projects under the Smart City Mission till 2021. The government is currently working on the construction of 100 smart cities, 6 new ports and 14 coastal economic zones (CEZs). Likewise, Infrastructure Australia (IA) approved the construction of 44 new infrastructure projects in February 2021. The rising construction activities, on account of the booming population and mounting investments being made in the construction sector, will propel the need for hydraulic equipment in the coming years. Additionally, the rapid industrialization in developing countries will drive the hydraulic equipment market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $37 billion in 2020. For instance, the United Nations Industrial Development Organization (UNIDO) aims to offer institutional support to special economic zones (SEZs) and industrial and technology parks in Brazil. The UNIDO will help Brazil
Read more

Why Is OLED Material Consumption Highest in Asia-Pacific?

Image
The technology of TV displays has evolved significantly from the cathode ray tubes of the mid-20th century to the liquid crystal displays (LCDs) and light-emitting diodes (LEDs) of the first decade of the 21st century. With efforts on to make the displays even better, organic light-emitting diodes (OLEDs) have been invented, which are rapidly becoming popular in TVs, smartphones, laptops, tablets, and automotive displays. This is because of the several advantages OLED screens offer, including brighter pictures, larger viewing angles, ability to work in a wider temperature range, and lower power consumption. Moreover, OLEDs are so thin that they can be used for curved and folded screens, which are becoming rapidly popular, especially in wearable devices and other consumer electronics. Similarly, transparent displays, which are helping revolutionize advertising activities, have become possible due to OLEDs. P&S Intelligence cites these advantages and the constant research being put i
Read more