Why is Asia-Pacific Primary Consumer of Coating Resins?

A number of developing countries, including China and India are registering strong economic growth, because of which, the government is becoming more inclined towards spending on building world class infrastructure. The disposable income of people is rising as well, thereby allowing them to migrate to urban cities. Ascribed to all this, the construction industry across the globe is growing rapidly, as large number of commercial and residential buildings are being built for facilitating the increasing number of people coming to urban areas. A large number of products are utilized during the construction process, hence, the expansion of the industry is creating demand for these products as well.

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Coating resins is one of the materials that are utilized for providing finishing touches to different kinds of products. In addition to this, these organic compounds also protect surface of materials from extreme environmental conditions. Other than the construction industry, coating resins are also used in automotive, marine, and furniture industries. The swift expansion of the automotive industry is also a key factor that is driving the demand for coating resins. The production of vehicles around the world is increasing, as a larger number of people are now focusing on buying private vehicles, thereby driving the growth of the global coating resins market.

Among all these regions, Asia-Pacific held the largest share in the market during the historical period, owing to the growing demand for renovation and repair of commercial buildings, houses, malls, and schools in the region. Additionally, increase in government and foreign investment is another factor driving the market in the region.

The coating resins market is characterized by the presence of multinational corporations, which have their presence in more than one country. Some of the major companies operating in the global market are BASF SE, DowDupont Inc., The Valspar Corporation, Koninklijke DSM N.V., Nuplex Industries Limited, Hexion Inc., Bayer AG, Allnex Belgium SA/NV, and Arkema Group.