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Sunday, 07 June 2020
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Markets & companies, Coatings market

Asia-Pacific: water-based coatings market to grow by 2016

Monday, 24 June 2013

The waterborne coatings market in Asia-Pacific earned revenues of more than USD 11.86 billion in 2012 and is estimated to reach USD 16.71 billion in 2016, according Frost & Sullivan’s new market analysis.

Japan is expected to witness a significant increase in the demand for water-based decorative coatings. Source: Marcin Chodorowski - Fotolia.com

Japan is expected to witness a significant increase in the demand for water-based decorative coatings. Source: Marcin Chodorowski - Fotolia.com

Environmental regulations, rising consumer awareness regarding health and the environment, and focus on sustainability have driven the Asia-Pacific water-based coatings market. Higher domestic consumption and investments in infrastructure across most Asia-Pacific countries will sustain this growth till 2016. The new report "Asia-Pacific Water-based Coatings Market” from Frost & Sullivan finds that the market earned revenues of more than USD 11.86 billion in 2012 and estimates this to reach USD 16.71 billion in 2016.

Water-based coatings are growing popular in the region

Robust economic growth in China, India, Indonesia and Vietnam will, in turn, boost the Asia-Pacific water-based coatings market. Environmental regulations that aim to protect the environment and the health of citizens from potentially hazardous substances further spur the adoption of water-based coatings, particularly in China, Japan, Taiwan, South Korea and Singapore. "Manufacturers are looking to develop economical coatings with low volatile organic compounds," said Frost & Sullivan Chemicals, Materials and Food Consultant Lim Jin Han. "Hence, water-based coatings are growing popular in the region as paint manufacturing costs reduce when conventional solvents are replaced with water."

"Aggressive marketing and branding campaigns at industry exhibitions and seminars as well as advertising in trade magazines will add to market scope in Asia-Pacific," noted Jin Han. "Investments in distribution channels, especially in high-growth markets such as China, India and Vietnam, will decrease costs and enable suppliers to respond rapidly to the diverse needs of customers." Japan is expected to witness a significant increase in the demand for water-based decorative coatings as earthquake reconstruction efforts gain momentum. In mature markets such as Australia and Singapore, manufacturers are focusing on product differentiation to gain an edge over the competition.

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