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2011 Coatings Boon Seen for Asia Pacific

Tuesday, December 28, 2010

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Rebounding from a difficult two years, the Asia-Pacific coatings market can look forward to double-digit growth in 2011, aided by greater acceptance of green coatings in the region.
   
That’s the forecast from the global market research firm Frost & Sullivan, which reports optimism by industry players on the outlook for next year.

Because the paint and coatings industry is heavily reliant on the end-use industries it serves, Frost & Sullivan monitors key industrial sectors, including construction, steel, marine and automotive.

"Asia has many key growth sectors that aid the growth of the paint and coatings market,” said Sheila Senathirajah, Frost & Sullivan's Program Manager of Chemicals, Material and Food Practice.

2010: 8-11% Growth

The APAC paint and coatings market for 2010 will be about $48 billion, with a market size of 15 million MT (metric tons) and a growth rate of 8 to 11%. This year’s growth was driven mainly by the Chinese and Indian markets, as well as by development growth in Indonesia, Vietnam and other key ASEAN countries.

Industry players are optimistic on seeing double-digit growth once again in 2011, Frost & Sullivan reports.

Currently, it says, China is witnessing strong growth in its steel and furniture industries, while construction and steel are on the upswing in India. ASEAN countries are experiencing growth in the construction, marine, automotive and furniture sectors.

"As a result of this, we can expect to see positive growth coming from the related coating segments such as decorative, industrial wood, marine, automotive and protective coatings,” said Senathirajah.

2011 will also see greater domestic development in Asia, spurring the growth of domestic and local players. More local players are also expected to enter the industrial coatings segment, due to greater involvement with multinational corporations and technology transfer that has greatly enhanced local technology expertise, the company says.

Growing Greener

Frost & Sullivan also foresees growth in innovative coatings products with enhanced sustainability features in the coming year, reporting that many companies have already established strategies to recapture market share after the two-year lull. Green-based technology is expected to see strong growth, particularly for powder and water-based coatings.

“The term 'green coatings' is not a new term within the industry, but over the last couple of years, there has been a slow uptake of these kinds of coatings due to a significant lack of demand from end-use industry users,” the report says.

Lack of awareness, lack of incentives, and the higher cost of these products have made these coatings a relatively tough sell in the region, the company says.

"Nonetheless,” says Senathirajah, “we can now certainly see shifts in mindsets moving forward as local governments are coming on board to raise the level of commitment and push for green technology.

“For example, in early 2010, the Malaysian government launched a RM1.5 billion 'green technology fund scheme' plus providing tax incentives for green-certified buildings."

She adds: "Moving forward, we expect to see growth of ‘green coatings' in this region, especially in relation to energy conservation, low-VOC (Volatile Organic Compound) emissions, and a significant shift from solvent- to water-based paints."

   

Tagged categories: Green coatings; Market

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