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Boon Seen for Asia-Pacific Coatings

Wednesday, August 10, 2011

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The Asia-Pacific paint and coatings industry—which already accounts for a whopping one-third of the global paint market—is riding a tide of “impressive growth” and should top $53.55 billion this year, a new market forecast reports.

Strategic Analysis of the Paint and Coatings Market,” from market researchers Frost & Sullivan, predicts a steady Compound Annual Growth Rate (CAGR) of 11% in 2011. The report covers protective, marine and other coatings sectors.

“The paints and coatings market in the Asia Pacific has struck a purple patch due to the impressive growth in the end-user segments of construction, commercial, public buildings and residential real estate,” the report says.

High Investment, Low Cost

The report credits “the buoyant economic conditions in most Asia Pacific countries, especially in China and India,” for the region’s prosperous paint and coatings market. The economic upswing and rising profit margin are being driven by high levels of foreign investment and relatively low operating costs in these countries.

 Asian Paints

 Asian Paints

Asian Paints, India’s largest paint and coatings producer, touts its “growing technical strength” in coatings to protect industrial assets in the region.

The picture is somewhat dimmer, however, in Vietnam, Indonesia, the Philippines and other countries with less purchasing power, the report says. And like paint manufacturers worldwide, the fortunes of the Asia Pacific market are being pinched by soaring raw material prices.

Stringent environmental regulations are also limiting the global paint trade—especially product innovation, Frost & Sullivan contends. Moreover, unstable social, economic and political situations in some countries are keeping some foreign investors skittish.

“Domestic participants will have to find a way around investors’ hesitation, as they will be eager for higher spending on brand development and management of products, as Asians prefer well-recognized brands,” the report says.

Foreign/Domestic M&A Likely

One promising avenue may be foreign mergers and acquisitions with local companies, analysts say.

“Such alliances will reduce foreign investors’ cost of setting up a distribution hub in the country and enhance their product penetration in the local market,” the report says. “Companies could collaborate with national research centers to reduce the cost of R&D and ensure that product quality meets international standards.”

Not surprisingly, manufacturers in more affluent countries are more optimistic. There, middle-class customers are demanding product innovations, including eco-friendly paints and coatings and dirt-resistant and heat-reflective products.

“Manufacturers will be looking to create a type of OEM coating product that can withstand various temperature and humidity conditions,” saving time and costs in producing customized industrial products, Frost & Sullivan says.

   

Tagged categories: Economy; Marine Coatings; Market forecasts; Market research; Protective coatings

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