SEA construction coatings market is projected to reach USD 6.65 billion by 2025, according to a new report by Grand View Research, Inc. Growing demand from end-use industries is likely to be a major factor triggering the market over the forecast period.
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Water borne segment accounted for a major volume share in SEA market in 2016. The growing infrastructure development in economies including Indonesia, Thailand, Philippines, and Vietnam is likely to drive the demand for the product over the forecast period. Powder coatings are expected to witness significant growth, in terms of revenue, from 2017 to 2025.
Increasing government investments in construction is anticipated to drive the market over the forecast period. Increasing use of construction coatings for waterproofing and protective application is likely to propel product demand further.
Most market leaders in the region are integrated throughout the value chain. This provides the companies with an advantage in the procurement of raw materials to the manufacturing of the finished product thus maintaining the economies-of-scale to the optimum level. For instance, BASF has been serving various industries through its integration across the value chain. The company develops, manufactures, and distributes a comprehensive range of raw materials and end products.
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Further Key Findings From the Report Suggest:
• Residential segment is likely to register a CAGR of 5.0% from 2017 to 2025, in terms of volume, on account of increasing consumer awareness toward the product for use in various residential applications
• Powder coatings segment is expected to produce a CAGR of 7.1% from 2017 to 2025, in terms of revenue, on account of its superior properties, such as durability, high resistance to corrosion, and cost-effectiveness, over traditional paints
• Philippines is likely to display the fastest CAGR of 6.1%, in terms of revenue, over the forecast period. The growing infrastructure industry in the country is likely to focus on transportation, communication social infrastructure, and manufacturing.
• Indonesia accounted the largest revenue share of 23.2% in 2016. The country is likely to make public investment worth USD 29 billion to add 13 airports, 710 km of railway lines, 10,198 meters of bridges, 836 km of highway, and 61 seaports to boost its infrastructure network in 2017. This, in turn, is likely to propel the demand for the product over the forecast period.
• In terms of revenue, Vietnam construction coatings industry is projected to register a CAGR of 6.9% over the forecast period. Government investments in infrastructure, economic recovery, and residential construction are expected to drive the demand.
• Market players are adopting mergers & acquisition strategies. For instance, in July 2017, AkzoNobel acquired UK-based Flexcrete Technologies Ltd. to strengthen its position in industrial coatings business.