CLEVELAND – Market research firm Frost & Sullivan has released a new report,Strategic Analysis of the Paint and Coatings Market.The report predicts that the $43.52 billion paint and coatings market in the Asia-Pacific region will reach $53.55 billion in 2011, growing at a CAGR of 11 percent.
The paint and coatings market in the Asia-Pacific region has improved due to growth in the end-user segments of construction, commercial, public buildings and residential real estate. The buoyant economic conditions in most Asia-Pacific countries, especially in China and India, have had a bearing on the investment in these sectors and thereby on the paint and coatings market.
Consumers in the more affluent countries are interested in new product innovations. Rising environmental awareness and the demand from the middle class population have popularized eco-friendly coatings. Most of the decorative products available in the market are water based and have low or almost zero levels of VOC emissions. Dirt-resistant paints that are more durable are proving to be significant revenue generators, as are innovative heat-reflective paints in the tropical countries. Manufacturers will be looking to create a type of OEM coating product that can withstand various temperature and humidity conditions.
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Asia-Pacific Coatings Market to See Double-Digit Growth
October 1, 2011