- The key vendors in the protective coatings market in APAC 2015-2019 are AkzoNobel NV, Hempel, Jotun AS, Kansai Paints, and PPG Industries.
London, 7 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the protective coatings market in APAC 2015-2019. The emergence of new coating technologies is a critical trend observed in this market. Innovations carried out by multiple vendors have shown that Zinc, and powder coating technologies are much more effective and efficient in terms of performance and cost than epoxy resin. This decrease in expenditure has led to the increase in profit margins. This market is expected to grow at a CAGR of 10.22% by revenue and 8.58% by volume during the forecast period of 2014-2019.
Strong growth potential in the APAC region coupled with its business-friendly environment is a major factor that promotes growth in this market. Factors such as growth in the oil and gas, construction, and infrastructure segments also propel the prospects of growth in this market. Also, the increasing cost of maintaining capital machineries and infrastructural developments aid in increasing the demand for protective coatings in the APAC region.
“Manufacturers of protective coatings, such as anti-corrosive, anti-fouling, high-temperature coatings, and tank lining products, are developing new and eco-friendly coatings to comply with the regulations and to meet the growing demand for sustainable products,” says Faisal Ghaus, Vice President of Technavio Research.
“Increased environmental regulations and restrictions along with changing consumer preferences for sustainable products are urging protective coatings manufacturers to develop eco-friendly products”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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