SINGAPORE, Sept. 21, 2018 /PRNewswire/ -- Environmental laws mandating lower levels of volatile organic compounds (VOCs) in paints have dampened the demand for solvent-based coatings, and opened up the market for water-based decorative coatings. Manufacturers are responding to consumers' rising environment consciousness by developing sustainable high-solid products and low-VOC technologies having properties such as high coverage, ease of application, and fast drying. Partnerships with raw material manufacturers will further help them formulate innovative coating products that can lower energy, labor, and overall coating system costs for customers.
"The use of flexible raw materials will enable water-based coatings manufacturers to achieve optimum balance in terms of film formation, hardness, and block resistance," said Kaushal Mathur, Principal Consultant, Visionary Science, Asia Pacific, Frost & Sullivan.
"Similarly, renewable raw materials such as unsaturated vegetable oil are also becoming popular among paint manufacturers looking for less expensive raw material alternatives," he explained.
Frost & Sullivan's recent analysis, Southeast Asian Decorative Coating Market, Forecast to 2022, analyzes the key drivers and restraints, provides revenue forecasts, and presents the factors influencing the growth of the different market segments. It also identifies the leading market participants and offers strategic recommendations to fully explore the market's potential.
For further information on this analysis, please visit: http://frost.ly/2sa
"The decorative coatings industry is sensitive to gross domestic product (GDP) growth and tends to grow at 1.5 to 2 times the rate of the GDP. Since Southeast Asia is experiencing healthy economic growth, the US$4.8 billion decorative coating market is accelerating towards US$7.3 billion by 2022," noted Mathur.
"The boom in the construction industry and greater urbanization, especially in Indonesia, the Philippines, and Vietnam, are expected to drive the overall demand for decorative coatings in the region," he added.
Coatings suppliers can best tap revenue and market growth opportunities by:
- Developing technologically advanced solutions such as integrated paint-and-primer in one, one-coat-hide, and high energy-efficient coatings.
- Promoting the value of one-hundred-percent solid coatings, which mainly include powder coatings and ultra-violet/electron beam (UV/EB) curable coatings, as they require less storage space than solvent- and water-based coatings.
- Shifting focus to high-growth markets such as Indonesia, Vietnam, and the Philippines. Indonesia was the largest market, with shares of 25.4 percent in 2017.
- Bidding on the large infrastructure projects proposed by governments. For instance, the Philippines government's Build Build Build (BBB) program is likely to generate huge business for the paints and coating industry.
Southeast Asian Decorative Coating Market, Forecast to 2022 is part of Frost & Sullivan's global Future of Chemicals & Materials in Infrastructure & Mobility Growth Partnership Service program.
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Southeast Asian Decorative Coating Market, Forecast to 2022
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SOURCE Frost & Sullivan