LONDON, Feb. 17, 2016 /PRNewswire/ -- Southeast Asia Coatings Market : Indonesia, Vietnam, and the Philippines are Expected to Drive Growth
Coatings have diversified functionalities and application areas. Therefore, the market can be segmented into decorative coatings, automotive OEM coatings, automotive coatings, can coatings, coil coatings, marine coatings, powder coatings, protective coatings, wood coatings, and other industrial coatings. This research service covers Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The study explores the market dynamics, competitive landscapes, as well as the latest trends in the Southeast Asian coatings market. Quantitative and qualitative analyses were completed through primary interviews with key industry players, and secondary research from top quality journals, articles and other databases.
The coatings industry is sensitive to the growth of gross domestic product (GDP), and tends to grow at to times that of Southeast Asia's GDP.
- In 2014, the member economies of Southeast Asia (ASEAN-6) experienced decelerating growth; 4 of the recorded slowdowns that edged the subregional average down to % in 2014. Indonesia and Thailand were both among those decelerating in 2014.
- Southeast Asia is poised for a growth rebound in 2015. Aggregate growth is to rebound to % in 2015 and 2016, as recovery in Indonesia and Thailand leads the way and most of the subregion trends up and benefits from rising exports and lower inflation.
- The coatings market in Southeast Asia is expected to fare well due to impressive growth in the construction industry, a result of the development of residential & commercial buildings as well as infrastructure. The optimistic economic conditions anticipated in most Southeast Asia countries, especially Indonesia and Thailand, is expected to cause these segments to witness buoyant growth, thereby influencing the coatings market.
- The SEA coatings market was worth $ billion in 2014 and is projected to reach $ billion by 2019, fueled by economic growth and rising urbanization.
- In 2014, the decorative coatings segment was the largest application area, accounting for approximately % of the total market, followed by wood, protective, and automotive OEM coatings.
- Indonesia accounted for the largest share— %—with a revenue of $ billion in 2014, followed by Thailand, Vietnam, and the Philippines.
- Much of the focus is now shifting towards emerging markets—mainly Indonesia, Vietnam and the Philippines—as volume is the name of the game; these countries host large population of million, million and million, respectively.
Key Questions this Study will Answer
- At what stage of lifecycle is the coatings market in and how is it expected to grow?
- What are the key drivers and restraints for the coatings market?
- What is the volume and revenue forecast for the coatings market?
- What are the dynamics influencing the growth of the different market segments?
- Who are the leading market participants?
- What are the coating technology trends used to meet customer needs?
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