Transparency Market Research has published a new report, titled "Coating Resins Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 -2023." According to the report, the Asia Pacific coating resins market was valued at US$15.24 bn in 2014 and is anticipated to reach US$27.87 bn by 2023, expanding at a CAGR of 7.0% between 2015 and 2023.
Increase in demand for coating resins in the building and construction industry is the key driver of the market in Asia Pacific. Growth in building and construction activities in China, India, Indonesia, Vietnam, and Malaysia is expected to boost industry growth. Furthermore, expansion of the automotive industry in the region is likely to drive the coating resins market from 2015 to 2023. The marine and electronics industries are the other major end-users of coating resins in Asia Pacific. However, stringent regulations related to VOC and suspended particulate emissions as well as volatile raw material prices are anticipated to hamper market growth in Asia Pacific. Vietnam is likely to offer new growth opportunities in the coating resins market during the forecast period.