Asia Pacific Market Growth Slows

The Asia Pacific coatings market is the largest segment globally. This can be attributed to rapid industrialization, urbanization and increased infrastructure projects. The market has experienced substantial growth and is expected to continue expanding, influenced by increasing economic activity and infrastructural development.

This month, Doug Bohn of consulting firm Orr and Boss profiles this diverse region. According to Orr and Boss’s research, the total market size of the Asia Pacific paint and coatings market is estimated to be 28.3 billion liters and $89.4 billion. Unsurprisingly, the market is dominated by China. Although China is not growing as fast as in previous years, it remains the largest paint and coatings market in the world. South Asia – which is mostly comprised of India but also includes Japan and Korea – is the next largest region.

Despite the slowdown, there is reason for optimism as major paint and coatings companies are investing heavily in the region. A major investment project has been completed at AkzoNobel’s production plant in Bac Ninh province near Hanoi in Vietnam, which will help to strengthen the com- pany’s position in Asia.

Five new powder coating lines have been added at the multi-site, along with a line for producing water-based products for the consumer electronics market (IT, wireless and home appliances). The total investment amounts to €18.5 million. In addition, a newly updated and automated production line is up and running at AkzoNobel’s Suzhou site in China, part of a €14 million investment designed to accelerate growth and double the plant’s capacity for marine and protective coatings by 2025.

The recent upgrade – which will already boost daily capacity by more than 40% – is scheduled to be followed by updates to three additional lines, which will result in the doubling of overall capacity before the end of next year.

PPG recently inaugurated a battery pack application center (BPAC) in Tianjin, China. The $30 million facility features a full range of capabilities to test the application of PPG coatings technologies, materials and systems for electric vehicle (EV) battery packs, allowing customers to accelerate the development of new EV technologies.

The BPAC will include application testing for PPG technologies, includ-ing powder coatings, fire protection coatings, dielectric coatings, adhesives and sealants, surface pre-treatment, and e-coat technologies. Its modular design will allow for independent projects to be carried out concurrently in each of the application areas. This flexibility will enable development of material and process solutions across the range of current and potential customers.