The coatings market in Asia Pacific is the largest segment in the world. This is due to rapid industrialization, urbanization, and increasing number of infrastructure development projects. The market has witnessed significant growth and is expected to continue expanding in the future, driven by expanding economic activity and infrastructure development.
This month, Doug Vaughn from consulting firm Oh & Boss takes a look at this diverse region. Oh & Boss research estimates the overall Asia Pacific paints and coatings market to be worth 28.3 billion litres and $89.4 billion. Unsurprisingly, this market is dominated by China, which, although not growing as fast as it once did, is still the largest paints and coatings market in the world. The next largest region is South Asia, mainly made up of India, but also including Japan and South Korea.
Despite the economic slowdown, there is reason for optimism as major paint and coatings companies are investing heavily in the region. AkzoNobel's production plant in Bac Ninh province, near Hanoi, has completed a major investment project that will strengthen the company's position in Asia.
Five new powder coating lines have been added to the multi-site, as well as a manufacturing line for 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 has been commissioned at AkzoNobel's Suzhou site in China. This is part of a €14 million investment aimed at accelerating growth and doubling the factory's capacity for marine and protective coatings by 2025.
Recent upgrades have already increased daily capacity by more than 40%, and upgrades to three more lines are planned, doubling overall capacity by the end of next year.
PPG recently opened its Battery Pack Applications Center (BPAC) in Tianjin, China. The $30 million facility has all the capabilities to test the application of PPG coating technologies, materials and systems on electric vehicle (EV) battery packs, enabling customers to accelerate the development of new EV technologies.
BPAC will include application testing of PPG technologies including powder coatings, fire protection coatings, dielectric coatings, adhesives and sealants, surface pre-treatment, and electrocoat technologies. The modular design allows independent projects to run simultaneously in each application area. This flexibility allows for the development of material and process solutions across the entire range of current and potential customers.
