Market Trends of Heat-Resistant Coatings Industry
This section covers the major market trends shaping the Heat Resistant Coatings Market according to our research experts:
Building and Construction to Dominate the Market
- Heat-resistant coatings are extensively used in the building and construction sector. They are used on various building materials and products to meet important fire safety standards and codes. The usage of heat-resistant coatings helps reduce fire attacks and increase the safety and security of the people. In Asia-Pacific, the construction sector has been witnessing robust growth, fuelled by the growing manufacturing and service sector infrastructure, increasing housing construction, and noticeable government spending on public constructions.
- The Asia-Pacific region has become an attractive market for the investors, owing to the presence of a number of emerging economies, such as India, China, Indonesia, Vietnam, and others in the region. Owing to strong economic growth, domestic companies have been expanding their business. Along with this, foreign companies have been entering these markets to take advantage of the prevailing opportunities. This has created demand for commercial construction, such as offices, production houses, buildings, warehouses, etc., leading to an increase in the construction activities in these countries.
- In India, the demand for offices and residential spaces has been driving the growth of the construction sector. “The Smart City Project” is one of the noticeable examples, under which, 100 smart cities are planned to be developed across the country.
- In the Southeast Asian region, Indonesia has emerged as the largest market, and it is also one of the fastest-growing markets. The Indonesian government started a program to build around one million housing units across Indonesia, for which, the government has already set aside around USD 1 billion from the state budget.
- Hence, such robust growth in construction activities in the region is fuelling the demand for the heat-resistant coatings market.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expanding at a higher rate for heat resistant coatings market. Some of the main reasons for the expansion are growing and emerging economies, transportation industry, increasing FDI, low-cost labor, etc.
- Additionally, the wave of digitization has boosted the growth of the service sector. In Asia-Pacific, the service sector has also been expanding at a rapid pace, which is further adding to the demand for offices and residential houses. However, the shortage of such infrastructure in these countries is further leading to an increase in construction activities in these countries.
- With the ongoing rapid industrialization in the region, mainly in China, Japan India, the usage of heat resistant coatings inflammable fluid pipelines is growing significantly due to new innovations and technological advancements in the region.
- For instance, In Japan, housing construction, along with increasing governmental spending on developmental projects, has been driving the construction sector in the country. The 2020 Olympics has also been boosting the new commercial construction in the country.
- These are to support the growth of heat resistant coatings in the region.
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