Owing to the needs of urbanization and infrastructure improvement, countries in Asia are witnessing a surge in construction business. Construction and designing of residences and commercial spaces along with developments in the automotive industry continue to contribute significantly towards the growth of paint and varnish markets. In its recently added report titled, ‘Paint and Varnish Markets in Asia to 2022’, Market Research Hub (MRH) offers detailed information on the impact of recent trends and developments on the growth of the market.
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Companies Are Keen on Enhancing Manufacturing Process to Deliver Eco-Friendly and Sustainable Products
Increased preference of end-users for improved paints and varnishes that meet their aesthetic needs has encouraged manufacturers to lend priority on production of products that fulfill the criteria of end-users, such as resistance to climatic conditions and dust, ease of maintenance, eco-friendliness, durability, and cost-efficiency. To address these end-user expectations, companies are laying primary focus on sustainable production of paints and varnishes. Manufacturers are incorporating novel tactics to address industry specific demands.
Integrating bio- binders and potato starch in paints and varnishes has reflected positively on the quality of paints and varnishes. Additionally, manufacturers are keen on introducing improved coating technology aimed at producing efficient paints and coatings that meet user requirements and clean manufacture parameters. In a recent announcement, Nippon Paint, one of the leading coating manufacturers in Japan has disclosed about its collaboration with KangDe Composites. The partnership is aimed at providing end-users with advanced coating technologies for carbon fiber reinforced polymer (CFRP) for automotive industry. Such green coating materials are novel innovations projected to ensure eco-friendly manufacturing process.
To address end-user demand better, manufacturers are encouraged to expand their infrastructure, thereby secure their lead in the market. A recent report confirmed that Berger Paints, one of the leading paint companies in India, is all set to invest a total of 200 crores in order to develop a new paint manufacturing plant in Uttar Pradesh, India. The plant is aimed at meeting demands from multiple industries.
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Vital insights presented in the report portrays an in-depth summary of the industry and critically compiles important segments that influence the growth and development of the market. This section outlines the segments prevalent in the market and their impact on the market. The market is segment as product type. Based on type, the market is segmented as non-aqueous, polyester based, non-aqueous, acrylic/vinyl polymer based, non-aqueous, other polymer based, aqueous, acrylic/vinyl polymer based, aqueous, other polymer based, and other paints and varnishes. The report offers crucial perspectives on the ongoing developments and trends that are driving the market. The report also identifies the factors that impact customer’s purchase decisions. Readers can use these inferences and hone their analysis in order to develop profitable investment strategies.
Paint and Varnish Market: Competitive Landscape
Besides summarizing the factors that impact the purchase journey of customers, the report gives a thorough description of the marketing strategies and tactics that are being implemented by major companies across the industry. Significant inputs listed in the report define pertinent factors necessary to implement effective strategies by leading companies, and their outcome on the market. Based on these insights, suppliers, stakeholders, and investors can interpret the marketing strategies of the market players and lead their investment in a result-oriented direction.
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