Seize Opportunities from Asia's Economic Growth
- Asia's developing economies growth forecast is projected to remain steady with an anticipated growth rate of 4.7% for 2023, while China's GDP is projected to grow at 5.2%. Both are ahead of the global growth forecast of 2.9% in 2023. Large populations coupled with new innovations in end-user industries in these regions offer lucrative opportunities to explore.
Asia Pacific Continues to Be the Fastest Growing Market Globally
- Asia-Pacific's surface finishing market has been registering the highest growth for a number of years. Such trend will likely outpace global growth in the foreseeable future due to expanding industrial and automobile demand, increasing number of infrastructure projects, rising prevalence of residential and commercial construction projects and advancement of heavy machinery industry. Asia-Pacific was the largest and fastest growing surface finishing market in 2022, while China continues to hold a significant share of the market.
Rising Demands from End-User Industries and Eco-Friendly Concern
- On a global scale, particularly in emerging economies, growing industrialization, rapid urbanization, as well as higher percentage of population adopting a middle-class lifestyle worldwide, all come together to cause growing demands for housing, automobiles and other manufactured products. They are the major market drivers. Rigorous government regulations related to hazardous component emissions and pollutant discharge, and rising public health concern to minimize the impact of infections are expected to increase demand for eco-sustainable chemicals and treatment methods.
Capitalize on Development Opportunities in the Yangtze River Delta (YRD) City Cluster
- YRD City Cluster was ranked first amongst China's city clusters in terms of development potential according to an official report in 2022. Its GDP growth rate reached 5.7% in 2022, which accounts for nearly quarter of the national total and is higher than the national growth rate of 3%. In addition, YRD City Cluster leads the country in manufacturing industries, such as industrial machinery, automobile and transportation infrastructure construction, creating a stable source of demand for surface finishing products and services.
Cost-Effective Marketing Tool
- Many cross-national surveys have shown that social media and online communications cannot replace face-to-face interactions and in-person events. The world has undoubtedly entered the epidemic recovery period. SFCHINA series of exhibition will continue to serve as an important platform to connect industry players and support the industry to be resilient to any future impacts.
Find Market Niches and Opportunities for Robust Growth
- Asia is the largest and fastest growing surface finishing market, with China accounting for the largest share, followed by Japan and India.
- China is anticipating to post a 6.4% GDP growth for year 2018, while India is projected to be the fastest growing economy in Asia at 7.3%. The overall 2019 GDP growth within Asia is estimated at 6%. These figures show that Asia remains the key driver for global economic growth.
- As the demand for customized surface finishing technology is increasing in industries like automotive, transportation and aerospace, the industry continues to develop cutting-edge technologies to meet the needs of users, thus providing opportunities for continuous growth.
Grasp Business Potential in The Yangtze River Delta (YRD) Region
- The scale of YRD city cluster was expanded from 16 cities to 26 cities in 2016. It is now the largest city cluster in China and the sixth-largest in the world. In the first half of 2018, its GDP growth was 7.2%, higher than the national average of 6.8%.
- The YRD region is the manufacturing engine for industries like construct ion, home appliances, automobiles, machinery manufacturing, transportation, containers, etc. Surface finishing is an inseparable process of these industries, thereby maintaining a huge and sustainable demand.
- Growing YRD economy broadens sur face finishing applications across different industries. Coupled with rising purchasing power of the consumer market, these factors continue to propel the growth of the finishing industry in the YRD region.
Direct and Effective Marketing to Cope with Changing Conditions
- Surface finishing market is forecasted to witness significant growth owing to rapid development of manufacturing industries, increasing infrastructure spending and thriving middle class in the Asia-Pacific region.
- Rising disposable incomes and urbanization are driving demand for surface finishing in automotive and auto parts, electrical and electronics, machining and furniture applications.
- Green production is regarded as a way to stimulate manufacturing sector in sophistication, profitability and sustainability. The demand for environmentally friendly, energy-saving and streamlined surface finishing technology is increasing.
- As more countries are moving towards industrialization and addressing occupational safety at workplace, the demand for personal protective equipment and safer surface finishing technology is growing, bringing new opportunities to the industry.
