As the U.S. exchange trade products continues to flourish, other regions are looking to keep pace, including Asia.

At the end of April, the global ETP industry had $2.49 trillion in assets under management, according to preliminary data from ETFGI. “At the end of April 2014 there were 5,241 ETFs/ETPs, with 10,238 listings, from 221 providers listed on 59 exchanges around the world,” according to the research firm.

However, ETFGI also noted the U.S. ETP industry controlled $1.73 trillion of those assets with 1,568 ETFs/ETPs listed in the United States, from 57 providers on 3 exchanges. [ETFGI: U.S. ETF Assets Hit Record in Q1]

There are opportunities for growth around the world and that is exactly what some are forecasting for the Asian ETP business. The Asia-Pacific region has just $165 billion in combined ETF assets under management today with China, Hong Kong and Japan dominating the industry in the region, but Bank of New York Mellon thinks Asia’s ETF business can grow to $250 billion by 2016, according to an article in The Asset.

To put $250 billion into the context of the U.S. ETF industry, that is less than the combined AUM for the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and the iShares MSCI EAFE ETF (NYSEArca: EFA) at the end of April.

It should be acknowledge the Asian ETF industry is coming off a lower base than what was seen in the U.S. According to a Deutsche Bank research note published earlier this year, ETFs did not make their way in force to Asia until 1999 and did not truly become popular there until after the global financial crisis.