The Asia-Pacific paint and coatings market will record a strong annual growth rate of nearly 8% over the next three years, led by growth rates of more than 10% for the fast-growing economies of China and India, a newly issued market study forecasts.
Market Forecast for Paint Demand in the Asia-Pacific Region, 2009-2014 (Tonnes)
Coatings demand in China will expand from approximately 7.6 million metric tons in 2009 to more than 12 million tons in 2014, according to the study, “A Profile of the Asia-Pacific Paint Industry, 9th Edition,” from Information Research (IRL), London.
Paint and coatings demand in India, though a distant second to China, is projected to rise from 1.8 million metric tons in 2009 to more than 2.9 million tons in 2014.
Paint and coatings demand will post solid growth in most other nations in the region, with the exception of Japan, where market size will contract (see chart). The Japanese coatings market “is struggling against a backdrop of traditional expectations and a reluctance to accept much greater waterborne paint use,” IRL said in its announcement on the release of the study. The company added, however, that prospects for improvement in the Japanese coatings market could brighten if the home-repair industry benefits from introduction of the “200-Year-House” concept—an idea that involves the objectives of recycling, maintenance, and strategic reviews of how the nation’s housing stock is utilized as the country deals with an increasingly aging population and a declining birth rate.
Smaller but growing economies in the region, on the other hand, show the potential to contribute significantly to demand growth. These include Indonesia, Vietnam, Singapore, and The Philippines. The coatings markets in these countries are capitalizing on international investment, spending on construction and infrastructure, industrial development, and growth in demand for architectural, protective, and marine coatings.
The report offers information on 11 countries in the region, with an updated directory of paint and coatings manufacturers. The report is available for purchase as a whole, with sections to be made available individually for online purchase.
More information: www.informationresearch.co.uk.