Study Says Russian Coatings Market Boasts Strong Growth, Expansion Opportunities
The first edition of "A Profile of the Russian Paint Industry" reports that most of the Russian Federation's markets are experiencing coatings demand growth of 6-8% annually.
The study says the Russian coatings industry is dominated by five companies that command a combined market share of approximately 47%, with Spektr Industrial Group's Yaroslavl and Russkiye Kraski businesses owning the leading positions with a 23% share. New Community Financial-Industrial Group holds a 14% share, and Teks Holding is reported to hold a 10% share.
The report describes the domestic coatings sector as offering significant opportunities, due to the industry's "outdated technology" and "limited range of raw materials." The industry also possesses "considerable room for globalization - when Russia can escape from the shadow of China," IRL said in announcing the study's release.
"New technologies are required to help companies differentiate their products and the performance benefits they bring," IRL said. "Many are looking to the West for industrial equipment, but licensing could prove lucrative to the industry itself." In addition, IRL said, Russia and its 10 neighboring countries offer an opportunity for coatings manufacturers to reach other markets that "are also struggling with otherwise old technology."
The study is offered for £2,000 (approximately $3,666), with sections available individually for purchase online. More information is available from the IRL website, located at www.informationresearch.uk.