SINGAPORE – The APAC paint and coatings market for 2010 is estimated to be approximately $48 billion, with a market size of 15 million metric tons (MT) and a growth rate of 8 to 11 percent. This was aided mainly by the strong driving forces of China and India as well as developing growth from key ASEAN countries (Association of Southeast Asian Nations) such as Indonesia and Vietnam. Industry players are optimistic about the prospect of seeing double-digit growth once again in 2011.
According to Frost & Sullivan’s Program Manager of Chemicals, Material and Food Practice, Sheila Senathirajah, the paint and coatings industry is heavily reliant on the end-use industries it serves. “Asia, being a developing industrial nation, has many key growth sectors that aid the growth of the market. Some of the key industrial sectors monitored are construction, steel, marine, automotive and furniture,” she said.
Currently, China is witnessing high growth in its steel and furniture industries, while India is similarly experiencing positive growth in its construction and steel industries. ASEAN countries are witnessing growth in construction, marine, automotive and furniture industries.
In terms of industry specifics, the coming year will see industry players creating a competitive edge by introducing innovative products in the market with enhanced sustainability features. Green-based technology will see high growth, particularly for powder and water-based coatings.
Asia-Pacific Paint and Coatings Market Expects Growth in 2011
February 1, 2011