Study Expects Market for Anticorrosion Coatings in China to Improve
BEIJING – In a new study, GCiS China Strategic Research estimates that the domestic market for anticorrosion coatings in China was worth over RMB 36 billion in 2013, with sales of roughly 1.4 million tons. The study finds that growth in 2013 was only 2.8%, far below the rapid, often double-digit growth seen in the previous few years. This was due in large part to the slow growth of key downstream industries, especially in the shipbuilding sector, which saw a strong decline in 2012 and 2013.
Domestic suppliers are mostly small manufacturers that are regionally active and benefit from long-standing customer relations. The market leaders are a handful of foreign suppliers – AkzoNobel, Jotun, PPG and Hempel – that generate far more revenue than even their largest domestic competitors. Domestic suppliers are improving on technology and product quality, but for the moment the target market still offers better opportunities to suppliers of high-quality coatings.