CHINACOAT

The Economical Growth of the Country Drives the Industry Moving Forward

World GDP is expected to bounce back with a growth rate of 5.9% in 2021, the fastest in nearly 5 decades, and 4.9% in 2022.
Even as the pandemic persists, Asia is forecast to sustain strong rebound with an anticipated growth rate of 6.3% in 2022.
International Monetary Fund's report projects India to be the world's fastest-growing major economy in 2022, with a growth rate of 8.5%, while China is projected to grow at 5.6%.

Asia Pacific Continues to Dominate Global Coatings Market

Asia Pacific is the world's largest coatings market, accounting for 55% in 2020.
China is the world's largest coatings producer and consumer, accounting for 60% and 28% of Asia Pacific and global markets respectively, and is also the country with largest increase in demand.
Asia Pacific's per capita demand for coatings still has significant room for growth—even in China, with only 7.2kg per capita coatings consumption per year as compared to industrialized countries like Germany, which is around 18kg per capita per year.

China Greater Bay Area Spurs Coatings Demand

The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is a vibrant consumer market made up of 86 million residents and a diversified economy, with a GDP of US$1.67 trillion and a per capita GDP of US$19,400 in 2020.
GBA has high concentration of Fortune 500 companies, more than that of New York Bay Area, and houses many innovative technology companies and advanced manufacturing industries.
With favourable policies, large number of infrastructure projects are underway in the area, such as establishment of airport clusters, thereby upholding high coatings demand.

Benefited from Strong Coatings Demand

Global coatings industry experienced strong recovery in 2021, resulting from rapid growth in coatings consumption in some end-user industries such as automotive, architecture, transportation and consumer goods.
The market is poised to rebound vigorously as the pandemic recedes, due to rising manufacturing activities and infrastructure construction in developing countries, growing DIY activities in developed countries and global increases in motor vehicle production and ownership.

Fast-Growing End-Use Applications Propel Market Growth

Though the pandemic negatively affected various end-user industries, personal protective equipment (PPE), food packaging, medical & healthcare and infrastructure are witnessing quicker than expected recovery, continuing to drive coatings market in 2021 and beyond.
Rising awareness on VOC emissions also results in rising demand for more environmentally friendly coating products such as UV/EB coatings, high solids, powder coatings and water-borne coatings.