According to Frost & Sullivan’s Chemicals & Materials Practice, which hosted an analyst briefing via webinar on the Asia Pacific paint and coatings market last month, despite being hit hard by the economic downturn and having to face some major challenges along the way, the Asia Pacific region has managed to rebound nicely. According to IMF, “Asian economies swiftly deployed stimulus packages to boost government spending, reduce interest rates and stabilize financial markets.” These measures have aided in the region’s rapid recovery.
The paint and coatings industry in Asia is expected to expand at a moderate rate with China and India remaining the engines of growth. The industry also forecasts vast growth opportunities in key developing Southeast Asian countries such as Indonesia and Vietnam. Although, the Asian paint industry seems to be faring better than its western counterparts, industry players still need to be wary of continued weak global demand and focus on remaining competitive in the market.
“The Asia Pacific paint and coatings industry continues to gain momentum despite facing major challenges in 2009,” said Sheila Senathirajah, program manager, Chemicals & Materials Practice, Frost & Sullivan. “With China and India leading the way, followed by key Southeast Asian countries, the industry is forecast to expand moderately this year with the promise of rapid growth expected in the coming years.”