Asia Pacific Report
Contributing editor Dan Watson takes an in-depth look at this diverse and dynamic region for our annual Asia Pacific Report (page 32). According to Watson’s research, the Asia Pacific region is home to approximately 62 percent of the total global population (4.4 billion). China and India account for more than half of this region’s total population. India is projected to pass China in population size in 15 years, becoming the world’s most populous country with approximately 1.5 billion people.
The Asia Pacific region represents the single largest growth opportunity for the paint and coatings industry. In 2001 the region represented 27 percent of the global coating market compared to 33 percent for the Americas and 36 percent for Europe. In 2010 the region represented 40 percent of the coatings market while the Americas share declined to 26 percent and Europe declined to 28 percent. This trend is expected to continue. According to the article, depending on how you define the composition of the region, the total Asia Pacific region coating market is estimated to be valued at more than $62 billion with an annual growth rate estimated at 12-15 percent.
My article on the Marine Coatings Market (page 28) examines the latest trends in this diverse market, which comprises not only antifoulings for ships, but protective coatings for offshore structures such as oil rigs and more. Geographic speaking the vast majority of demand for marine coatings is in the Asia Pacific region. Christian Ottosen, group marine marketing director for Hempel estimates that ninety percent of new building for ships takes in Asia. “China and Korea have the highest market share, followed by Japan,” Ottosen added.