China’s paint industry becomes
world’s second largest
China has become the second largest paint producer and consumer in the world propelled by booming real estate, auto and shipping building sectors, according to AsiaPulse. Global paint manufacturers have moved their production capacities to China in recent years.
The world’s top paint and coating producer Akzo Nobel recorded $1.03 billion of sales revenue in China last year, up 16% year-on-year. By 2012, Akzo Nobel is expected to realize $2 billion of sales revenue in China, according to Anders Brostm, president of Akzo Nobel China.
The production value of the world’s paint industry exceeded $82 billion in 2002 with an annual growth rate of approximately six percent, according to the 5th China international Exhibition for Painting Chemical Materials in Beijing.
Currently, the output of the top ten paint producers in the world account for one third of total output, boasting a 60% market share.