08.10.16
The Asia-Pacific region is rapidly expanding, fueled by a growing economy and emerging middle class. This growth is driving demand for many building and industrial materials, including paints and coatings. According to market research firm IRL’s report “A Profile of the Asia-Pacific Paint Industry,” the total market for paints and coatings was 21.4 million tons in 2013, and is forecast by IRL to increase to 29.2 million tons by 2018; this is equivalent to an average annual growth rate of 6.4 perecent in the medium term.
Other Key Finding from the Report
China is by far the largest national market for paints and coatings in the Asia-Pacific region, followed at some considerable distance by India and Japan. The smallest markets are those of New Zealand and Singapore. While medium-term growth is forecast to be low in the more developed and mature markets such as Australia, New Zealand and Japan, the developing market of India is predicted to demonstrate growth of over 10 percent per annum over the next five years. India still offers significant potential for paints and coatings market growth
Other Key Finding from the Report
China is by far the largest national market for paints and coatings in the Asia-Pacific region, followed at some considerable distance by India and Japan. The smallest markets are those of New Zealand and Singapore. While medium-term growth is forecast to be low in the more developed and mature markets such as Australia, New Zealand and Japan, the developing market of India is predicted to demonstrate growth of over 10 percent per annum over the next five years. India still offers significant potential for paints and coatings market growth
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