• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    2023 CEO Forum

    The 2023 Automotive Coatings Market

    Color Trends in the Paint and Coatings Industry

    2023 European Coatings Show EXHIBITOR SHOWCASE

    Industry is Looking Forward to the 2023 European Coatings Show
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Raw Materials & Equipment
    Video Bites
    Suppliers News
    Live From Shows
    Top News
    Sherwin-Williams Wins Three AMPP Awards

    OQ Chemicals Reduces CO2 Emissions at Bay City, Texas Plant by 10% in 2022

    Perstorp Strengthens Sustainable Offerings

    Orion Debottlenecks Plant in Germany for High-Jetness Carbon Blacks

    Barentz Expands Market Acceleration Team
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    Sherwin-Williams Wins Three AMPP Awards

    Norwegian Cruise Line Goes Biocide-Free with Nippon Paint Marine's AQUATERRAS

    Stahl Completes Acquisition of ICP Industrial Solutions Group

    The 2023 Automotive Coatings Market

    Color Trends in the Paint and Coatings Industry
    Additives
    Binders
    Pigments
    Solvents

    OQ Chemicals Reduces CO2 Emissions at Bay City, Texas Plant by 10% in 2022

    Orion Debottlenecks Plant in Germany for High-Jetness Carbon Blacks

    Evonik Obtains Certification for VISIOMER Terra Biobased Methacrylates

    BASF Invests in Expansion of Polymer Dispersions Plant in Daya Bay, China

    Evonik Invests in Interface Polymers
    Company Capabilities
    Buyers Guide
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Siltech Corporation

    W. R. Grace & Co.

    EPS

    Clariant Additives

    Arkema
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Southern Society for Coatings Technology Annual Meeting and Technology Conference

    Eastern Coatings Show

    CPCA Annual Conference

    66th Annual Sink or Swim

    Middle East Coatings Show
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Siltech Corporation

    W. R. Grace & Co.

    EPS

    Clariant Additives

    Arkema
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Glossary
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    China Reports

    Overview of South Korean Paint & Coatings Industry

    ...

    Overview of South Korean  Paint & Coatings Industry
    Source- Korean Paint & Printing Ink Industry Cooperative (KPIC) Table- Contribution ( on volume basis) of different sub-segments in paint usage in South Korea
    Overview of South Korean  Paint & Coatings Industry
    Sources- World Bank, Korea Automobile Manufacturers Association ( KAMA), Table- Economic, construction and automotive industry indicators in South Korea
    Yogender Singh, India/Asia-Pacific Correspondent05.04.18
    Despite the relative small size and population in comparison to a number of countries in Asia, South Korea is the  fourth largest paint and coating market on the continent. With an estimated size of $4.67 billion (954 million liters) in 2016, the country’s paint and coating sector has grown at modest rates in last the two years, in comparison to a brisk growth in the 2010-2014 period.
    Coatings World presents an overview of South Korea’s paints and coatings market in this article.

    Overview of the South Korea Paint Industry

    Five major producers dominate the South Korea paints and coating market with a cumulative share of approximately 75 percent of the domestic market. Leading building materials company and one of the country’s largest business conglomerates, KCC is the market leader with a market share of approximately 40 percent. The company has its presence in all the sub-segments of the industry.

    Samhwa Paints, Kangnam Jevisco (formerly Kunsul Chemical Industrial Company, popularly known as  KCI), Noroo Paints and Chokwang Paints are the other leading forces in the country’s paints and coating industry.

    Modest Growth in Architectural segment

    The South Korea construction industry has made muted progress in last few years, despite the government’s focus on housing and infrastructure development. Lower than expected growth in the most important segment has deprived the country’s paints and coating producers from healthy growth as the architectural segment accounts for approximately 28 percent of the total value of the industry.

    It is noteworthy that the share of the architectural segment in the South Korea paints and coating industry at 28 percent is far below most of the other countries in Asia, where it ranges from 52-74 percent of the total paint and coating industry.

    Automotive Paints Drives Growth

    Steady growth in the South Korea automotive industry has led to vibrant growth of high quality automotive paints in the country. According to data from OICA (The International Organization of Motor Vehicle Manufacturers), South Korea produced more than 4.2 million auto vehicles in 2016, including approximately 3.9 million units of passenger cars and 0.37 million units of commercial vehicles. The total auto production makes South Korea the world’s sixth largest automotive manufacturing countries in 2016.

    Although the automotive paint sub-segment has enjoyed steady growth in recent years, over the last few years it has also suffered some declines as the country’s automotive exports have registered a decline in the last few years. After reaching its peak in 2012 with outbound shipments of 3.17 million vehicles that year, the number of exports of made-in-Korea vehicles declined to 2.62 million in 2016, dragging Korea down from the world’s third-largest car exporter in 2012 to the fifth-largest in 2016.

    Marine Paints One of the Largest Markets

    South Korea has been one of the largest markets for marine coatings for a number of years on the strength of the country’s ship building industry. Although in the last few years Chinese companies have been able to take away significant business from the Korean ship building industry, but the country still remains a force to reckon with in the global shipbuilding industry. South Korean shipbuilders have been under severe financial stress for the past several years in an industry swamped by overcapacity since the 2008 global financial crisis. They posted a combined operating loss of Won8.5tn ($7.6 billion) in 2015 following a failed foray into costly offshore energy projects.

    Growing demand for large-size container ships is welcome news for beleaguered South Korean shipbuilders, with orders for oil tankers and natural gas carriers finally coming in. According to the provisional figures, the four major South Korean shipbuilders — Samsung Heavy, Daewoo Shipbuilding, Hyundai Heavy Industries and Hyundai Mipo Dockyard – are believed to  have won $16.8 billion of orders in 2017. South Korea’s four major shipbuilders won a combined $6.8 billion in orders in 2016, compared with $20 billion in 2015.

    Current year and 2019 are expected to bring a huge demand of marine coatings as the country’s shipbuilders would be delivering a number of prestigious projects.

    Leading Paints & Coating Producers in South Korea KCC

    With a total revenue of 1.513 trillion Korean Wons ($1.413 billion) in 2016, Korea Chemical Company Limited (KCC Corp.) is the largest paint producer in South Korea with a market share of 37 percent by volume. The company is involved in the production of automotive, marine, industrial and architectural paints.

    The company’s vessel antifouling/anticorrosive paint was selected by the Korea Trade-Investment Promotion Agency, Ministry of Industry and Commerce as a World’s Best Product for eight consecutive years.

    Noroo Paints & Coatings

    Noroo Paints & Coating operates two paint production facilities in South Korea. Chilseo facility, which the company acquired from DPM Company in 2007 is located in Haman (Gyeongsangnam-do Province) produces architectural and industrial coatings. The other production facility, located at Poseung has an installed capacity to produce 10,000 tons of automotive paints per annum.

    Overseas Ambitions

    Moderate growth rates in the domestic paint and coatings market has prompted South Korean producers to look to overseas markets in recent years. Recently, there has been an increased focus on setting up manufacturing plants in Vietnam by the major South Korean paint and coating producers.

    The country’s largest paints and coating producer KCC entered into Vietnam by establishing a sales office in 2007. Two years later, the company started commercial production at its manufacturing plant based in Ho Chi Minh City, the economic hub of Vietnam. The company’s Vietnamese subsidiary, KCV produces architectural, automotive, coil and industrial coatings at this plant for Vietnamese market.

    Another leading South Korean paint producer, Samhwa Paint Industrial Co. opened a new paint production plant in northern Vietnam in November 2017. The new plant is part of Samhwa Paints Vina Co., the company’s Vietnamese subsidiary. It opened up in Bac Ninh industrial zone, about one hour’s drive north of Hanoi, Vietnam’s capital. 
    Related Searches
    • coatings
    • paints
    • led
    • paint
    Suggested For You
    Sales of Paint Cans Facing Challenge from Growing Convenience & Popularity of Plastic Pails Sales of Paint Cans Facing Challenge from Growing Convenience & Popularity of Plastic Pails
    IDTechEx Discusses If the Funding for Graphene has Dried Up IDTechEx Discusses If the Funding for Graphene has Dried Up
    High-Performance Coatings Manufacturer Joins RPM Family of Products High-Performance Coatings Manufacturer Joins RPM Family of Products
    Titanium Dioxide Market to Register 8.3% CAGR from 2021-28: Grand View Research Titanium Dioxide Market to Register 8.3% CAGR from 2021-28: Grand View Research
    BASF, Mercedes-Benz Extend Commercial Supplier Agreement BASF, Mercedes-Benz Extend Commercial Supplier Agreement
    Nippon Paint Marine Wins Korea Export Award Nippon Paint Marine Wins Korea Export Award
    Sun Chemical Releases Winter 2021 Regulatory Newsletter Sun Chemical Releases Winter 2021 Regulatory Newsletter
    Specialty Carbon Black Market to Reach $3 Billion by 2027: Transparency Market Research Specialty Carbon Black Market to Reach $3 Billion by 2027: Transparency Market Research
    IGL Coatings Expands to South Korea IGL Coatings Expands to South Korea
    Applied Graphene Materials, Manho Polymers Co. Ltd., South Korea Sign Distribution Agreement Applied Graphene Materials, Manho Polymers Co. Ltd., South Korea Sign Distribution Agreement
    Jotun Launching Jotacote Universal S120 Primer Globally Jotun Launching Jotacote Universal S120 Primer Globally
    Lithium Sector, Westlake Chemical Corp – Analyst Comments on Lithium Landscape, Raises WLK Estimates Lithium Sector, Westlake Chemical Corp – Analyst Comments on Lithium Landscape, Raises WLK Estimates
    AkzoNobel Makes Progress on Transformation into AkzoNobel Makes Progress on Transformation into 'Focused' Paints, Coatings Company
    Exhibitors Excited for Opening of American Coatings Show Exhibitors Excited for Opening of American Coatings Show
    RPM Reports Record Results for Fiscal 2018 Third Quarter RPM Reports Record Results for Fiscal 2018 Third Quarter

    Related Breaking News

    • Breaking News | Market Reports
      Sales of Paint Cans Facing Challenge from Growing Convenience & Popularity of Plastic Pails

      Sales of Paint Cans Facing Challenge from Growing Convenience & Popularity of Plastic Pails

      Sales of paint cans facing challenge from growing convenience and popularity of plastic pails: FMI Study.
      07.28.21

    • Breaking News | Market Reports
      IDTechEx Discusses If the Funding for Graphene has Dried Up

      IDTechEx Discusses If the Funding for Graphene has Dried Up

      In 2020, the key graphene funding was mainly related to energy storage.
      Dr. Richard Collins, IDTechEx Principal Analyst 07.06.21

    • Breaking News | Industrial Coatings | Paint & Coatings Manufacturer News
      High-Performance Coatings Manufacturer Joins RPM Family of Products

      High-Performance Coatings Manufacturer Joins RPM Family of Products

      RPM’s Carboline subsidiary adds the Dudick Inc. business.
      David Savastano, Contributing Editor 06.08.21


    • Breaking News | Market Reports  | Pigments
      Titanium Dioxide Market to Register 8.3% CAGR from 2021-28: Grand View Research

      Titanium Dioxide Market to Register 8.3% CAGR from 2021-28: Grand View Research

      Valued at $16.98 billion in 2020.
      Grand View Research 05.31.21

    • Automotive Coatings | Breaking News | Paint & Coatings Manufacturer News
      BASF, Mercedes-Benz Extend Commercial Supplier Agreement

      BASF, Mercedes-Benz Extend Commercial Supplier Agreement

      New agreement supports automobile makers in six countries in the Asia Pacific (APAC) region, BASF said.
      03.22.21

    Loading, Please Wait..
    Trending
    • BASF Invests In Expansion Of Polymer Dispersions Plant In Daya Bay, China
    • Sherwin-Williams Wins Three AMPP Awards
    • Norwegian Cruise Line Goes Biocide-Free With Nippon Paint Marine's AQUATERRAS
    • Interpon Powder Coatings On Dubai’s Latest Luxury Hotel ​
    • Shelf Life Vs Pot Life Vs Working Life Of Paint And Coatings
    Breaking News
    • Sherwin-Williams Wins Three AMPP Awards
    • OQ Chemicals Reduces CO2 Emissions at Bay City, Texas Plant by 10% in 2022
    • Perstorp Strengthens Sustainable Offerings
    • Orion Debottlenecks Plant in Germany for High-Jetness Carbon Blacks
    • Barentz Expands Market Acceleration Team
    View Breaking News >
    CURRENT ISSUE

    March 2023

    • 2023 CEO Forum
    • The 2023 Automotive Coatings Market
    • Color Trends in the Paint and Coatings Industry
    • 2023 European Coatings Show EXHIBITOR SHOWCASE
    • Industry is Looking Forward to the 2023 European Coatings Show
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    GOOD Meat Receives FDA Go-Ahead for Cultured Meat
    IFF Achieves Industrial-Scale Production of Anaerobic Probiotic Strain
    Jones Healthcare Group Primed to Help Nutraceutical Brands Comply with New Packaging Rules
    Coatings World

    Latest Breaking News From Coatings World

    Sherwin-Williams Wins Three AMPP Awards
    OQ Chemicals Reduces CO2 Emissions at Bay City, Texas Plant by 10% in 2022
    Perstorp Strengthens Sustainable Offerings
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    First European Use of CairnSurgical's Breast Cancer Locator System
    Healthcare AI Specialist, SensorsCall Join Forces on Home Monitoring Tech
    Victoria Carr-Brendel Joins Vicarious Surgical Board
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Aenova Names Roel de Nobel Head of Business Unit Solids
    Macomics, Ono Pharmaceutical Partner to Develop Immuno-oncology Antibody Drugs
    Dupixent Trial Demonstrates Potential to be First Biologic to Treat COPD
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    The RealReal Discontinues Beauty Business
    Tree Hut Announces Pop-Up Experience in NYC
    Puig’s Net Revenue Grows 40% to Over $3.9 Billion in 2022
    Happi

    Latest Breaking News From Happi

    A New Way To Measure Skin Barrier Function: Research
    P&G Patents Laundry Scent Additive
    Using Green Propolis To Remineralize Teeth
    Ink World

    Latest Breaking News From Ink World

    Amcor, Nfinite Enter into Agreement on Recyclable Packaging
    Smurfit Kappa Completes Exit from Russia
    Sun Chemical Announces Plans for INFOFLEX 2023
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    TLMI announces 2022 Eugene Singer Award winners
    Pulse Roll Label Products expands technical sales team
    Mark Andy introduces ProWORX Label Suite
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Heartland Polymers Begins Production in Alberta
    Zeta Polimeri Becomes Radici EcoMaterials
    Responsible Flushing Alliance Holds Annual Meeting
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    3D LifePrints Rebrands to Insight Surgery & Launches New Business in Houston
    Companion Spine Closes $60.1 Million Series A Funding Round
    Missouri Neurosurgeon Settles Federal Kickback Lawsuit for $825K
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    HID Reports on Reshaping the Security Industry
    Meyers Introduces New Function47 Division
    Global Fab Equipment Spending on Track for 2024 Recovery: SEMI

    Copyright © 2023 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login