The Asia-Pacific region is an important and growing part of the global coatings marketplace. Unlike other regions of the world, the Asia-Pacific region has continued to grow, even in the face of the global recession.
The economic downturn of the past several years has had a significant impact on the global paint and coatings market. From 2002 to 2007, the global coatings market grew by over 30 percent. This is in stark contrast to the 2008-2009 timeframe, where the market actually contracted by nearly three percent. One of the bright spots in the market has been the Asia-Pacific region which has dramatically outperformed the global market in terms of both volume and value growth. From 2004 to 2009, the Asia-Pacific coatings segment grew by 60 percent in volume and value. Due to its rapid growth over the past five years, the Asia-Pacific region has become the largest market for paint and coatings in the world. The market in Asia-Pacific is now estimated to represent approximately 35 percent of the nearly $90 billion global value of all coatings. In terms of market volume, the Asia-Pacific region makes up roughly 41 percent of the 27 billion liter global coatings volume.
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