Looking East – China and India Top the List of Emerging Markets for Paints and Coatings

By Cynthia Challener

Throughout the world in 2007, people will use approximately 7.7 billion gallons of paints and coat­ings worth about $94.5 billion to improve the look of their houses, cars, and cell phones as well as pro­tect their ships, bridges, and manufacturing equipment and facilities.

According to Euromonitor, that number will grow at 5.6% per year to reach 9 .15 billion gallons and have a value of $111.5 billion by 2010. While many believe this growth rate to be somewhat high, all agree that the majority of in­creased demand will occur in emerging areas of the world, with the Asia Pacific region leading the way, followed by Eastern Europe and Latin America.

In terms of sales value, Asia Pacific already claims the largest share of the global paint and coat­ings market. In 2005, Euromonitor reported that this region accounted for 30%, with Western Europe sec­ond at 27% and North America a do e third at 25%. The remainder was divided between Eastern Europe 70%), Latin America ( 4% ), the Middle East (4%), and Africa ( 1%).