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...$9.14 billion 2005. Total profit reached $550 million, a rise of 19% over the previous year.
The world's top ten coatings companies now have at least one manufacturing base in China, while the presence of innumerable joint ventures for raw material products are providing support to the industry.
As the world's business community watches China's miraculous growth, the Chinese coatings industry has, meanwhile, achieved remarkable growth. One important driver is the continuing shift of industrial manufacturing of consumer goods from Western Europe and the U.S. to China, including manufacture of IT, domestic appliances, furniture and automotives.
The need for coatings in China is clear. After all, the country is undergoing the world's largest construction boom. The 2008 Beijing Olympics this summer, plus the 2010 World Expo, to be held in Shanghai, and the 2010 Asia Games to be held in Guangzhou, will showcase China to the world, and have led to massive investment in urban infrastructure. It is anticipated that the Beijing Olympics is expected to spend $4 billion for coating and allied products.
In addition, home ownership has seen explosive growth since the closure of the government backed welfare housing scheme in 1998, and the real estate market is officially estimated to maintain its current growth rate of ten percent over the next five years.
"We have witnessed a strong migration of the industrial business base to the lower labor regions of the world," said Terry Francek, business unit controller for Akzo Nobel's industrial finishes business unit.
The Chinese automotive coatings market is expanding in the wake of larger investments in car manufacturing plants. Car production is growing four times faster than the rest of the world, while all major multinational produccers of automotive coatings are active in the country, supplying leading international automobile manufacturers.
PAINT MAKERS CONTINUE TO INVEST...
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