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The paint market will gradually recover

July 21, 2023

"This year in the overall economic stability of the environment, the downstream economic activity of the paint industry strengthened, the demand gradually recovered, the overall paint production is expected to equal 2021, we believe that the paint market will gradually recover in the second half of 2023." This is recently in 2023 China International Coatings Conference, China Coatings Industry Association Secretary General Liu Jie on the 2023 coatings industry market to make a forecast.

"The total output of coatings in 2022 is about 34.88 million tons, down 8.5% from the same period last year; the main business revenue is expected to be about 452.5 billion yuan, 5.2% lower than the same period of last year; the total profit was about 23.3 billion yuan, 23.7 percent lower than the same period last year." Liu Jie summarized the operation of the paint industry in 2022. However, for this year's paint industry, Liu Jie predicted that the industry's overall paint production is expected to increase by 1.4%, the main business income will increase by 2.2%, of which the average profit growth of key enterprises is estimated to reach about 10%." In addition, from the import and export point of view, the paint industry must 'go out'. Our paint imports and exports are still too low relative to paint production, especially for a range of products such as architectural coatings and emulsions."

Liu Jie believes that in 2023, the paint market will show four major changes: first, the marketing changes, the paint market is mainly in the domestic market, the domestic sales of pigment products are stable, foreign trade growth is fast, can effectively resolve the new production capacity; second, it takes time for the overall economic recovery, the downstream industry of coatings is hindered, and the market will have a tightening trend of funds to cope with changes; third, the market segment changes, affected by the downturn in the real estate market, architectural coatings market has continued to decline, but with the recovery of economic activity, building renovation, old city renovation and other recoating market growth accelerated, high-end industrial paint products market growth trend is obvious; fourth, the market "product" changes, product marketing will be "product + whole process service integration" marketing transformation.