GlobalData Construction...EXECUTIVE SUMMARY Global Construction Paints and Coatings – Market Opportunities and Business Environment, Analyses and Forecasts to 2016 Page 2 © Timetric

EXECUTIVE SUMMARY

www.timetric.com

Global Construction Paints and

Coatings – Market Opportunities and

Business Environment, Analyses and

Forecasts to 2016

Global Sector Report

Reference code: CN0109SR

Published: December 2011

www.timetric.com

Timetric

John Carpenter House

7 Carmelite Street

London EC4Y 0BS

United Kingdom

Tel: +44 (0)20 7936 6400

Fax: +44 (0)20 7336 6813

EXECUTIVE SUMMARY

Global Construction Paints and Coatings – Market Opportunities and Business Environment,

Analyses and Forecasts to 2016

Page 2

© Timetric. This product is licensed and is not to be photocopied


1 EXECUTIVE SUMMARY

The global paints and coatings market size increased from US$42.2 billion in 2007 to US$49.2 billion in

2011, reflecting a compounded annual growth rate (CAGR) of 3.90% during the review period (2007–

2011). The demand for paints and coatings across the world suffered a brief setback in 2009 due to the

global economic recession, and the global market size of paints and coatings decreased by 5.9% in 2009

compared to 2008. However, the global paints and coatings market recovered strongly and grew by 7.9%

in 2010. This growth was fueled by the high demand generated in the Asia-Pacific region, especially from

China. During the review period, the value of paints and coatings increased at a CAGR of 3.12% in Latin

America, and at a CAGR of 2.07% in Middle East. Meanwhile, the value of paints and coatings declined

in Europe, at a CAGR of -3.65%, and in North America, at a CAGR of -1.13%.

In developing countries, such as those in the Asia-Pacific, Latin America, Eastern Europe and the Middle

East, there will be an increasing number of new residential buildings and commercial buildings

constructions during the forecast period (2012–2016). The new buildings constructions will be driven by

the developing countries‟ rising population, growing urbanization, increasing average disposable income

and improved access to credit facilities. The amount of construction activities has also been recovering in

developed countries such as the US, Japan and most of the Western European countries. Due to the

increased construction activity there will be an increase in demand for global paints and coatings during

the forecast period. Timetric expects the global paints and coatings market will increase at a CAGR of

7.10% over the forecast period in value terms and at a CAGR of 6.60% in volume terms.

In 2011, Asia-Pacific represented the largest regional paints and coatings market, accounting for 40.7%

of the global market size with its value of US$20.0 billion. The Asia-Pacific region has been the main

growth driver of the global paints and coatings market during the review period, after recording a CAGR

of 15.84%. China has been the driving force behind the rapid expansion of the paints and coatings

market not only the Asia-Pacific region, but also across the globe. In 2011, China alone accounted for

70.7% of the Asia-Pacific paints and coatings market size and 28.8% of the global market size. Demand

for paints and coatings has increased in other Asia-Pacific countries, such as India, Indonesia, Malaysia

and Philippines, as the volume of residential construction activities in these countries has risen.

Residential construction activities in the Asia-Pacific region have increased due to the rising income

levels, shift towards nuclear families, affordable interest rates and modern attitudes to home ownership in

several countries. Several new construction activities are expected to begin in the Asia-Pacific throughout

the forecast period, and the region is expected to remain as the major growth driver of the global paints

and coatings market.

Europe constituted the largest region in the global paints and coatings market in 2007. However, during

the review period Europe lost its position as the largest region in the global paints and coating market to

the Asia-Pacific region, and instead it accounted for 27.3% of the global market size in 2011. The

European market as a whole recorded a CAGR of -3.65% during the review period, although national

growth rates varied in the region, with Poland recording the highest CAGR of 4.43% and the UK

recording the lowest CAGR of -10.42%. The reasons for the overall decline in market size of paints and

coatings in Europe are the region‟s low residential construction activity due to postponements of new

building projects and a lack of funding options for buyers, especially in countries such as the UK, Spain,

Italy, Germany, France, Hungary and the Netherlands. Apart from Poland, the Russian paints and

coatings market was the only other market within Europe to record a positive growth during the review

period. Europe is expected to recover and achieve a CAGR of 4.02% over the forecast period, although

growth will remain subdued in most of the Western European countries due to the EU sovereign debt

crisis.

EXECUTIVE SUMMARY



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The North American paints and coatings market recorded a CAGR of -1.13% during the review period.

The US accounted for 83.5% of the region‟s market size in 2011, and recorded a CAGR of -1.32% due to

the housing bubble burst following the global economic crisis which caused construction activities to

decline. As a result, the US and the rest of North America recorded a substantial fall in the number of new

commercial and residential construction projects, and there was also a large number of project

terminations and rescheduling. The Canadian market recovered partially in 2010, while the number of US

housing project start-ups recovered in 2011. The increased construction activity is anticipated to raise the

demand for paints and coatings in North America. The paints and coatings market growth has also been

bolstered by the region‟s government stimulus packages, rising employment rates and improvements in

consumer confidence. The number of construction activities in the region is expected to increase during

the forecast period and, as a result, the region‟s paints and coatings market is projected to achieve a

CAGR of 4.27% over the forecast period, and to value US$11.5 billion in 2016.

The Latin American region contains developing and high growth countries such as Argentina, Brazil,

Colombia and Mexico. Due to its current economic development, the commercial construction is

expanding in the region alongside the demand for paints and coatings. The region‟s paints and coating

market recorded a CAGR of 3.12% during the review period, with Brazil generating the fastest CAGR of

7.71%. Although Latin America recorded decline in demand for paints and coatings in 2009, the region‟s

demand recovered quickly in 2010 due to the stimulus measures and domestic demand in member

countries. The region‟s paints and coatings market size is projected to achieve a CAGR of 3.50% over

the forecast period. The increase in demand will be driven by the region‟s robust economic growth, rising

foreign direct investment (FDI) levels, increasing residential demand in urban areas, and organization of

international events including the 2014 FIFA World Cup and the 2016 Olympic Games in Brazil.

The Middle East paints and coatings market sized US$2.1 billion in 2011, representing the smallest

regional market with a 4.2% share of the global demand. Within this, the Turkish paints and coatings

market contributed 53.5% of the regional market. The Turkish market was also the only one in the Middle

East to record a contraction in demand, at a CAGR of -1.01%, during the review period. All the other

countries in the Middle East recorded healthy growth during the review period, with Qatar registering the

highest CAGR of 9.08%. Over the forecast period, Timetric expects the Middle East market to achieve a

CAGR of 7.10%, with Turkey leading the growth through a CAGR of 7.80%. The Turkish demand for

paints and coating will be driven by an expected construction of one million housing units in Turkey per

year during the forecast period due to the country‟s persistent housing shortage.

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TABLE OF CONTENTS

1 EXECUTIVE SUMMARY ......................................................................................................... 2

2 INTRODUCTION ................................................................................................................... 23

2.1 What is this Report About? ............................................................................................................. 23

2.2 Definitions ....................................................................................................................................... 23

2.3 Methodology ................................................................................................................................... 24

3 Global Paints and Coatings Market Analysis .................................................................... 26

3.1 Global Paints and Coatings Market Overview ................................................................................. 26

3.2 Paints and Coatings Market Size .................................................................................................... 29

3.2.1 Paints and coatings market size by value ................................................................................................ 29

3.2.2 Paints and coatings market size by value by category ............................................................................ 31

3.2.3 Paints and coatings market size by volume ............................................................................................. 33

3.2.4 Paints and coatings market size by volume by category ......................................................................... 35

3.3 Global Paints and Coatings Production Value ................................................................................. 37

3.3.1 Global paints and coatings production value ........................................................................................... 37

3.3.2 Global paints and coatings production value by category ........................................................................ 39

3.3.3 Paints and coatings production by volume ............................................................................................... 41

3.3.4 Paints and coatings production volume by category ................................................................................ 43

4 North America ...................................................................................................................... 45

4.1 North America Regional Analysis .................................................................................................... 45

4.1.1 North America paints and coatings market dynamics .............................................................................. 46






4.3 North America Paints and Coatings Production Value .................................................................... 55

4.3.1 North America paints and coatings production value ............................................................................... 55

4.3.2 North America paints and coatings production value by category ........................................................... 57



4.4 United States .................................................................................................................................. 63





4.5 Canada ........................................................................................................................................... 69



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5 Europe .................................................................................................................................. 75

5.1 Europe Regional Analysis ............................................................................................................... 75

5.1.1 Europe paints and coatings market dynamics ......................................................................................... 77






5.3 Europe Paints and Coatings Production Value ............................................................................... 86

5.3.1 Europe paints and coatings production value .......................................................................................... 86

5.3.2 Europe paints and coatings production value by category ...................................................................... 88



5.4 Germany ......................................................................................................................................... 94





5.5 Spain ............................................................................................................................................ 100

5.5.1 Paints and coatings market size by value .............................................................................................. 100

5.5.2 Paints and coatings market size by value by category .......................................................................... 102

5.5.3 Paints and coatings market size by volume ........................................................................................... 103

5.5.4 Paints and coatings market size by volume by category ....................................................................... 105

5.6 France .......................................................................................................................................... 106





5.7 Italy ............................................................................................................................................... 112





5.8 The United Kingdom ..................................................................................................................... 118





5.9 Croatia .......................................................................................................................................... 124

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5.10 Russia .......................................................................................................................................... 130





5.11 Poland .......................................................................................................................................... 136





5.12 Hungary ........................................................................................................................................ 142





5.13 Switzerland ................................................................................................................................... 148





5.14 Netherlands .................................................................................................................................. 154





6 Asia-Pacific ........................................................................................................................ 160

6.1 Asia-Pacific Regional Analysis ...................................................................................................... 160

6.1.1 Asia-Pacific paints and coatings market dynamics ................................................................................ 162

6.2 Paints and Coatings Market Size .................................................................................................. 163





6.3 Asia-Pacific Paints and Coatings Production Value ...................................................................... 171

6.3.1 Asia-Pacific paints and coatings production value ................................................................................. 171

6.3.2 Asia-Pacific paints and coatings production value by category ............................................................. 173

6.3.3 Paints and coatings production by volume ............................................................................................. 175

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6.3.4 Paints and coatings production volume by category .............................................................................. 177

6.4 China ............................................................................................................................................ 179





6.5 India ............................................................................................................................................. 185





6.6 Japan ........................................................................................................................................... 191





6.7 South Korea ................................................................................................................................. 197





6.8 Australia ....................................................................................................................................... 203





6.10 Indonesia ...................................................................................................................................... 209





6.11 Malaysia ....................................................................................................................................... 215





6.12 Philippines .................................................................................................................................... 221





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7 Latin America ..................................................................................................................... 227

7.1 Latin America Regional Analysis ................................................................................................... 227

7.1.1 Latin American paints and coatings market dynamics ........................................................................... 229






7.3 Latin American Paints and Coatings Production Value ................................................................. 238

7.3.1 Latin American paints and coatings production value ............................................................................ 238

7.3.2 Latin American paints and coatings production value by category ........................................................ 240

7.3.3 Paints and coatings production by volume ............................................................................................. 242


7.4 Brazil ............................................................................................................................................ 246





7.5 Argentina ...................................................................................................................................... 252





7.6 Colombia ...................................................................................................................................... 258





7.7 Mexico .......................................................................................................................................... 264





8 Middle East ......................................................................................................................... 270

8.1 Middle East Regional Analysis ...................................................................................................... 270

8.1.1 Middle East paints and coatings market dynamics ................................................................................ 272






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8.3 Middle East Paints and Coatings Production Value ...................................................................... 281

8.3.1 Middle East paints and coatings production value ................................................................................. 281

8.3.2 Middle East paints and coatings production value by category ............................................................. 283

8.3.3 Paints and Coatings Production by Volume ........................................................................................... 285


8.4 Saudi Arabia ................................................................................................................................. 289





8.5 United Arab Emirates .................................................................................................................... 295





8.6 Qatar ............................................................................................................................................ 301





8.7 Bahrain ......................................................................................................................................... 307





8.8 Turkey .......................................................................................................................................... 313





9 Company Profile: Akzo Nobel NV ..................................................................................... 319

9.1 Akzo Nobel NV – Company Overview........................................................................................... 319

9.2 Akzo Nobel NV – Business Description ........................................................................................ 319

9.3 Akzo Nobel NV – Main Products and Brands ................................................................................ 321

9.4 Akzo Nobel NV – History .............................................................................................................. 322

9.5 Akzo Nobel NV – SWOT Analysis ................................................................................................. 323

9.5.1 Akzo Nobel NV – strengths .................................................................................................................... 323

9.5.2 Akzo Nobel NV – weaknesses ............................................................................................................... 324

9.5.3 Akzo Nobel NV – opportunities .............................................................................................................. 324

9.5.4 Akzo Nobel NV – threats ........................................................................................................................ 325

9.6 Akzo Nobel NV – Company Information ........................................................................................ 326

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9.6.1 Akzo Nobel NV – key competitors .......................................................................................................... 326

9.6.2 Akzo Nobel NV – key employees ........................................................................................................... 327

10 Company Profile: PPG Industries Inc. ............................................................................. 328

10.1 PPG Industries Inc. – Company Overview .................................................................................... 328

10.2 PPG Industries Inc. – Business Description .................................................................................. 328

10.3 PPG Industries Inc. – Main Products and Brands ......................................................................... 330

10.4 PPG Industries Inc. – History ........................................................................................................ 331

10.5 PPG Industries Inc. – SWOT Analysis .......................................................................................... 333

10.5.1 PPG Industries Inc. – strengths.............................................................................................................. 333

10.5.2 PPG Industries Inc. – weaknesses......................................................................................................... 334

10.5.3 PPG Industries Inc. – opportunities ........................................................................................................ 334

10.5.4 PPG Industries Inc. – threats ................................................................................................................. 335

10.6 PPG Industries Inc. – Company Information ................................................................................. 336

10.6.1 PPG Industries Inc. – key competitors ................................................................................................... 336

10.6.2 PPG Industries Inc. – key employees .................................................................................................... 336

11 Company Profile: The Sherwin-Williams Company ........................................................ 338

11.1 The Sherwin-Williams Company – Company Overview ................................................................ 338

11.2 The Sherwin-Williams Company – Business Description .............................................................. 338

11.3 The Sherwin-Williams Company – Main Products, Services and Brands ...................................... 339

11.4 The Sherwin-Williams Company – History .................................................................................... 340

11.5 The Sherwin-Williams Company – SWOT Analysis ...................................................................... 341

11.5.1 The Sherwin-Williams Company – strengths ......................................................................................... 341

11.5.2 The Sherwin-Williams Company – weaknesses .................................................................................... 342

11.5.3 The Sherwin-Williams Company – opportunities ................................................................................... 342

11.5.4 The Sherwin-Williams Company – threats ............................................................................................. 343

11.6 The Sherwin-Williams Company – Company Information ............................................................. 343

11.6.1 The Sherwin-Williams Company – key competitors ............................................................................... 343

11.6.2 The Sherwin-Williams Company – key employees ................................................................................ 344

12 Company Profile: RPM International Inc. ........................................................................ 345

12.1 RPM International Inc. – Company Overview................................................................................ 345

12.2 RPM International Inc. – Business Description ............................................................................. 345

12.3 RPM International Inc. – Main Products, Services and Brands ..................................................... 346

12.4 RPM International Inc. – History ................................................................................................... 348

12.5 RPM International Inc. – SWOT Analysis ...................................................................................... 350

12.5.1 RPM International Inc. – strengths ......................................................................................................... 350

12.5.2 RPM International Inc. – weaknesses .................................................................................................... 351

12.5.3 RPM International Inc. – opportunities ................................................................................................... 351

12.5.4 RPM International Inc. – threats ............................................................................................................. 351

12.6 RPM International Inc. – Company Information ............................................................................. 352

12.6.1 RPM International Inc. – key competitors .............................................................................................. 352

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12.6.2 RPM International Inc. – key employees ................................................................................................ 353

13 Company Profile: The Valspar Corporation .................................................................... 354

13.1 The Valspar Corporation – Company Overview ............................................................................ 354

13.2 The Valspar Corporation – Business Description .......................................................................... 354

13.3 The Valspar Corporation – Main Products and Brands ................................................................. 356

13.4 The Valspar Corporation – History ................................................................................................ 356

13.5 The Valspar Corporation – SWOT Analysis .................................................................................. 358

13.5.1 The Valspar Corporation – strengths ..................................................................................................... 358

13.5.2 The Valspar Corporation – weaknesses ................................................................................................ 359

13.5.3 The Valspar Corporation – opportunities ............................................................................................... 359

13.5.4 The Valspar Corporation – threats ......................................................................................................... 360

13.6 The Valspar Corporation – Company Information ......................................................................... 361

13.6.1 The Valspar Corporation – key competitors ........................................................................................... 361

13.6.2 The Valspar Corporation – key employees ............................................................................................ 362

14 Company Profile: Nippon Paint Co. Ltd ........................................................................... 363

14.1 Nippon Paint Co. Ltd – Company Overview .................................................................................. 363

14.2 Nippon Paint Co. Ltd – Business Description ................................................................................ 363

14.3 Nippon Paint Co. Ltd – Main Products .......................................................................................... 364

14.4 Nippon Paint Co. Ltd – History ...................................................................................................... 365

14.5 Nippon Paint Co. Ltd – SWOT Analysis ........................................................................................ 366

14.5.1 Nippon Paint Co. Ltd – strengths ........................................................................................................... 366

14.5.2 Nippon Paint Co. Ltd – weaknesses ...................................................................................................... 367

14.5.3 Nippon Paint Co. Ltd – opportunities ..................................................................................................... 367

14.5.4 Nippon Paint Co. Ltd – threats ............................................................................................................... 368

14.6 Nippon Paint Co. Ltd – Company Information ............................................................................... 368

14.6.1 Nippon Paint Co. Ltd – key competitors ................................................................................................. 368

14.6.2 Nippon Paint Co. Ltd – key employees .................................................................................................. 368

15 Company Profile: Kansai Paint Co. Ltd ........................................................................... 370

15.1 Kansai Paint Co. Ltd – Company Overview .................................................................................. 370

15.2 Kansai Paint Co. Ltd – Business Description ................................................................................ 370

15.3 Kansai Paint Co. Ltd – Main Products and Services ..................................................................... 371

15.4 Kansai Paint Co. Ltd – History ...................................................................................................... 371

15.5 Kansai Paint Co. Ltd – SWOT Analysis ........................................................................................ 373

15.5.1 Kansai Paint Co. Ltd – strengths ............................................................................................................ 373

15.5.2 Kansai Paint Co. Ltd – weaknesses ....................................................................................................... 374

15.5.3 Kansai Paint Co. Ltd – opportunities ...................................................................................................... 374

15.5.4 Kansai Paint Co. Ltd – threats ................................................................................................................ 375

15.6 Kansai Paint Co. Ltd – Company Information ............................................................................... 375

15.6.1 Kansai Paint Co. Ltd – key competitors ................................................................................................. 375

15.6.2 Kansai Paint Co. Ltd – key employees .................................................................................................. 375

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16 Company Profile: Benjamin Moore & Co. ........................................................................ 377

16.1 Benjamin Moore & Co. – Company Overview ............................................................................... 377

16.2 Benjamin Moore & Co. – Main Products ....................................................................................... 377

16.3 Benjamin Moore & Co. – Company Information ............................................................................ 377

16.3.1 Benjamin Moore & Co. – key competitors .............................................................................................. 377

16.3.2 Benjamin Moore & Co. – key employees ............................................................................................... 378

17 Company Profile: Kelly-Moore Paint Company Inc. ....................................................... 379

17.1 Kelly-Moore Paint Company Inc. – Company Overview ................................................................ 379

17.2 Kelly-Moore Paint Company Inc. – Main Products ........................................................................ 379

17.3 Kelly-Moore Paint Company Inc. – Company Information ............................................................. 379

17.3.1 Kelly-Moore Paint Company Inc. – key competitors .............................................................................. 379

17.3.2 Kelly-Moore Paint Company Inc. – key employees................................................................................ 379

18 Company Profile: Duron Paints & Wallcoverings ........................................................... 381

18.1 Duron Paints & Wallcoverings – Company Overview .................................................................... 381

18.2 Duron Paints & Wallcoverings – Main Products and Brands ......................................................... 381

18.3 Duron Paints & Wallcoverings – Company Information ................................................................. 382

18.3.1 Duron Paints & Wallcoverings – key competitors .................................................................................. 382

18.3.2 Duron Paints & Wallcoverings – key employees .................................................................................... 382

19 Appendix ............................................................................................................................ 383

19.1 Methodology ................................................................................................................................. 383

19.2 Contact us .................................................................................................................................... 383

19.3 About Timetric .............................................................................................................................. 383

19.4 Disclaimer ..................................................................................................................................... 384

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LIST OF TABLES Table 1: Global Paints and Coatings Market Size (US$ Million), 2007–2011 ......................................................................................... 29 Table 2: Global Paints and Coatings Market Size (US$ Million), 2011–2016 ......................................................................................... 30 Table 3: Global Paints and Coatings Market Size by Category (US$ Million), 2007–2011 ..................................................................... 31 Table 4: Global Paints and Coatings Market Size by Category (US$ Million), 2011–2016 ..................................................................... 32 Table 5: Global Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011 ................................................................. 33 Table 6: Global Paints and Coatings Market size by Volume (Thousand Tons), 2011–2016 ................................................................. 34 Table 7: Global Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007–2011 ............................................ 35 Table 8: Global Paints and Coatings Market size by Volume by Category (Thousand Tons), 2011–2016 ............................................. 36 Table 9: Global Paints and Coatings Production Value (US$ Million), 2007–2011 ................................................................................ 37 Table 10: Global Paints and Coatings Production Value (US$ Million), 2011–2016 .............................................................................. 38 Table 11: Global Paints and Coatings Production Value by Category (US$ Million), 2007–2011 .......................................................... 39 Table 12: Global Paints and Coatings Production Value by Category (US$ Million), 2011–2016 .......................................................... 40 Table 13: Global Paints and Coatings Production Volume (Thousand Tons), 2007–2011 ..................................................................... 41 Table 14: Global Paints and Coatings Production Volume (Thousand Tons), 2011–2016 ..................................................................... 42 Table 15: Global Paints and Coatings Production Volume by Category (Thousand Tons), 2007–2011 ................................................. 43 Table 16: Global Paints and Coatings Production Volume by Category (Thousand Tons), 2011–2016 ................................................. 44 Table 17: North America Paints and Coatings Market Size (US$ Million), 2007–2011 .......................................................................... 47 Table 18: North America Paints and Coatings Market Size (US$ Million), 2011–2016 .......................................................................... 48 Table 19: North America Paints and Coatings Market Size by Category (US$ Million), 2007–2011 ...................................................... 49 Table 20: North America Paints and Coatings Market Size by Category (US$ Million), 2011–2016 ...................................................... 50 Table 21: North America Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011 ................................................... 51 Table 22: North America Paints and Coatings Market size by Volume (Thousand Tons), 2011–2016 ................................................... 52 Table 23: North America Paints and Coatings Market size by Volume by Category (Thousand Tons), 2007–2011 ............................... 53 Table 24: North America Paints and Coatings Market size by Volume by Category (Thousand Tons), 2011–2016 ............................... 54 Table 25: North America Paints and Coatings Production Value (US$ Million), 2007–2011 .................................................................. 55 Table 26: North America Paints and Coatings Production Value (US$ Million), 2011–2016 .................................................................. 56 Table 27: North America Paints and Coatings Production Value by Category (US$ Million), 2007–2011 .............................................. 57 Table 28: North America Paints and Coatings Production Value by Category (US$ Million), 2011–2016 .............................................. 58 Table 29: North America Paints and Coatings Production Volume (Thousand Tons), 2007–2011 ......................................................... 59 Table 30: North America Paints and Coatings Production Volume (Thousand Tons), 2011–2016 ......................................................... 60 Table 31: North America Paints and Coatings Production Volume by Category (Thousand Tons), 2007–2011 ..................................... 61 Table 32: North America Paints and Coatings Production Volume by Category (Thousand Tons), 2011–2016 ..................................... 62 Table 33: US Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................................ 63 Table 34: US Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................................ 64 Table 35: US Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ........................................................ 65 Table 36: US Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011 .................................................................... 66 Table 37: US Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................................... 67 Table 38: US Paints and Coatings Market size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ................................. 68 Table 39: Canadian Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................. 69 Table 40: Canadian Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................. 70 Table 41: Canadian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .............................................. 71 Table 42: Canadian Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011 .......................................................... 72 Table 43: Canadian Paints and Coatings Market size by Volume (Thousand Tons), 2011–2016 .......................................................... 73 Table 44: Canadian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007–2011 ...................................... 74 Table 45: Europe Paints and Coatings Market Size (US$ Million), 2007–2011 ..................................................................................... 78 Table 46: Europe Paints and Coatings Market Size (US$ Million), 2011–2016 ..................................................................................... 79 Table 47: Europe Paints and Coatings Market Size by Category (US$ Million), 2007–2011.................................................................. 80 Table 48: Europe Paints and Coatings Market Size by Category (US$ Million), 2011–2016.................................................................. 81 Table 49: Europe Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................................. 82 Table 50: Europe Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................................. 83 Table 51: Europe Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007–2011 ......................................... 84 Table 52: Europe Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2011–2016 ......................................... 85 Table 53: Europe Paints and Coatings Production Value (US$ Million), 2007–2011 ............................................................................. 86 Table 54: Europe Paints and Coatings Production Value (US$ Million), 2011–2016 ............................................................................. 87 Table 55: Europe Paints and Coatings Production Value by Category (US$ Million), 2007–2011 ......................................................... 88 Table 56: Europe Paints and Coatings Production Value by Category (US$ Million), 2011–2016 ......................................................... 89 Table 57: Europe Paints and Coatings Production Volume (Thousand Tons), 2007–2011 .................................................................... 90 Table 58: Europe Paints and Coatings Production Volume (Thousand Tons), 2011–2016 .................................................................... 91 Table 59: Europe Paints and Coatings Production Volume by Category (Thousand Tons), 2007–2011 ................................................ 92 Table 60: Europe Paints and Coatings Production Volume by Category (Thousand Tons), 2011–2016 ................................................ 93 Table 61: German Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................... 94

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Table 62: German Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................... 95 Table 63: German Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016................................................. 96 Table 64: German Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................................ 97 Table 65: German Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................................ 98 Table 66: German Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ........................ 99 Table 67: Spanish Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................. 100 Table 68: Spanish Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................. 101 Table 69: Spanish Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016............................................... 102 Table 70: Spanish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .......................................................... 103 Table 71: Spanish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .......................................................... 104 Table 72: Spanish Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ...................... 105 Table 73: France Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................... 106 Table 74: France Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................... 107 Table 75: France Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ................................................ 108 Table 76: France Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................................ 109 Table 77: France Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................................ 110 Table 78: France Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ........................ 111 Table 79: Italian Paints and Coatings Market Size (US$ Million), 2007–2011 ..................................................................................... 112 Table 80: Italian Paints and Coatings Market Size (US$ Million), 2011–2016 ..................................................................................... 113 Table 81: Italian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .................................................. 114 Table 82: Italian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................................. 115 Table 83: Italian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................................. 116 Table 84: Italian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 .......................... 117 Table 85: United Kingdom Paints and Coatings Market Size (US$ Million), 2007–2011 ...................................................................... 118 Table 86: United Kingdom Paints and Coatings Market Size (US$ Million), 2011–2016 ...................................................................... 119 Table 87: United Kingdom Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .................................. 120 Table 88: United Kingdom Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .............................................. 121 Table 89: United Kingdom Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .............................................. 122 Table 90: United Kingdom Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 .......... 123 Table 91: Croatian Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................. 124 Table 92: Croatian Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................. 125 Table 93: Croatian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .............................................. 126 Table 94: Croatian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ......................................................... 127 Table 95: Croatian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ......................................................... 128 Table 96: Croatian Paints and Coatings Market Size by Volume by Category (Thousand Tons) 2007, 2011 and 2016 ....................... 129 Table 97: Russian Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................. 130 Table 98: Russian Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................. 131 Table 99: Russian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016............................................... 132 Table 100: Russian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................ 133 Table 101: Russian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................ 134 Table 102: Russian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 .................... 135 Table 103: Polish Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................... 136 Table 104: Polish Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................... 137 Table 105: Polish Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ................................................ 138 Table 106: Polish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................... 139 Table 107: Polish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................... 140 Table 108: Polish Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ....................... 141 Table 109: Hungarian Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................. 142 Table 110: Hungarian Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................. 143 Table 111: Hungarian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ......................................... 144 Table 112: Hungarian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................... 145 Table 113: Hungarian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................... 146 Table 114: Hungarian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ................. 147 Table 115: Swiss Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................... 148 Table 116: Swiss Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................... 149 Table 117: Swiss Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ................................................ 150 Table 118: Swiss Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................... 151 Table 119: Swiss Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................... 152 Table 120: Swiss Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ........................ 153 Table 121: Dutch Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................... 154 Table 122: Dutch Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................... 155 Table 123: Dutch Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ................................................ 156 Table 124: Dutch Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................... 157 Table 125: Dutch Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................... 158

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Table 126: Dutch Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ........................ 159 Table 127: Asia-Pacific Paints and Coatings Market Size (US$ Million), 2007–2011 .......................................................................... 163 Table 128: Asia-Pacific Paints and Coatings Market Size (US$ Million), 2011–2016 .......................................................................... 164 Table 129: Asia-Pacific Paints and Coatings Market Size by Category (US$ Million), 2007–2011 ....................................................... 165 Table 130: Asia-Pacific Paints and Coatings Market Size by Category (US$ Million), 2011–2016 ....................................................... 166 Table 131: Asia-Pacific Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................. 167 Table 132: Asia-Pacific Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................. 168 Table 133: Asia-Pacific Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007–2011 .............................. 169 Table 134: Asia-Pacific Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2011–2016 .............................. 170 Table 135: Asia-Pacific Paints and Coatings Production Value (US$ Million), 2007–2011 .................................................................. 171 Table 136: Asia-Pacific Paints and Coatings Production Value (US$ Million), 2011–2016 .................................................................. 172 Table 137: Asia-Pacific Paints and Coatings Production Value by Category (US$ Million), 2007–2011 .............................................. 173 Table 138: Asia-Pacific Paints and Coatings Production Value by Category (US$ Million), 2011–2016 .............................................. 174 Table 139: Asia-Pacific Paints and Coatings Production Volume (Thousand Tons), 2007–2011 ......................................................... 175 Table 140: Asia-Pacific Paints and Coatings Production Volume (Thousand Tons), 2011–2016 ......................................................... 176 Table 141: Asia-Pacific Paints and Coatings Production Volume by Category (Thousand Tons), 2007–2011 ..................................... 177 Table 142: Asia-Pacific Paints and Coatings Production Volume by Category (Thousand Tons), 2011–2016 ..................................... 178 Table 143: Chinese Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................ 179 Table 144: Chinese Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................ 180 Table 145: Chinese Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ............................................ 181 Table 146: Chinese Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................ 182 Table 147: Chinese Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................ 183 Table 148: Chinese Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 .................... 184 Table 149: Indian Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................... 185 Table 150: Indian Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................... 186 Table 151: Indian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ................................................ 187 Table 152: Indian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................... 188 Table 153: Indian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................... 189 Table 154: Indian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ....................... 190 Table 155: Japanese Paints and Coatings Market Size (US$ Million), 2007–2011.............................................................................. 191 Table 156: Japanese Paints and Coatings Market Size (US$ Million), 2011–2016.............................................................................. 192 Table 157: Japanese Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .......................................... 193 Table 158: Japanese Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ..................................................... 194 Table 159: Japanese Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ..................................................... 195 Table 160: Japanese Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 .................. 196 Table 161: South Korean Paints and Coatings Market Size (US$ Million), 2007–2011 ....................................................................... 197 Table 162: South Korean Paints and Coatings Market Size (US$ Million), 2011–2016 ....................................................................... 198 Table 163: South Korean Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .................................... 199 Table 164: South Korean Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................... 200 Table 165: South Korean Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................... 201 Table 166: South Korean Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ............ 202 Table 167: Australian Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................. 203 Table 168: Australian Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................. 204 Table 169: Australian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .......................................... 205 Table 170: Australian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ..................................................... 206 Table 171: Australian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ..................................................... 207 Table 172: Australian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ................. 208 Table 173: Indonesian Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................ 209 Table 174: Indonesian Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................ 210 Table 175: Indonesian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ........................................ 211 Table 176: Indonesian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ................................................... 212 Table 177: Indonesian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ................................................... 213 Table 178: Indonesian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ................ 214 Table 179: Malaysian Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................. 215 Table 180: Malaysian Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................. 216 Table 181: Malaysian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ......................................... 217 Table 182: Malaysian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ..................................................... 218 Table 183: Malaysian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ..................................................... 219 Table 184: Malaysian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ................. 220 Table 185: Philippine Paints and Coatings Market Size (US$ Million), 2007–2011.............................................................................. 221 Table 186: Philippine Paints and Coatings Market Size (US$ Million), 2011–2016.............................................................................. 222 Table 187: Philippine Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .......................................... 223 Table 188: Philippine Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ..................................................... 224 Table 189: Philippine Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ..................................................... 225

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Table 190: Philippine Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 .................. 226 Table 191: Latin American Paints and Coatings Market Size (US$ Million), 2007–2011 ..................................................................... 230 Table 192: Latin American Paints and Coatings Market Size (US$ Million), 2011–2016 ..................................................................... 231 Table 193: Latin American Paints and Coatings Market Size by Category (US$ Million), 2007–2011 ................................................. 232 Table 194: Latin American Paints and Coatings Market Size by Category (US$ Million), 2011–2016 ................................................. 233 Table 195: Latin American Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................. 234 Table 196: Latin American Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................. 235 Table 197: Latin American Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007–2011 ......................... 236 Table 198: Latin American Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2011–2016 ......................... 237 Table 199: Latin American Paints and Coatings Production Value (US$ Million), 2007–2011 ............................................................. 238 Table 200: Latin American Paints and Coatings Production Value (US$ Million), 2011–2016 ............................................................. 239 Table 201: Latin American Paints and Coatings Production Value by Category (US$ Million), 2007–2011 ......................................... 240 Table 202: Latin American Paints and Coatings Production Value by Category (US$ Million), 2011–2016 ......................................... 241 Table 203: Latin American Paints and Coatings Production Volume (Thousand Tons), 2007–2011 .................................................... 242 Table 204: Latin American Paints and Coatings Production Volume (Thousand Tons), 2011–2016 .................................................... 243 Table 205: Latin American Paints and Coatings Production Volume by Category (Thousand Tons), 2007–2011 ................................ 244 Table 206: Latin American Paints and Coatings Production Volume by Category (Thousand Tons), 2011–2016 ................................ 245 Table 207: Brazilian Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................... 246 Table 208: Brazilian Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................... 247 Table 209: Brazilian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ............................................ 248 Table 210: Brazilian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ....................................................... 249 Table 211: Brazilian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ....................................................... 250 Table 212: Brazilian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 .................... 251 Table 213: Argentine Paints and Coatings Market Size (US$ Million), 2007–2011 .............................................................................. 252 Table 214: Argentine Paints and Coatings Market Size (US$ Million), 2011–2016 .............................................................................. 253 Table 215: Argentine Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .......................................... 254 Table 216: Argentine Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ...................................................... 255 Table 217: Argentine Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................. 256 Table 218: Argentine Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 .................. 257 Table 219: Colombian Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................ 258 Table 220: Colombian Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................ 259 Table 221: Colombian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016......................................... 260 Table 222: Colombian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................... 261 Table 223: Colombian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................... 262 Table 224: Colombian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ................ 263 Table 225: Mexican Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................ 264 Table 226: Mexican Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................ 265 Table 227: Mexican Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ............................................ 266 Table 228: Mexican Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................ 267 Table 229: Mexican Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................ 268 Table 230: Mexican Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 .................... 269 Table 231: Middle East Paints and Coatings Market Size (US$ Million), 2007–2011 .......................................................................... 273 Table 232: Middle East Paints and Coatings Market Size (US$ Million), 2011–2016 .......................................................................... 274 Table 233: Middle East Paints and Coatings Market Size by Category (US$ Million), 2007–2011....................................................... 275 Table 234: Middle East Paints and Coatings Market Size by Category (US$ Million), 2011–2016....................................................... 276 Table 235: Middle East Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................. 277 Table 236: Middle East Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................. 278 Table 237: Middle East Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007–2011 .............................. 279 Table 238: Middle East Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2011–2016 .............................. 280 Table 239: Middle East Paints and Coatings Production Value (US$ Million), 2007–2011 .................................................................. 281 Table 240: Middle East Paints and Coatings Production Value (US$ Million), 2011–2016 .................................................................. 282 Table 241: Middle East Paints and Coatings Production Value by Category (US$ Million), 2007–2011 .............................................. 283 Table 242: Middle East Paints and Coatings Production Value by Category (US$ Million), 2011–2016 .............................................. 284 Table 243: Middle East Paints and Coatings Production Volume (Thousand Tons), 2007–2011 ......................................................... 285 Table 244: Middle East Paints and Coatings Production Volume (Thousand Tons), 2011–2016 ......................................................... 286 Table 245: Middle East Paints and Coatings Production Volume by Category (Thousand Tons), 2007–2011 ..................................... 287 Table 246: Middle East Paints and Coatings Production Volume by Category (Thousand Tons), 2011–2016 ..................................... 288 Table 247: Saudi Arabian Paints and Coatings Market Size (US$ Million), 2007–2011 ....................................................................... 289 Table 248: Saudi Arabian Paints and Coatings Market Size (US$ Million), 2011–2016 ....................................................................... 290 Table 249: Saudi Arabian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ................................... 291 Table 250: Saudi Arabian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011............................................... 292 Table 251: Saudi Arabian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016............................................... 293 Table 252: Saudi Arabian Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ........... 294 Table 253: United Arab Emirates Paints and Coatings Market Size (US$ Million), 2007–2011 ........................................................... 295

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Table 254: United Arab Emirates Paints and Coatings Market Size (US$ Million), 2011–2016 ........................................................... 296 Table 255: United Arab Emirates Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ........................ 297 Table 256: United Arab Emirates Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ................................... 298 Table 257: United Arab Emirates Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ................................... 299 Table 258: United Arab Emirates Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 300 Table 259: Qatari Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................... 301 Table 260: Qatari Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................... 302 Table 261: Qatari Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ................................................ 303 Table 262: Qatari Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................... 304 Table 263: Qatari Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................... 305 Table 264: Qatari Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ....................... 306 Table 265: Bahrain Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................. 307 Table 266: Bahrain Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................. 308 Table 267: Bahrain Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 ............................................. 309 Table 268: Bahrain Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011......................................................... 310 Table 269: Bahrain Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016......................................................... 311 Table 270: Bahrain Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ..................... 312 Table 271: Turkish Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................. 313 Table 272: Turkish Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................. 314 Table 273: Turkish Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016 .............................................. 315 Table 274: Turkish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ......................................................... 316 Table 275: Turkish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ......................................................... 317 Table 276: Turkish Paints and Coatings Market Size by Volume by Category (Thousand Tons), 2007, 2011 and 2016 ...................... 318 Table 277: Akzo Nobel NV, Key Facts ................................................................................................................................................ 319 Table 278: Akzo Nobel NV, Main Products and Brands ...................................................................................................................... 321 Table 279: Akzo Nobel NV, History ..................................................................................................................................................... 322 Table 280: Akzo Nobel NV, Key Employees ....................................................................................................................................... 327 Table 281: PPG Industries Inc., Key Facts ......................................................................................................................................... 328 Table 282: PPG Industries Inc., Main Products and Brands ................................................................................................................ 330 Table 283: PPG Industries Inc., History .............................................................................................................................................. 331 Table 284: PPG Industries Inc., Key Employees ................................................................................................................................. 336 Table 285: The Sherwin-Williams Company, Key Facts ...................................................................................................................... 338 Table 286: The Sherwin-Williams Company, Main Products, Services and Brands ............................................................................. 339 Table 287: The Sherwin-Williams Company, History .......................................................................................................................... 340 Table 288: The Sherwin-Williams Company, Key Employees ............................................................................................................. 344 Table 289: RPM International Inc., Key Facts ..................................................................................................................................... 345 Table 290: RPM International Inc., Main Products, Services and Brands ............................................................................................ 347 Table 291: RPM International Inc., History .......................................................................................................................................... 348 Table 292: RPM International Inc., Key Employees ............................................................................................................................ 353 Table 293: The Valspar Corporation, Key Facts ................................................................................................................................. 354 Table 294: The Valspar Corporation, Main Products and Brands ........................................................................................................ 356 Table 295: The Valspar Corporation, History ...................................................................................................................................... 356 Table 296: The Valspar Corporation, Key Employees ......................................................................................................................... 362 Table 297: Nippon Paint Co. Ltd, Key Facts ....................................................................................................................................... 363 Table 298: Nippon Paint Co. Ltd, Main Products ................................................................................................................................ 364 Table 299: Nippon Paint Co. Ltd, History ............................................................................................................................................ 365 Table 300: Nippon Paint Co. Ltd,, Key Employees .............................................................................................................................. 368 Table 301: Kansai Paint Co. Ltd, Key Facts ........................................................................................................................................ 370 Table 302: Kansai Paint Co. Ltd, Main Products and Services ............................................................................................................ 371 Table 303: Kansai Paint Co. Ltd, History ............................................................................................................................................ 371 Table 304: Kansai Paint Co. Ltd, Key Employees ............................................................................................................................... 375 Table 305: Benjamin Moore & Co., Key Facts .................................................................................................................................... 377 Table 306: Benjamin Moore & Co., Main Products.............................................................................................................................. 377 Table 307: Benjamin Moore & Co., Key Employees ............................................................................................................................ 378 Table 308: Kelly-Moore Paint Company Inc., Key Facts ..................................................................................................................... 379 Table 309: Kelly-Moore Paint Company Inc., Main Products............................................................................................................... 379 Table 310: Kelly-Moore Paint Company Inc., Key Employees ............................................................................................................. 380 Table 311: Duron Paints & Wallcoverings, Key Facts ......................................................................................................................... 381 Table 312: Duron Paints & Wallcoverings, Main Products and Brands................................................................................................ 381 Table 313: Duron Paints & Wallcoverings, Key Employees ................................................................................................................ 382

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LIST OF FIGURES Figure 1: Global Paints and Coatings Market Dynamics by Value (%), 2007–2016 ............................................................................... 27 Figure 2: Global Paints and Coatings Market Size (US$ Million), 2007–2011 ....................................................................................... 29 Figure 3: Global Paints and Coatings Market Size (US$ Million), 2011–2016 ....................................................................................... 30 Figure 4: Global Paints and Coatings Market Size by Category (%), 2007–2011 .................................................................................. 31 Figure 5: Global Paints and Coatings Market Size by Category (%), 2011–2016 .................................................................................. 32 Figure 6: Global Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011 ................................................................ 33 Figure 7: Global Paints and Coatings Market size by Volume (Thousand Tons), 2011–2016 ................................................................ 34 Figure 8: Global Paints and Coatings Market Size by Volume by Category (%), 2007–2011................................................................. 35 Figure 9: Global Paints and Coatings Market size by Volume by Category (%), 2011–2016 ................................................................. 36 Figure 10: Global Paints and Coatings Production Value (US$ Million), 2007–2011 ............................................................................. 37 Figure 11: Global Paints and Coatings Production Value (US$ Million), 2011–2016 ............................................................................. 38 Figure 12: Global Paints and Coatings Production Value by Category (%), 2007–2011 ........................................................................ 39 Figure 13: Global Paints and Coatings Production Value by Category (%), 2011–2016 ........................................................................ 40 Figure 14: Global Paints and Coatings Production Volume (Thousand Tons), 2007–2011 .................................................................... 41 Figure 15: Global Paints and Coatings Production Volume (Thousand Tons), 2011–2016 .................................................................... 42 Figure 16: Global Paints and Coatings Production Volume by Category (%), 2007–2011 ..................................................................... 43 Figure 17: Global Paints and Coatings Production Volume by Category (%), 2011–2016 ..................................................................... 44 Figure 18: North America Paints and Coatings Market Dynamics by Value (%), 2007–2016 ................................................................. 46 Figure 19: North America Paints and Coatings Market Size (US$ Million), 2007–2011 ......................................................................... 47 Figure 20: North America Paints and Coatings Market Size (US$ Million), 2011–2016 ......................................................................... 48 Figure 21: North America Paints and Coatings Market Size by Category (%), 2007–2011 .................................................................... 49 Figure 22: North America Paints and Coatings Market Size by Category (%), 2011–2016 .................................................................... 50 Figure 23: North America Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011.................................................. 51 Figure 24: North America Paints and Coatings Market size by Volume (Thousand Tons), 2011–2016.................................................. 52 Figure 25: North America Paints and Coatings Market size by Volume by Category (%), 2007–2011 ................................................... 53 Figure 26: North America Paints and Coatings Market size by Volume by Category (%), 2011–2016 ................................................... 54 Figure 27: North America Paints and Coatings Production Value (US$ Million), 2007–2011 ................................................................. 55 Figure 28: North America Paints and Coatings Production Value (US$ Million), 2011–2016 ................................................................. 56 Figure 29: North America Paints and Coatings Production Value by Category (%), 2007–2011 ............................................................ 57 Figure 30: North America Paints and Coatings Production Value by Category (%), 2011–2016 ............................................................ 58 Figure 31: North America Paints and Coatings Production Volume (Thousand Tons), 2007–2011 ....................................................... 59 Figure 32: North America Paints and Coatings Production Volume (Thousand Tons), 2011–2016 ....................................................... 60 Figure 33: North America Paints and Coatings Production Volume by Category (%), 2007–2011 ............................................... 61 Figure 34: North America Paints and Coatings Production Volume by Category (%), 2011–2016 ......................................................... 62 Figure 35: US Paints and Coatings Market Size (US$ Million), 2007–2011 ........................................................................................... 63 Figure 36: US Paints and Coatings Market Size (US$ Million), 2011–2016 ........................................................................................... 64 Figure 37: US Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ...................................................................... 65 Figure 38: US Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011................................................................... 66 Figure 39: US Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016................................................................... 67 Figure 40: US Paints and Coatings Market size by Volume by Category (%), 2007, 2011 and 2016 ..................................................... 68 Figure 41: Canadian Paints and Coatings Market Size (US$ Million), 2007–2011................................................................................. 69 Figure 42: Canadian Paints and Coatings Market Size (US$ Million), 2011–2016................................................................................. 70 Figure 43: Canadian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ............................................................ 71 Figure 44: Canadian Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011 ......................................................... 72 Figure 45: Canadian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................ 73 Figure 46: Canadian Paints and Coatings Market Size by Volume by Category (%), 2007–2011 .......................................................... 74 Figure 47: Europe Paints and Coatings Market Dynamics by Value (%), 2007–2016 ............................................................................ 77 Figure 48: Europe Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................... 78 Figure 49: Europe Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................... 79 Figure 50: Europe Paints and Coatings Market Size by Category (%), 2007–2011 ............................................................................... 80 Figure 51: Europe Paints and Coatings Market Size by Category (%), 2011–2016 ............................................................................... 81 Figure 52: Europe Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................................ 82 Figure 53: Europe Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................................ 83 Figure 54: Europe Paints and Coatings Market Size by Volume by Category (%), 2007–2011 ............................................................. 84 Figure 55: Europe Paints and Coatings Market Size by Volume by Category (%), 2011–2016 ............................................................. 85 Figure 56: Europe Paints and Coatings Production Value (US$ Million), 2007–2011 ............................................................................ 86 Figure 57: Europe Paints and Coatings Production Value (US$ Million), 2011–2016 ............................................................................ 87 Figure 58: Europe Paints and Coatings Production Value by Category (%), 2007–2011 ....................................................................... 88 Figure 59: Europe Paints and Coatings Production Value by Category (%), 2011–2016 ....................................................................... 89 Figure 60: Europe Paints and Coatings Production Volume (Thousand Tons), 2007–2011 .................................................................. 90 Figure 61: Europe Paints and Coatings Production Volume (Thousand Tons), 2011–2016 .................................................................. 91

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Figure 62: Europe Paints and Coatings Production Volume by Category (%), 2007–2011 .................................................................... 92 Figure 63: Europe Paints and Coatings Production Volume by Category (%), 2011–2016 .................................................................... 93 Figure 64: German Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................... 94 Figure 65: German Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................... 95 Figure 66: German Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 .............................................................. 96 Figure 67: German Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................... 97 Figure 68: German Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................... 98 Figure 69: German Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ............................................ 99 Figure 70: Spanish Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................. 100 Figure 71: Spanish Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................. 101 Figure 72: Spanish Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ............................................................ 102 Figure 73: Spanish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ......................................................... 103 Figure 74: Spanish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ......................................................... 104 Figure 75: Spanish Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 .......................................... 105 Figure 76: France Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................... 106 Figure 77: France Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................... 107 Figure 78: France Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 .............................................................. 108 Figure 79: France Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .......................................................... 109 Figure 80: France Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .......................................................... 110 Figure 81: France Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ............................................ 111 Figure 82: Italian Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................... 112 Figure 83: Italian Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................... 113 Figure 84: Italian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ............................................................... 114 Figure 85: Italian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................................ 115 Figure 86: Italian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................................ 116 Figure 87: Italian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 .............................................. 117 Figure 88: United Kingdom Paints and Coatings Market Size (US$ Million), 2007–2011 ..................................................................... 118 Figure 89: United Kingdom Paints and Coatings Market Size (US$ Million), 2011–2016 ..................................................................... 119 Figure 90: United Kingdom Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ................................................ 120 Figure 91: United Kingdom Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................ 121 Figure 92: United Kingdom Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................ 122 Figure 93: United Kingdom Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 .............................. 123 Figure 94: Croatian Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................ 124 Figure 95: Croatian Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................ 125 Figure 96: Croatian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ........................................................... 126 Figure 97: Croatian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................ 127 Figure 98: Croatian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................ 128 Figure 99: Croatian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 .......................................... 129 Figure 100: Russian Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................... 130 Figure 101: Russian Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................... 131 Figure 102: Russian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 .......................................................... 132 Figure 103: Russian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ....................................................... 133 Figure 104: Russian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ....................................................... 134 Figure 105: Russian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016......................................... 135 Figure 106: Polish Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................. 136 Figure 107: Polish Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................. 137 Figure 108: Polish Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ............................................................. 138 Figure 109: Polish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .......................................................... 139 Figure 110: Polish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .......................................................... 140 Figure 111: Polish Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ............................................ 141 Figure 112: Hungarian Paints and Coatings Market Size (US$ Million), 2007–2011 ........................................................................... 142 Figure 113: Hungarian Paints and Coatings Market Size (US$ Million), 2011–2016 ........................................................................... 143 Figure 114: Hungarian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ...................................................... 144 Figure 115: Hungarian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ................................................... 145 Figure 116: Hungarian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ................................................... 146 Figure 117: Hungarian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ..................................... 147 Figure 118: Swiss Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................. 148 Figure 119: Swiss Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................. 149 Figure 120: Swiss Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016.............................................................. 150 Figure 121: Swiss Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .......................................................... 151 Figure 122: Swiss Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .......................................................... 152 Figure 123: Swiss Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ............................................ 153 Figure 124: Dutch Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................. 154 Figure 125: Dutch Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................. 155

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Figure 126: Dutch Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016.............................................................. 156 Figure 127: Dutch Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .......................................................... 157 Figure 128: Dutch Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .......................................................... 158 Figure 129: Dutch Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ............................................ 159 Figure 130: Asia-Pacific Paints and Coatings Market Dynamics by Value (%), 2007–2016 ................................................................. 162 Figure 131: Asia-Pacific Paints and Coatings Market Size (US$ Million), 2007–2011 ......................................................................... 163 Figure 132: Asia-Pacific Paints and Coatings Market Size (US$ Million), 2011–2016 ......................................................................... 164 Figure 133: Asia-Pacific Paints and Coatings Market Size by Category (%), 2007–2011 .................................................................... 165 Figure 134: Asia-Pacific Paints and Coatings Market Size by Category (%), 2011–2016 .................................................................... 166 Figure 135: Asia-Pacific Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ................................................. 167 Figure 136: Asia-Pacific Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ................................................. 168 Figure 137: Asia-Pacific Paints and Coatings Market Size by Volume by Category (%), 2007–2011 .................................................. 169 Figure 138: Asia-Pacific Paints and Coatings Market Size by Volume by Category (%), 2011–2016 .................................................. 170 Figure 139: Asia-Pacific Paints and Coatings Production Value (US$ Million), 2007–2011 ................................................................. 171 Figure 140: Asia-Pacific Paints and Coatings Production Value (US$ Million), 2011–2016 ................................................................. 172 Figure 141: Asia-Pacific Paints and Coatings Production Value by Category (%), 2007–2011 ............................................................ 173 Figure 142: Asia-Pacific Paints and Coatings Production Value by Category (%), 2011–2016 ............................................................ 174 Figure 143: Asia-Pacific Paints and Coatings Production Volume (Thousand Tons), 2007–2011........................................................ 175 Figure 144: Asia-Pacific Paints and Coatings Production Volume (Thousand Tons), 2011–2016........................................................ 176 Figure 145: Asia-Pacific Paints and Coatings Production Volume by Category (%), 2007–2011 ......................................................... 177 Figure 146: Asia-Pacific Paints and Coatings Production Volume by Category (%), 2011–2016 ......................................................... 178 Figure 147: Chinese Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................... 179 Figure 148: Chinese Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................... 180 Figure 149: Chinese Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 .......................................................... 181 Figure 150: Chinese Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011....................................................... 182 Figure 151: Chinese Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016....................................................... 183 Figure 152: Chinese Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ........................................ 184 Figure 153: Indian Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................. 185 Figure 154: Indian Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................. 186 Figure 155: Indian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ............................................................. 187 Figure 156: Indian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .......................................................... 188 Figure 157: Indian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .......................................................... 189 Figure 158: Indian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ............................................ 190 Figure 159: Japanese Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................ 191 Figure 160: Japanese Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................ 192 Figure 161: Japanese Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ....................................................... 193 Figure 162: Japanese Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................... 194 Figure 163: Japanese Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................... 195 Figure 164: Japanese Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ...................................... 196 Figure 165: South Korean Paints and Coatings Market Size (US$ Million), 2007–2011 ...................................................................... 197 Figure 166: South Korean Paints and Coatings Market Size (US$ Million), 2011–2016 ...................................................................... 198 Figure 167: South Korean Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ................................................. 199 Figure 168: South Korean Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .............................................. 200 Figure 169: South Korean Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .............................................. 201 Figure 170: South Korean Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ................................ 202 Figure 171: Australian Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................ 203 Figure 172: Australian Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................ 204 Figure 173: Australian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ....................................................... 205 Figure 174: Australian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................... 206 Figure 175: Australian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................... 207 Figure 176: Australian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ...................................... 208 Figure 177: Indonesian Paints and Coatings Market Size (US$ Million), 2007–2011 .......................................................................... 209 Figure 178: Indonesian Paints and Coatings Market Size (US$ Million), 2011–2016 .......................................................................... 210 Figure 179: Indonesian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016...................................................... 211 Figure 180: Indonesian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................. 212 Figure 181: Indonesian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................. 213 Figure 182: Indonesian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 .................................... 214 Figure 183: Malaysian Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................ 215 Figure 184: Malaysian Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................ 216 Figure 185: Malaysian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ....................................................... 217 Figure 186: Malaysian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................... 218 Figure 187: Malaysian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................... 219 Figure 188: Malaysian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ..................................... 220 Figure 189: Philippine Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................ 221

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Figure 190: Philippine Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................ 222 Figure 191: Philippine Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ....................................................... 223 Figure 192: Philippine Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................... 224 Figure 193: Philippine Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................... 225 Figure 194: Philippine Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ...................................... 226 Figure 195: Latin American Paints and Coatings Market Dynamics by Value (%), 2007–2016 ............................................................ 229 Figure 196: Latin American Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................... 230 Figure 197: Latin American Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................... 231 Figure 198: Latin American Paints and Coatings Market Size by Category (%), 2007–2011 ............................................................... 232 Figure 199: Latin American Paints and Coatings Market Size by Category (%), 2011–2016 ............................................................... 233 Figure 200: Latin American Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................ 234 Figure 201: Latin American Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................ 235 Figure 202: Latin American Paints and Coatings Market Size by Volume by Category (%), 2007–2011 ............................................. 236 Figure 203: Latin American Paints and Coatings Market Size by Volume by Category (%), 2011–2016 ............................................ 237 Figure 204: Latin American Paints and Coatings Production Value (US$ Million), 2007–2011 ............................................................ 238 Figure 205: Latin American Paints and Coatings Production Value (US$ Million), 2011–2016 ............................................................ 239 Figure 206: Latin American Paints and Coatings Production Value by Category (%), 2007–2011 ....................................................... 240 Figure 207: Latin American Paints and Coatings Production Value by Category (%), 2011–2016 ....................................................... 241 Figure 208: Latin American Paints and Coatings Production Volume (Thousand Tons), 2007–2011 .................................................. 242 Figure 209: Latin American Paints and Coatings Production Volume (Thousand Tons), 2011–2016 .................................................. 243 Figure 210: Latin American Paints and Coatings Production Volume by Category (%), 2007–2011 .................................................... 244 Figure 211: Latin American Paints and Coatings Production Volume by Category (%), 2011–2016 .................................................... 245 Figure 212: Brazilian Paints and Coatings Market Size (US$ Million), 2007–2011 .............................................................................. 246 Figure 213: Brazilian Paints and Coatings Market Size (US$ Million), 2011–2016 .............................................................................. 247 Figure 214: Brazilian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ......................................................... 248 Figure 215: Brazilian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ...................................................... 249 Figure 216: Brazilian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ...................................................... 250 Figure 217: Brazilian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ........................................ 251 Figure 218: Argentine Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................. 252 Figure 219: Argentine Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................. 253 Figure 220: Argentine Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ........................................................ 254 Figure 221: Argentine Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................................... 255 Figure 222: Argentine Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................................... 256 Figure 223: Argentine Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ...................................... 257 Figure 224: Colombian Paints and Coatings Market Size (US$ Million), 2007–2011 ........................................................................... 258 Figure 225: Colombian Paints and Coatings Market Size (US$ Million), 2011–2016 ........................................................................... 259 Figure 226: Colombian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ...................................................... 260 Figure 227: Colombian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ................................................... 261 Figure 228: Colombian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ................................................... 262 Figure 229: Colombian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 .................................... 263 Figure 230: Mexican Paints and Coatings Market Size (US$ Million), 2007–2011............................................................................... 264 Figure 231: Mexican Paints and Coatings Market Size (US$ Million), 2011–2016............................................................................... 265 Figure 232: Mexican Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 .......................................................... 266 Figure 233: Mexican Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ...................................................... 267 Figure 234: Mexican Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ...................................................... 268 Figure 235: Mexican Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ........................................ 269 Figure 236: Middle East Paints and Coatings Market Dynamics by Value (%), 2007–2016 ................................................................. 272 Figure 237: Middle East Paints and Coatings Market Size (US$ Million), 2007–2011 ......................................................................... 273 Figure 238: Middle East Paints and Coatings Market Size (US$ Million), 2011–2016 ......................................................................... 274 Figure 239: Middle East Paints and Coatings Market Size by Category (%), 2007–2011 .................................................................... 275 Figure 240: Middle East Paints and Coatings Market Size by Category (%), 2011–2016 .................................................................... 276 Figure 241: Middle East Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ................................................. 277 Figure 242: Middle East Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ................................................. 278 Figure 243: Middle East Paints and Coatings Market Size by Volume by Category (%), 2007–2011 .................................................. 279 Figure 244: Middle East Paints and Coatings Market Size by Volume by Category (%), 2011–2016 .................................................. 280 Figure 245: Middle East Paints and Coatings Production Value (US$ Million), 2007–2011 ................................................................. 281 Figure 246: Middle East Paints and Coatings Production Value (US$ Million), 2011–2016 ................................................................. 282 Figure 247: Middle East Paints and Coatings Production Value by Category (%), 2007–2011 ............................................................ 283 Figure 248: Middle East Paints and Coatings Production Value by Category (%), 2011–2016 ............................................................ 284 Figure 249: Middle East Paints and Coatings Production Volume (Thousand Tons), 2007–2011........................................................ 285 Figure 250: Middle East Paints and Coatings Production Volume (Thousand Tons), 2011–2016........................................................ 286 Figure 251: Middle East Paints and Coatings Production Volume by Category (%), 2007–2011 ......................................................... 287 Figure 252: Middle East Paints and Coatings Production Volume by Category (%), 2011–2016 ......................................................... 288 Figure 253: Saudi Arabian Paints and Coatings Market Size (US$ Million), 2007–2011...................................................................... 289

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Figure 254: Saudi Arabian Paints and Coatings Market Size (US$ Million), 2011–2016...................................................................... 290 Figure 255: Saudi Arabian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ................................................. 291 Figure 256: Saudi Arabian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ............................................. 292 Figure 257: Saudi Arabian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ............................................. 293 Figure 258: Saudi Arabian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ............................... 294 Figure 259: United Arab Emirates Paints and Coatings Market Size (US$ Million), 2007–2011 .......................................................... 295 Figure 260: United Arab Emirates Paints and Coatings Market Size (US$ Million), 2011–2016 .......................................................... 296 Figure 261: United Arab Emirates Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ..................................... 297 Figure 262: United Arab Emirates Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .................................. 298 Figure 263: United Arab Emirates Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .................................. 299 Figure 264: United Arab Emirates Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 .................... 300 Figure 265: Qatari Paints and Coatings Market Size (US$ Million), 2007–2011 .................................................................................. 301 Figure 266: Qatari Paints and Coatings Market Size (US$ Million), 2011–2016 .................................................................................. 302 Figure 267: Qatari Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ............................................................. 303 Figure 268: Qatari Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 .......................................................... 304 Figure 269: Qatari Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 .......................................................... 305 Figure 270: Qatari Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ............................................ 306 Figure 271: Bahrain Paints and Coatings Market Size (US$ Million), 2007–2011 ............................................................................... 307 Figure 272: Bahrain Paints and Coatings Market Size (US$ Million), 2011–2016 ............................................................................... 308 Figure 273: Bahrain Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ........................................................... 309 Figure 274: Bahrain Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ....................................................... 310 Figure 275: Bahrain Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ....................................................... 311 Figure 276: Bahrain Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 ......................................... 312 Figure 277: Turkish Paints and Coatings Market Size (US$ Million), 2007–2011 ................................................................................ 313 Figure 278: Turkish Paints and Coatings Market Size (US$ Million), 2011–2016 ................................................................................ 314 Figure 279: Turkish Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016 ........................................................... 315 Figure 280: Turkish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011 ........................................................ 316 Figure 281: Turkish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016 ........................................................ 317 Figure 282: Turkish Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and 2016 .......................................... 318

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2 INTRODUCTION

2.1 What is this Report About?

This report is the result of extensive market and company research covering the global paints and

coatings market. It provides detailed historic and forecast values of paints and coatings market,

segmented at category level; regional analysis, and analysis of the leading companies in the market.

“Global Construction Paints and Coatings – Market Opportunities and Business Environment,

Analyses and Forecasts to 2016” provides a top-level overview, and detailed category and company-

specific insights into the operating environment for paints and coatings companies. It is an essential

tool for companies active across the global construction value chain and for new companies

considering entering the market.

NOTE: For the purposes of this report geographical regions consist of the following:

North America – United States and Canada

Europe – Germany, Spain, France, Italy, the United Kingdom, Croatia, Russia, Poland, Hungary,

Switzerland and the Netherlands

Asia-Pacific – Australia, China, Japan, India, Indonesia, Malaysia, the Philippines and South Korea

Latin America – Argentina, Brazil, Colombia and Mexico

The Middle East – Saudi Arabia, the United Arab Emirates, Qatar, Bahrain and Turkey

2.2 Definitions

For the purposes of this report, the following timeframes apply:

Review Period: 2007 to 2011

Forecast Period: 2012 to 2016

Base Year: 2011

The global paints and coatings market can be categorized as follows:

Water-based paints and coatings

Solvent-based paints and coatings

The paints and coatings can be defined as follows:

1. Water-based paints and coatings:

The Water-borne paints and coatings, also known as acrylic paint and coatings, contain water as the

paint diluents, and also include water-based varnishes, lacquers, enamels, stains, sealers and

primers. Water-borne paints and coatings are non-toxic and non-combustible and are characterized

by lesser drying time as compared to solvent-borne paints and coatings.

2. Solvent-based paints and coatings:

The Solvent-borne paints and coatings, also commonly referred to as oil-based paints and coatings,

contain up to 80% of solid constituents (pigments, additives and binders) dispersed or dissolved in

the organic solvent such as esters, petroleum distillate, glycol ethers, and others. This also includes

INTRODUCTION



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solvent-based varnishes, lacquers, enamels, stains, sealers and primers.

All data is collected in local currency. To avoid distortions due to currency fluctuations, all

conversions are made into US dollars of current, historical and forecast data, by taking a yearly

average exchange rate. Most of the values in tables, with the exception of compound annual growth

rate (CAGR) values, are displayed to two decimal places. As such, growth rates may appear

inconsistent with absolute values due to this rounding method.

2.3 Methodology

All construction reports are created by following a comprehensive four stage methodology. This

includes market study, research, analysis and quality control.

1) Market Study

A. Standardization

A) Definitions are specified using recognized industry classifications. The same definition is

used for every country.

B) Annual average currency exchange rates are used for the latest completed year. These are

then applied across both the historical and forecast data to remove exchange rate

fluctuations.

B. Internal audit

Review of in-house databases to gather existing data:

o Historic market databases and reports

o Company database

C. Trend monitoring

Review of the latest construction companies and industry trends

2) Research

A. Sources

Collection of the latest market-specific data from a wide variety of industry sources: o Government statistics

o Industry associations

o Company filings

o International organizations

o Construction regulatory agencies

B. Expert opinion

Collation of opinion taken from leading construction industry experts

Analysis of third-party opinion and forecasts: o Broker reports

o Media

o Official government sources

C. Data consolidation and verification

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Consolidation of data and opinion to create historical datasets

Creation of models to benchmark data across sectors and geographies

3) Analysis

A. Market forecasts

Feeding forecast data into market models: o Macroeconomic indicators

o Industry-specific drivers

Analysis of construction industry database to identify trends: o Latest construction trends

o Key construction industry drivers

B. Report Writing

Analysis of market data

Discussion of company and industry trends and issues

Review of financial deals and construction trends

4) Quality Control

A. Templates

Detailed process manuals

Standardized report templates and accompanying style guides

Complex forecasting tool used to ensure forecast methodologies are consistently applied

Quality control checklists

B. Quality Control process

Peer review

Senior-level QC

Random spot checks on data integrity

Benchmark checks across databases

Market data cross-checked for consistency with accumulated data from: o Company filings o Government sources

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3 Global Paints and Coatings Market Analysis

3.1 Global Paints and Coatings Market Overview

Architectural paints and coatings, also known as decorative paints and coatings or building paints,

are applied on the interior and exterior walls of all kinds of residential, commercial, industrial and

institutional buildings. Apart from their decorative features, architectural paints and coatings also

possess some protective features. This is especially evident for exterior architectural paints and

coatings as exterior paints help to protect the building from nature‟s extremes of rain, sun and wind.

Architectural paints and coatings are applied either professionally by contractors or directly by end-

user customers as do-it-yourself (DIY). During the review period, the demand for DIY paints and

coatings has grown at a faster rate than contractor paints across regions such as Asia-Pacific, Latin

America and the Middle East than in North America and Western Europe.

Although paints and coatings are applied across all types of buildings, the performance of the

architectural paints and coatings market is largely dependent on the construction of new residential

and commercial buildings as paints and coatings are not always regularly applied. In developed

countries paints and coatings are used on a more regular basis than in developing countries and, as

such, new construction activities have a relatively lower importance for paints and coating demand in

developed countries. The global construction industry has shown signs of recovery in 2011,

especially in residential construction, and the global paints and coatings market recorded a growth of

7.1% in value terms in the year with a value of US$49.2 billion in 2011. In terms of volume, the global

market recorded a growth of 6.7% in 2011, with demand reaching an estimated 17.7 million tons.

Developing countries have played a major role in the growth of the global architectural paints and

coatings market during the review period, as the developing countries‟ population growth, rapid

urbanization, increasing disposable income and new focus on nuclear or smaller families have all

combined to considerably raise the demand for residential construction.

The global paints and coatings market landscape has undergone considerable changes during the

review period due to the impact of the global economic crisis. As a result of the Asia-Pacific region‟s

robust growth and the simultaneous decline in the European market, Asia-Pacific overtook Europe to

become the region with the largest proportion of the world‟s leading paints and coatings market size.

Over the forecast period, the Asia-Pacific market is expected to continue growing rapidly and to

account for 48.2% of the global market size in 2016.




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Figure 1: Global Paints and Coatings Market Dynamics by Value (%), 2007–2016

Note: Bubble size represents 2011 market size by value (US$ million)

Source: Timetric analysis / © Timetric

Architectural paints and coatings are divided into two categories: solvent-based and water-based

paints and coatings. In contrast to the overall paints and coatings industry where the solvent-based

category accounts for the larger share of total demand, the architectural paints and coatings market is

dominated by the water-based category. In 2011, the water-based paints and coatings category

accounted for 64.7% of the global architectural market size, an increase of 3.9 percentage points

over 2007. In terms of volume, the water-based category contributed 72.0% of the global architectural

market in 2011, an increase of 1.5 percentage points over 2007. The water-based category is

expected to gain market share at expense of the solvency-based category during the forecast period,

as there is a growing demand for environment-friendly paint formulations and strict regulations

passed by various governments enforcing the use of low or zero-volatile organic compounds (VOCs)

emitting paints and coatings. In addition, companies are expected to provide water-based paints and

coatings through the continued adoption of environmental labels such as Leadership in Energy and

Environmental Design (LEED), Green Seal and other national and global environment labels.

Therefore, Timetric expects the water-based paints and coatings category to account for 65.8% of the

global market size and 72.4% of the global volume in 2016.

The production of paints and coatings has also been shifting towards the Asia-Pacific region, with

China emerging as the most preferred new paint production destination. The Chinese market

accounted for 27.8% of the global paints and coatings production in value terms in 2011. The global

paints and coatings production is expected to register a CAGR of 6.80% during the forecast period, to

reach a value of US$70.2 billion in 2016, with the Asia-Pacific market expected to account for 47.8%

of the global production in 2016. Meanwhile, the European share of global production is expected to

decline from 38.2% in 2007 to 24.1% in 2016, and the North American share is expected to decline

from 23.9% in 2007 to 17.7% in 2016.

In contrast to an expected global GDP growth of 3.0–4.0% per annum from 2011 to 2013, the World

Bank expects the developing countries in regions such as Asia-Pacific, Eastern and Central Europe,

Middle East and Latin America will grow at a much higher rate of 6.0–7.0%. Due to this high GDP




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growth, construction activities are projected to grow at a healthy to robust pace in these regions,

which will generate additional demand for the paints and coatings markets in these region. For

example, the Asia-Pacific region is expected to achieve an increase in market size of paints and

coatings at a CAGR of 10.77% during the forecast period, while the Middle East is projected to

register a CAGR of 7.10%. The North American market is projected to achieve a CAGR of 4.27%

during the forecast period, with growth in construction activities being fostered by tax incentives

introduced under the American Recovery and Reinvestment Act (ARRA) in 2009.




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3.2 Paints and Coatings Market Size

3.2.1 Paints and coatings market size by value

The global market size of paints and coatings was US$49.2 billion in 2011, an increase of 7.1% over

2010. During the review period, the market size of paints and coatings recorded a CAGR of 3.90%.

Table 1: Global Paints and Coatings Market Size (US$ Million), 2007–2011

Year US$ Million % Growth

2007 42,220.5

2008 45,203.2 7.1%

2009 42,547.9 -5.9%

2010 45,926.2 7.9%

2011 49,208.1 7.1%

CAGR 2007–2011 3.90%

Source: Timetric analysis © Timetric

Figure 2: Global Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the global market size of paints and coatings to increase at a CAGR of 7.10% over

the forecast period, and to reach US$69.4 billion in 2016.

Table 2: Global Paints and Coatings Market Size (US$ Million), 2011–2016


2011 49,208.1

2012 52,093.0 5.9%

2013 55,584.5 6.7%

2014 59,721.7 7.4%

2015 64,339.7 7.7%

2016 69,351.5 7.8%

CAGR 2011–2016 7.10%


Figure 3: Global Paints and Coatings Market Size (US$ Million), 2011–2016





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3.2.2 Paints and coatings market size by value by category

The water-based paints and coatings category accounted for the largest share of the global paints

and coatings market in 2011, with a value of US$31.8 billion and a market share of 64.7%.

Meanwhile, solvent-based paints and coatings recorded a market size of US$17.4 billion. Water-

based paints and coatings recorded the fastest growing increase in demand, at a CAGR of 5.54%

during the review period.

Table 3: Global Paints and Coatings Market Size by Category (US$ Million), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011

Solvent-based paints and coatings 16,554.3 17,106.8 15,487.3 16,355.3 17,369.9 1.21%

Water-based paints and coatings 25,666.2 28,096.3 27,060.6 29,570.9 31,838.2 5.54%

Overall 42,220.5 45, 203.2 42,547.9 45,926.2 49, 208.1 3.90%


Figure 4: Global Paints and Coatings Market Size by Category (%), 2007–2011





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Water-based paints and coatings is expected to be the largest category of global paints and coatings

market in 2016, accounting for a value of US$45.7 billion and a market share of 65.8%. Meanwhile,

the solvent-based paints and coatings category is expected to record a market size of US$23.7

billion. Over the forecast period, water-based paints and coatings category is expected to register the

fastest growing increase in demand, at a CAGR of 7.48%.

Table 4: Global Paints and Coatings Market Size by Category (US$ Million), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016

Solvent-based paints and coatings 17,369.9 18,294.4 19,405.1 20,695.7 22,136.6 23,692.5 6.41%

Water-based paints and coatings 31,838.2 33,798.6 36,179.3 39,026.0 42,203.1 45,659.1 7.48%

Overall 49,208.1 52,093.0 55,584.5 59,721.7 64,339.7 69,351.5 7.10%


Figure 5: Global Paints and Coatings Market Size by Category (%), 2011–2016





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3.2.3 Paints and coatings market size by volume

The market size in terms of volume for global paints and coatings stood at 17.7 million tons in 2011,

an increase of 6.7% over 2010. During the review period, the market size in terms of volume for

paints and coatings recorded a CAGR of 3.23%.

Table 5: Global Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011

Year Thousand Tons % Growth

2007 15,603.8

2008 16,124.1 3.3%

2009 15,338.0 -4.9%

2010 16,610.6 8.3%

2011 17,719.9 6.7%

CAGR 2007–2011 3.23%


Figure 6: Global Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011





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Over the forecast period, Timetric expects the global paints and coatings market to increase at a

CAGR of 6.60% in terms of volume, to reach 24.4 million tons in 2016.

Table 6: Global Paints and Coatings Market size by Volume (Thousand Tons), 2011–2016


2011 17,719.9

2012 18,713.6 5.6%

2013 19,877.9 6.2%

2014 21,257.4 6.9%

2015 22,789.7 7.2%

2016 24,393.7 7.0%

CAGR 2011–2016 6.60%


Figure 7: Global Paints and Coatings Market size by Volume (Thousand Tons), 2011–2016





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3.2.4 Paints and coatings market size by volume by category

With a volume of 12.8 million tons and a market share of 72.0% in 2011, the water-based paints and

coatings category accounted for the larger share of the global paints and coatings market in terms of

volume. Meanwhile, the solvent-based paints and coatings category market recorded a volume of 5.0

million tons. The water-based paints and coatings recorded the faster growth in terms of volume

during the review period, at a CAGR of 3.76%.

Table 7: Global Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 15,603.8 16,124.1 15,338.0 16,610.6 17,719.9 3.23%


Figure 8: Global Paints and Coatings Market Size by Volume by Category (%), 2007–2011





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The water-based paints and coatings is expected to be the largest category in the global paints and

coatings market in 2016, accounting for 72.4% of the global market size with a volume of 17.7 million

tons. Meanwhile, the solvent-based paints and coatings expected to achieve a market size of 6.7

million tons in terms of volume. Water-based paints and coatings category is expected to register the

fastest growth in paints and coatings during the forecast period, at a CAGR of 6.73%.

Table 8: Global Paints and Coatings Market size by Volume by Category (Thousand Tons),

2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 17,719.9 18,713.6 19,877.9 21,257.4 22,789.7 24,393.7 6.60%


Figure 9: Global Paints and Coatings Market size by Volume by Category (%), 2011–2016





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3.3 Global Paints and Coatings Production Value

3.3.1 Global paints and coatings production value

During the review period, the global production value of the paints and coatings market recorded a

CAGR of 3.94%, to reach US$50.5 billion in 2011.

Table 9: Global Paints and Coatings Production Value (US$ Million), 2007–2011


2007 43,277.2

2008 46,269.5 6.9%

2009 43,715.0 -5.5%

2010 47,270.5 8.1%

2011 50,518.4 6.9%

CAGR 2007–2011 3.94%


Figure 10: Global Paints and Coatings Production Value (US$ Million), 2007–2011





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Timetric expects the global production value of paints and coatings market to increase at a CAGR of

6.80% over the forecast period, and reach a value of US$70.2 billion in 2016.

Table 10: Global Paints and Coatings Production Value (US$ Million), 2011–2016


2011 50,518.4

2012 53,333.3 5.6%

2013 56,733.7 6.4%

2014 60,792.4 7.2%

2015 65,307.6 7.4%

2016 70,195.8 7.5%

CAGR 2011–2016 6.80%


Figure 11: Global Paints and Coatings Production Value (US$ Million), 2011–2016





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3.3.2 Global paints and coatings production value by category

The water-based paints and coatings category accounted for the largest share of the global paints

and coatings production value in 2011, with a value of US$32.1 billion and a market share of 63.5% .

Meanwhile, solvent-based paints and coatings recorded a production value of US$18.4 billion. The

water-based paints and coatings category recorded the fastest-growing production value during the

review period, at a CAGR of 5.46%.

Table 11: Global Paints and Coatings Production Value by Category (US$ Million), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 43,277.2 46,269.5 43,715.0 47,270.5 50,518.4 3.94%


Figure 12: Global Paints and Coatings Production Value by Category (%), 2007–2011





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The water-based paints and coatings production is expected to be the largest category in the global

paints and coatings market in 2016, accounting for a value of US$45.7 billion and a market share of

65.1%. Meanwhile, the solvent-based paints and coatings category is expected to record a

production value of US$24.5 billion. The water-based paints and coatings category is expected to

register the fastest growth in paints and coatings production during the forecast period, at a CAGR of

7.31%.

Table 12: Global Paints and Coatings Production Value by Category (US$ Million), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 50,518.4 53,333.3 56,733.7 60,792.4 65,307.6 70,195.8 6.80%


Figure 13: Global Paints and Coatings Production Value by Category (%), 2011–2016





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3.3.3 Paints and coatings production by volume

The global production volume of paints and coatings stood at 18.0 million tons in 2011, an increase of

6.6% over 2010. During the review period, the production volume of paints and coatings recorded a

CAGR of 3.17%.

Table 13: Global Paints and Coatings Production Volume (Thousand Tons), 2007–2011


2007 15,907.1

2008 16,429.0 3.3%

2009 15,628.1 -4.9%

2010 16,904.0 8.2%

2011 18,019.8 6.6%

CAGR 2007–2011 3.17%


Figure 14: Global Paints and Coatings Production Volume (Thousand Tons), 2007–2011





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Timetric expects global production of paints and coatings to increase at a CAGR of 6.47% over the

forecast period, to reach 24.7 million tons in 2016.

Table 14: Global Paints and Coatings Production Volume (Thousand Tons), 2011–2016


2011 18,019.8

2012 19,003.9 5.5%

2013 20,147.4 6.0%

2014 21,512.8 6.8%

2015 23,026.9 7.0%

2016 24,658.1 7.1%

CAGR 2011–2016 6.47%


Figure 15: Global Paints and Coatings Production Volume (Thousand Tons), 2011–2016





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3.3.4 Paints and coatings production volume by category

The water-based paints and coatings accounted for the largest share of the global paints and

coatings production volume in 2011, with a volume of 12.9 million tons and a market share of 71.4%.

Meanwhile, solvent-based paints and coatings recorded a production volume of 5.2 million tons. The

water-based paints and coatings recorded the fastest-growing production in terms of volume during

the review period, at a CAGR of 3.64%.

Table 15: Global Paints and Coatings Production Volume by Category (Thousand Tons), 2007–

2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 15,907.1 16,429.0 15,628.1 16,904.0 18,019.8 3.17%


Figure 16: Global Paints and Coatings Production Volume by Category (%), 2007–2011





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The water-based paints and coatings category is expected to be the largest category of global paints

and coatings production in 2016, accounting for a volume of 17.8 million tons and a market share of

72.1%. Meanwhile, solvent-based paints and coatings is expected to record a production volume of

6.9 million tons. The water-based paints and coatings category is expected to register the fastest

growth in paints and coatings production volume during the forecast period, at a CAGR of 6.67%.

Table 16: Global Paints and Coatings Production Volume by Category (Thousand Tons), 2011–

2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 18,019.8 19,003.9 20,147.4 21,512.8 23,026.9 24,658.1 6.47%


Figure 17: Global Paints and Coatings Production Volume by Category (%), 2011–2016


PAINTS AND COATINGS REGIONAL ANALYSIS



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4 North America

4.1 North America Regional Analysis

During the review period, the North American paints and coatings market decreased in value from

US$9.8 billion in 2007 to US$9.2 billion in 2011. The declining market size of the region‟s paints and

coating industry is attributed to the reduction in construction activities in the region following the

global economic crisis. The subprime crisis that began in the US in 2007 affected the entire North

American construction industry, resulting in the annual decline of the regional paints and coating

market by 5.4% in 2008 and 1.5% in 2009. The impact of economic crisis on the paints and coatings

market was more acute in the US than in Canada. Furthermore, the US paints and coatings market

continued declining until the beginning of 2011 while the Canadian market rebounded by 3.3% in

2010.

With the impact of the global economic crisis, the North American paints and coatings market size

recorded a CAGR of -1.13% during the review period. In the same period, the US market size

recorded a CAGR of -1.32% while Canada registered a CAGR of -0.17%.

Within the North American market, the water-based paints and coatings category constituted 79.6%,

and solvent-based paints constituted 20.4%, of the regional market in 2011. The main reason for the

smaller share of the solvent-based paints and coatings category is its hazardous affect on the

environment. During the review period, environmental policies have been tightened and

environmental friendly products have been promoted, which has increased demand for the water-

based category over the solvent-based category. Over the forecast period, Timetric anticipates that

the water-based paints and coatings category will increase at a fastest rate, at a CAGR of 4.37%,

than the solvent-based paints and coatings category, at a CAGR 3.89%.

The production value of North American paints and coatings market declined marginally from

US$10.3 billion in 2007 to US$10.2 billion in 2011. The production volume of paints and coating

market also declined during the review period, from 3.0 million tons in 2007 to 2.6 million tons in

2010, due to the region‟s slowing economy and declining demand for paints and coatings.

Over the forecast period, Timetric anticipates the North American paints and coatings market will

achieve a CAGR of 4.27%. This will be contributed largely by water-based paints and coatings which

is anticipated to be the fastest-growing category, achieving a CAGR of 4.37% over the forecast

period, as opposed to the CAGR of 3.89% projected for the solvent-based category. In addition to

this, the North American construction industry is also expected to improve over the forecast period,

which will fuel the demand for the architectural paints and coatings that are widely used in the

construction industry.




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4.1.1 North America paints and coatings market dynamics

The market size of paints and coatings in North America registered a decline during the review

period, at a CAGR of -1.13%. This decline was mostly due to the US recording a CAGR of -1.32%

during the review period. With a market share of 83.5% in 2011, the US was the largest consumer of

paints and coatings in the region. Over the forecast period, the market size of paints and coatings is

expected to record a CAGR of 4.32% in US and a CAGR of 4.05% in Canada.

Figure 18: North America Paints and Coatings Market Dynamics by Value (%), 2007–2016






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The market size of paints and coatings in North America stood at US$9.3 billion in 2011, an increase

of 2.5% over 2010. During the review period, the market size of paints and coatings recorded a

CAGR of -1.13%.

Table 17: North America Paints and Coatings Market Size (US$ Million), 2007–2011


2007 9,751.3

2008 9,221.9 -5.4%

2009 9,087.1 -1.5%

2010 9,090.4 0.04%

2011 9,317.2 2.5%

CAGR 2007–2011 -1.13%


Figure 19: North America Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects market size of paints and coatings in North America to increase at a CAGR of 4.27%

over the forecast period, and to value US$11.5 billion in 2016.

Table 18: North America Paints and Coatings Market Size (US$ Million), 2011–2016


2011 9,317.2

2012 9,621.0 3.3%

2013 10,023.4 4.2%

2014 10,524.0 5.0%

2015 10,985.6 4.4%

2016 11,484.5 4.5%

CAGR 2011–2016 4.27%


Figure 20: North America Paints and Coatings Market Size (US$ Million), 2011–2016





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The water-based paints and coatings accounted for the largest share of the paints and coatings

market size in North America in 2011, with a value of US$7.4 billion and a market share of 79.6%.

Meanwhile, solvent-based paints and coatings recorded a market size of US$1.9 billion.

Table 19: North America Paints and Coatings Market Size by Category (US$ Million), 2007–

2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011

Solvent-based paints and coatings 2,138.5 2,005.9 1,874.5 1,858.6 1,898.7 -2.93%

Water-based paints and coatings 7,612.8 7,216.0 7,212.6 7,231.8 7,418.5 -0.64%

Overall 9,751.3 9,221.9 9,087.1 9,090.4 9,317.2 -1.13%


Figure 21: North America Paints and Coatings Market Size by Category (%), 2007–2011





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Water-based paints and coatings is expected to be the largest category of paints and coatings market

in North America in 2016, accounting for a value of US$9.2 billion and a regional market share of

80.0%. Meanwhile, the solvent-based paints and coatings category is expected to reach a market

size of US$2.3 billion in terms value. The water-based paints and coatings category is expected to

register the fastest growth in paints and coatings over the forecast period, at a CAGR of 4.37%.

Table 20: North America Paints and Coatings Market Size by Category (US$ Million), 2011–

2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 9,317.2 9,621.0 10,023.4 10,524.0 10,985.6 11,484.5 4.27%


Figure 22: North America Paints and Coatings Market Size by Category (%), 2011–2016





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The market size in terms of volume for paints and coatings in North America stood at 2.4 million tons

in 2011, an increase of 1.7% over 2010. However, the market size in terms of volume for paints and

coatings recorded a CAGR of -4.55% during the review period.

Table 21: North America Paints and Coatings Market size by Volume (Thousand Tons), 2007–

2011


2007 2,860.9

2008 2,514.6 -12.1%

2009 2,332.5 -7.2%

2010 2,334.9 0.1%

2011 2,374.5 1.7%

CAGR 2007–2011 -4.55%


Figure 23: North America Paints and Coatings Market size by Volume (Thousand Tons), 2007–

2011





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Timetric expects the market size in terms of volume for paints and coatings in North America to

increase at a CAGR of 3.38% over the forecast period, and to value 2.8 million tons in 2016.

Table 22: North America Paints and Coatings Market size by Volume (Thousand Tons), 2011–

2016


2011 2,374.5

2012 2,437.5 2.7%

2013 2,531.5 3.9%

2014 2,646.1 4.5%

2015 2,747.2 3.8%

2016 2,804.4 2.1%

CAGR 2011–2016 3.38%


Figure 24: North America Paints and Coatings Market size by Volume (Thousand Tons), 2011–

2016





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Water-based paints and coatings accounted for the largest share of the paints and coatings market

size in North America, with a volume of 2.0 million tons and a regional market share of 82.6%.

Meanwhile, the solvent-based paints and coatings category recorded a market size of 0.4 million tons

in terms of volume.

Table 23: North America Paints and Coatings Market size by Volume by Category (Thousand

Tons), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011

Solvent-based paints and coatings 465.8 402.9 409.2 407.2 413.9 -2.91%


Overall 2,860.9 2,514.6 2,332.5 2,334.9 2,374.5 -4.55%


Figure 25: North America Paints and Coatings Market size by Volume by Category (%), 2007–

2011





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in North America, accounting for a volume of 2.3 million tons in 2016 and a regional market share of

82.7% . Meanwhile, the solvent-based paints and coatings expected to record a market size of 0.5

million tons in terms of volume. Water-based paints and coatings category is expected to register the

fastest market size growth in terms of volume for paints and coatings over the forecast period, at a

CAGR of 3.41%.

Table 24: North America Paints and Coatings Market size by Volume by Category (Thousand

Tons), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016

Solvent-based paints and coatings 413.9 425.4 438.8 454.9 470.4 486.0 3.26%


Overall 2,374.5 2,437.5 2,531.5 2,646.1 2,747.2 2,804.4 3.38%


Figure 26: North America Paints and Coatings Market size by Volume by Category (%), 2011–

2016





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4.3 North America Paints and Coatings Production Value

4.3.1 North America paints and coatings production value

The production of paints and coatings in North America valued US$10.2 billion in 2011, an increase

of 2.8% over 2010. During the review period, the value of paints and coatings production recorded a

CAGR of -0.35%.

Table 25: North America Paints and Coatings Production Value (US$ Million), 2007–2011


2007 10,338.3

2008 9,857.2 -4.7%

2009 9,732.4 -1.3%

2010 9,918.3 1.9%

2011 10,195.8 2.8%

CAGR 2007–2011 -0.35%


Figure 27: North America Paints and Coatings Production Value (US$ Million), 2007–2011





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Timetric expects production of paints and coatings in North America to increase at a CAGR of 4.05%


Table 26: North America Paints and Coatings Production Value (US$ Million), 2011–2016


2011 10,195.8

2012 10,514.1 3.1%

2013 10,926.7 3.9%

2014 11,450.6 4.8%

2015 11,926.2 4.2%

2016 12,434.4 4.3%

CAGR 2011–2016 4.05%


Figure 28: North America Paints and Coatings Production Value (US$ Million), 2011–2016





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4.3.2 North America paints and coatings production value by category

Water-based paints and coatings accounted for the largest share of the paints and coatings

production value in North America, with a value of US$7.7 billion and a regional market share of

75.7%. Meanwhile, solvent-based paints and coatings recorded a production value of US$2.5 billion.

Table 27: North America Paints and Coatings Production Value by Category (US$ Million),

2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 10,338.3 9,857.2 9,732.4 9,918.3 10,195.8 -0.35%


Figure 29: North America Paints and Coatings Production Value by Category (%), 2007–2011





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The water-based paints and coatings category production is expected to be the largest in paints and

coatings market in North America in 2016, accounting for a value of US$9.4 billion and a regional

market share of 75.8%. Meanwhile, the solvent-based paints and coatings category is expected to

record a production value of US$3.0 billion. The water-based paints and coatings category is

expected to register the fastest growth in paints and coatings production over the forecast period, at a

CAGR of 4.06%.

Table 28: North America Paints and Coatings Production Value by Category (US$ Million),

2011–2016

Category 2010 2011 2012 2013 2014 2015 CAGR

2011–2016



Overall 10,195.8 10,514.1 10,926.7 11,450.6 11,926.2 12,434.4 4.05%


Figure 30: North America Paints and Coatings Production Value by Category (%), 2011–2016





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The production volume of paints and coatings in North America stood at 2.6 million tons in 2011, an

increase of 2.2% over 2010. However, the production volume of paints and coatings recorded a

CAGR of -3.57% during the review period.

Table 29: North America Paints and Coatings Production Volume (Thousand Tons), 2007–2011


2007 3,020.1

2008 2,683.1 -11.2%

2009 2,519.7 -6.1%

2010 2,553.8 1.4%

2011 2,611.1 2.2%

CAGR 2007–2011 -3.57%


Figure 31: North America Paints and Coatings Production Volume (Thousand Tons), 2007–

2011





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Timetric expects the production volume of paints and coatings in North America to increase at a

CAGR of 3.61% over the forecast period, and to reach 3.1 million tons in 2016.

Table 30: North America Paints and Coatings Production Volume (Thousand Tons), 2011–2016


2011 2,611.1

2012 2,682.0 2.7%

2013 2,777.4 3.6%

2014 2,899.6 4.4%

2015 3,005.2 3.6%

2016 3,118.3 3.8%

CAGR 2011–2016 3.61%


Figure 32: North America Paints and Coatings Production Volume (Thousand Tons), 2011–

2016





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The water-based paints and coatings accounted for the largest share of the paints and coatings

production volume in North America in 2011, with a volume of 2.1 million tons and a regional market

share of 79.4%. Meanwhile, solvent-based paints and coatings recorded a production volume of 0.5

million tons.

Table 31: North America Paints and Coatings Production Volume by Category (Thousand

Tons), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 3,020.1 2,683.1 2,519.7 2,553.8 2,611.1 -3.57%


Figure 33: North America Paints and Coatings Production Volume by Category (%),

2007–2011





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Water-based paints and coatings is expected to be the largest category of paints and coatings

production in North America in 2016, accounting for a volume of 2.5 million tons and a regional


record a production volume of 0.6 million tons. The water-based paints and coatings category is

expected to register the fastest growth in paints and coatings production volume during the forecast

period, at a CAGR of 3.62%.

Table 32: North America Paints and Coatings Production Volume by Category (Thousand

Tons), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 2,611.1 2,682.0 2,777.4 2,899.6 3,005.2 3,118.3 3.61%


Figure 34: North America Paints and Coatings Production Volume by Category (%), 2011–2016





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4.4 United States


The market size of paints and coatings in the US stood at US$7.8 billion in 2011, an increase of 2.4%

over 2010. During the review period, the market size of paints and coatings recorded a CAGR of -

1.32%.

Table 33: US Paints and Coatings Market Size (US$ Million), 2007–2011


2007 8,199.2

2008 7,706.6 -6.0%

2009 7,637.5 -0.9%

2010 7,592.2 -0.6%

2011 7,775.9 2.4%

CAGR 2007–2011 -1.32%


Figure 35: US Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in the US to increase at a CAGR of 4.32%

over the forecast period, and to reach US$9.6 billion in 2016.

Table 34: US Paints and Coatings Market Size (US$ Million), 2011–2016


2011 7,775.9

2012 8,027.5 3.2%

2013 8,367.4 4.2%

2014 8,794.4 5.1%

2015 9,185.0 4.4%

2016 9,605.0 4.6%

CAGR 2011–2016 4.32%


Figure 36: US Paints and Coatings Market Size (US$ Million), 2011–2016





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Water-based paints and coatings accounted for the highest market share of paints and coatings in

the US in 2011, with a value of US$6.4 billion and a market share of 81.7%. Meanwhile, the solvent-

based paints and coatings recorded a market size of US$1.4 billion in terms of value.

Table 35: US Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and 2016

Category 2007 2011 2016

Solvent-based paints and coatings 1,695.6 1,420.1 1,689.7

Water-based paints and coatings 6,503.6 6,355.8 7,915.3

Overall 8,199.2 7,775.9 9,605.0


Figure 37: US Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in the US stood at 1.9 million tons in 2011,

an increase of 1.5% over 2010. The market size in terms of volume for paints and coatings recorded

a CAGR of -5.21% during the review period.

Table 36: US Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011


2007 2,387.1

2008 2,060.3 -13.7%

2009 1,906.6 -7.5%

2010 1,898.5 -0.4%

2011 1,927.1 1.5%

CAGR 2007–2011 -5.21%


Figure 38: US Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





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The market size in terms of volume for paints and coatings in the US is expected to increase at a

CAGR of 3.32% over the forecast period, to reach 2.3 million tons in 2016.

Table 37: US Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 1,927.1

2012 1,976.4 2.6%

2013 2,054.1 3.9%

2014 2,149.8 4.7%

2015 2,232.7 3.9%

2016 2,269.5 1.6%

CAGR 2011–2016 3.32%


Figure 39: US Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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In 2011, Water-based paints and coatings accounted for the highest market size of paints and

coatings in the US, with a volume of 1.6 million tons and a market share of 83.8%. Meanwhile, the

market size for solvent-based paints and coatings reached 0.3 million tons in terms of volume.

Table 38: US Paints and Coatings Market size by Volume by Category (Thousand Tons), 2007,

2011 and 2016

Category 2007 2011 2016

Solvent-based paints and coatings 363.2 312.3 359.3


Overall 2,387.1 1,927.1 2,269.5


Figure 40: US Paints and Coatings Market size by Volume by Category (%), 2007, 2011 and

2016





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4.5 Canada


The market size of paints and coatings in Canada stood at US$1.5 billion in 2011, an increase of

2.9% over 2010. During the review period, the market size of paints and coatings recorded a CAGR

of -0.17%.

Table 39: Canadian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,552.1

2008 1,515.3 -2.4%

2009 1,449.6 -4.3%

2010 1,498.2 3.3%

2011 1,541.3 2.9%

CAGR 2007–2011 -0.17%


Figure 41: Canadian Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Canada to increase at a CAGR of 4.05%

over the forecast period, to reach US$1.9 billion in 2016.

Table 40: Canadian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,541.3

2012 1,593.5 3.4%

2013 1,656.1 3.9%

2014 1,729.7 4.4%

2015 1,800.7 4.1%

2016 1,879.5 4.4%

CAGR 2011–2016 4.05%


Figure 42: Canadian Paints and Coatings Market Size (US$ Million), 2011–2016





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Water-based paints and coatings accounted for the highest market size of paints and coatings in

Canada in 2011, with a value of US$1.1 billion and a market share of 68.9%. Meanwhile, solvent-

based paints and coatings recorded a market size of US$478.6 million in terms of value.

Table 41: Canadian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 1,552.1 1,541.3 1,879.5


Figure 43: Canadian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume of paints and coatings in Canada stood at 0.4 million tons in

2011, an increase of 2.5% over 2010. The market size in terms of volume of paints and coatings

recorded a CAGR of -1.42% during the review period.

Table 42: Canadian Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011


2007 473.8

2008 454.3 -4.1%

2009 425.9 -6.2%

2010 436.4 2.5%

2011 447.4 2.5%

CAGR 2007–2011 -1.42%


Figure 44: Canadian Paints and Coatings Market size by Volume (Thousand Tons), 2007–2011





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The market size in terms of volume for paints and coatings in Canada is expected to increase at a


Table 43: Canadian Paints and Coatings Market size by Volume (Thousand Tons), 2011–2016


2011 447.4

2012 461.1 3.1%

2013 477.4 3.5%

2014 496.4 4.0%

2015 514.5 3.7%

2016 534.9 4.0%

CAGR 2011–2016 3.64%


Figure 45: Canadian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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Water-based paints and coatings accounted for the highest market size for paints and coatings in

Canada in 2011, with a volume of 0.3 million tons and a market share of 77.3%. Meanwhile, the

solvent-based paints and coatings recorded a market size of 0.1 million tons in terms of volume.

Table 44: Canadian Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007–2011

Category 2007 2011 2016


Water-based paints and coatings 371.2 345.8 408.3

Overall 473.8 447.4 534.9


Figure 46: Canadian Paints and Coatings Market Size by Volume by Category (%), 2007–2011





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5 Europe

5.1 Europe Regional Analysis

The European paints and coatings market size stood at US$13.4 billion in 2011. The region‟s market

size increased by 1.9% in 2011 over 2010, after recording two consecutive years of decline in 2009

and 2010. The region also recorded an increase in demand by 2.1% in 2011 over 2010 figure despite

registering a decline in volume during 2009 and 2010. The decline in 2009 and 2010 can be

attributed to the significant reduction of construction activities, especially of residential and

commercial buildings, across all European countries due to the global economic slowdown. The

market recovery in 2011 came about due to the positive growth in market size of paints and coatings

across all European countries except Spain and the UK, which was supported by the introduction of

fiscal packages and stimulus measures by governments across the region in 2010. In 2011, Russia

and Poland recorded the highest annual growth of paints and coatings market size in the region, of

7.9% and 6.8% respectively. These two countries were also the only European countries to record a

positive growth rate in the market size of paint and coatings during the review period, with Poland

recording a CAGR of 4.43% and Russia recording a CAGR of 0.66%. The high growth in Poland is

due to the country‟s persistent housing deficit which encouraged residential construction during the

review period. The other European countries recorded negative growth rates in the market size of

paints and coatings during the review period, with the UK declining the most with a CAGR of -10.42%

during the review period.

Despite losing 1.3 percentage points of the regional market share during the review period, Germany

remained the largest consumer of paints and coatings within the European region, accounting for

18.7% of the regional market size and 21.9% of the market volume in 2011. Apart from Germany, the

other significant markets in Europe include Italy with 17.2% of the regional market size and Russia

with 14.1% of the regional market size. The Russian share of the regional market size increased by

2.3 percentage points during the review period, due to its housing boom in 2000–2007. Similarly

Poland increased its market share within the region by 2.1 percentage points during the review

period, and accounted for 7.5% share of the regional market in 2011.

With most of the Western European nations passing strict environmental regulations, which will be

soon be imitated by Eastern European EU members, the solvent-based category is expected to

continue losing market share to the more environmentally friendly water-based category. As such, the

water-based category is expected to increase its market share from 48.7% in 2007 to 52.9% in 2016.

The European paints and coatings market is projected to record an annual growth of 2.7% in 2012,

although the spread of European debt crisis may reduce the growth rate. Timetric projects the

European paints and coatings market will achieve a CAGR of 4.02% during the forecast period.

Russia and Poland are expected to continue registering the fastest growth in market size of paints

and coatings during the forecast period, with expected CAGRs of 9.14% and 6.31% respectively. The

Russian paint and coatings market growth will be fueled by the government‟s proposed federal

housing program, which aims at building 67 million square meters of residential buildings by the end

of 2012, 79 million square meters of residential buildings by 2015, and 145 million square meters by

2020. The Polish paints and coatings market size is also expected to achieve robust growth over the

forecast period due to increased residential construction activities to meet the continuing housing

deficit. The commercial construction activities in Russia and Poland are also expected to increase

during the forecast period due to their hosting of major international events such as the 2012 Asia-

Pacific Economic Cooperation (APEC) Summit, the 2014 Winter Olympic Games, the 2012 UEFA

Euro Tournament and the 2018 FIFA World Cup 2018. Among the developed Western European

nations, growth is expected to remain more subdued. Timetric expects Germany to achieve the




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highest forecast period growth rate among developed Western European nations, at a CAGR of

3.50%, followed by France, at a CAGR of 3.03%.

In terms of production, Timetric expects Europe to record a CAGR of 3.46% over the forecast period

and to value US$16.9 billion in 2016. There will be a shift in production focus during the period, with

Central and Eastern European countries, especially Russia and Poland, expected to increase their

share of paints and coatings production over the developed Western European countries.




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5.1.1 Europe paints and coatings market dynamics

During the review period, the market size of paints and coatings in Europe declined at a CAGR of -

3.65%, to reach US$13.4 billion in 2011. However, it is anticipated to recover at a CAGR of 4.02%

over the forecast period. Within the region, Germany has the largest market share of 24.5% in 2011,

followed by Italy with a market share of 17.9% and France with a market share of 12.3%.

Figure 47: Europe Paints and Coatings Market Dynamics by Value (%), 2007–2016






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The market size of paints and coatings in Europe valued US$13.4 billion in 2011, representing an

increase of 1.9% over 2010. During the review period, the market size of paints and coatings

recorded a CAGR of -1.13%.

Table 45: Europe Paints and Coatings Market Size (US$ Million), 2007–2011


2007 15,587.7

2008 16,101.0 3.3%

2009 13,197.8 -18.0%

2010 13,178.2 -0.1%

2011 13,431.9 1.9%

CAGR 2007–2011 -3.65%


Figure 48: Europe Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Europe to increase at a CAGR of 4.27%


Table 46: Europe Paints and Coatings Market Size (US$ Million), 2011–2016


2011 13,431.9

2012 13,788.0 2.7%

2013 14,300.8 3.7%

2014 14,924.6 4.4%

2015 15,571.8 4.3%

2016 16,355.5 5.0%

CAGR 2011–2016 4.02%


Figure 49: Europe Paints and Coatings Market Size (US$ Million), 2011–2016





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With a value of US$7.1 billion and a market share of 52.6% in 2011, water-based paints and coatings

was the largest category within the European paints and coatings market. Meanwhile solvent-based

paints and coatings valued US$6.4 billion in 2011, accounting for 47.4% of the market size.

Table 47: Europe Paints and Coatings Market Size by Category (US$ Million), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 15,587.7 16,101.0 13,197.8 13,178.2 13,431.9 -3.65%


Figure 50: Europe Paints and Coatings Market Size by Category (%), 2007–2011





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Water-based paints and coatings is expected to be the largest category in the European paints and

coatings market in 2016, accounting for a value of US$8.7 billion and a market share of 52.9%.

Meanwhile, the solvent-based paints and coatings category is expected to value US$7.7 billion in

2016. Water-based paints and coatings is expected to be the fastest-growing category during the

review period, with a CAGR of 4.16%.

Table 48: Europe Paints and Coatings Market Size by Category (US$ Million), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 13,431.9 13,788.0 14,300.8 14,924.6 15,571.8 16,355.5 4.02%


Figure 51: Europe Paints and Coatings Market Size by Category (%), 2011–2016





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The market size in terms of volume for paints and coatings in Europe stood at 4.7 million tons in

2011, representing an increase of 2.1% over 2010. However, the market size in terms of volume for

paints and coatings recorded a CAGR of -2.75% during the review period.

Table 49: Europe Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 5,279.2

2008 5,310.2 0.6%

2009 4,503.7 -15.2%

2010 4,627.0 2.7%

2011 4,722.5 2.1%

CAGR 2007–2011 -2.75%


Figure 52: Europe Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





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Timetric expects the market size in terms of volume for paints and coatings in Europe to increase at a


Table 50: Europe Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 4,722.5

2012 4,857.1 2.9%

2013 5,040.4 3.8%

2014 5,263.3 4.4%

2015 5,494.9 4.4%

2016 5,767.9 5.0%

CAGR 2011–2016 4.08%


Figure 53: Europe Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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coatings category accounted for the largest proportion of the paints and coatings market size in

Europe. Meanwhile, the solvent-based paints and coatings category measured a market size of 1.6

million ton in terms of volume in 2011.

Table 51: Europe Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 5,279.2 5,310.2 4,503.7 4,627.0 4,722.5 -2.75%


Figure 54: Europe Paints and Coatings Market Size by Volume by Category (%), 2007–2011





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Water-based paints and coatings is expected to be the largest category in paints and coatings market

in Europe in 2016, accounting for a volume of 3.9 million tons and a regional market share of 66.8%.

Meanwhile, the solvent-based paints and coatings expected to record a market size of 1.9 million

tons in terms of volume. The water-based category is expected to register the fastest growth in paints

and coatings market in terms of volume during the forecast period, at a CAGR of 4.08%.

Table 52: Europe Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 4,722.5 4,857.1 5,040.4 5,263.3 5,494.9 5,767.9 4.08%


Figure 55: Europe Paints and Coatings Market Size by Volume by Category (%), 2011–2016





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5.3 Europe Paints and Coatings Production Value

5.3.1 Europe paints and coatings production value

The production of paints and coatings in Europe valued US$14.3 billion in 2011, representing an

increase of 1.6% over 2010. During the review period, the value of paints and coatings production


Table 53: Europe Paints and Coatings Production Value (US$ Million), 2007–2011


2007 16,529.4

2008 17,050.6 3.2%

2009 14,024.1 -17.8%

2010 14,038.3 0.1%

2011 14,257.4 1.6%

CAGR 2007–2011 -3.63%


Figure 56: Europe Paints and Coatings Production Value (US$ Million), 2007–2011





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Timetric expects the production of paints and coatings in Europe to increase at a CAGR of 3.46%


Table 54: Europe Paints and Coatings Production Value (US$ Million), 2011–2016


2011 14,257.4

2012 14,564.5 2.2%

2013 15,020.4 3.1%

2014 15,592.9 3.8%

2015 16,184.2 3.8%

2016 16,897.2 4.4%

CAGR 2011–2016 3.46%


Figure 57: Europe Paints and Coatings Production Value (US$ Million), 2011–2016





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5.3.2 Europe paints and coatings production value by category

The water-based paints and coatings category accounted for the largest share of the paints and

coatings production value in Europe in 2011, with a value of US$7.7 billion and a regional market

share of 75.7%. Meanwhile, solvent-based paints and coatings production valued US$2.5 billion in

2011.

Table 55: Europe Paints and Coatings Production Value by Category (US$ Million), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 16,529.4 17,050.6 14,024.1 14,038.3 14,257.4 -3.63%


Figure 58: Europe Paints and Coatings Production Value by Category (%), 2007–2011





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In terms of production value, water-based paints and coatings category is expected to be the largest

category within Europe in 2016, accounting for a value of US$8.7 billion and a regional market share

of 50.5%. Meanwhile, solvent-based paints and coatings is expected to reach a production value of

US$8.2 billion in 2016. The water-based paints and coatings category is expected to register the

fastest growth in paints and coatings production value over the forecast period, at a CAGR of 3.93%.

Table 56: Europe Paints and Coatings Production Value by Category (US$ Million), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 14,257.4 14,564.5 15,020.4 15,592.9 16,184.2 16,897.2 3.46%


Figure 59: Europe Paints and Coatings Production Value by Category (%), 2011–2016





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The production volume of paints and coatings in Europe stood at 4.9 million tons in 2011,

representing an increase of 1.8% over 2010. However, the production volume of paints and coatings

declined at a CAGR of -2.92% during the review period.

Table 57: Europe Paints and Coatings Production Volume (Thousand Tons), 2007–2011


2007 5,520.6

2008 5,544.6 0.4%

2009 4,708.2 -15.1%

2010 4,816.1 2.3%

2011 4,903.8 1.8%

CAGR 2007–2011 -2.92%


Figure 60: Europe Paints and Coatings Production Volume (Thousand Tons), 2007–2011





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Timetric expects the production volume of paints and coatings in Europe to increase at a CAGR of

3.71% over the forecast period, and to reach 5.9 million tons in 2016.

Table 58: Europe Paints and Coatings Production Volume (Thousand Tons), 2011–2016


2011 4,903.8

2012 5,027.0 2.5%

2013 5,198.0 3.4%

2014 5,409.5 4.1%

2015 5,628.8 4.1%

2016 5,884.0 4.5%

CAGR 2011–2016 3.71%


Figure 61: Europe Paints and Coatings Production Volume (Thousand Tons), 2011–2016





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With volume of 3.2 million tons and a regional market share of 66.4% in 2011, the water-based paints

and coatings category accounted for the largest share of the paints and coatings production volume

in Europe. Meanwhile, solvent-based paints and coatings measured a volume of 1.7 million tons in

2011.

Table 59: Europe Paints and Coatings Production Volume by Category (Thousand Tons),

2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 5,520.6 5,544.6 4,708.2 4,816.1 4,903.8 -2.92%


Figure 62: Europe Paints and Coatings Production Volume by Category (%), 2007–2011





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production in Europe in 2016, accounting for a volume of 3.9 million tons and a regional share of

66.8%. Meanwhile, the solvent-based paints and coatings category expected to measure a

production volume of 1.9 million tons in 2016. Over the forecast period, water-based paints and

coatings category is expected to register the fastest growth in paints and coatings production volume,

at a CAGR of 4.00%.

Table 60: Europe Paints and Coatings Production Volume by Category (Thousand Tons),

2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 4,903.8 5,027.0 5,198.0 5,409.5 5,628.8 5,884.0 3.71%


Figure 63: Europe Paints and Coatings Production Volume by Category (%), 2011–2016





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5.4 Germany


The market size of paints and coatings in Germany stood at US$2.5 billion in 2011, representing an



Table 61: German Paints and Coatings Market Size (US$ Million), 2007–2011


2007 3,111.5

2008 3,329.0 7.0%

2009 2,563.4 -23.0%

2010 2,466.4 -3.8%

2011 2,511.9 1.8%

CAGR 2007–2011 -5.21%


Figure 64: German Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Germany to increase at a CAGR of 3.50%


Table 62: German Paints and Coatings Market Size (US$ Million), 2011–2016


2011 2,511.9

2012 2,578.2 2.6%

2013 2,669.2 3.5%

2014 2,770.9 3.8%

2015 2,871.1 3.6%

2016 2,983.8 3.9%

CAGR 2011–2016 3.50%


Figure 65: German Paints and Coatings Market Size (US$ Million), 2011–2016





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The water-based paints and coatings accounted for the highest market size of paints and coatings in

Germany, with a value of US$1.3 billion and a market share of 53.5%. Meanwhile, the solvent-based

paints and coatings category registered a production value of US$1.2 billion in 2011.

Table 63: German Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 3,111.5 2,511.9 2,983.8


Figure 66: German Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Germany stood at 922.9 million tons in

2011, an increase of 2.3% over 2010. The market size in terms of volume for paints and coatings


Table 64: German Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 1,003.8

2008 985.1 -1.9%

2009 880.6 -10.6%

2010 902.2 2.5%

2011 922.9 2.3%

CAGR 2007–2011 -2.08%


Figure 67: German Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





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The market size in terms of volume for paints and coatings in Germany is expected to increase at a


Table 65: German Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 922.9

2012 951.6 3.1%

2013 987.9 3.8%

2014 1,032.8 4.5%

2015 1,075.7 4.2%

2016 1,122.4 4.3%

CAGR 2011–2016 3.99%


Figure 68: German Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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The water-based paints and coatings accounted for the highest market size of paints and coatings in

Germany in 2011, with a volume of 0.7 million tons and a market share of 72.6%. Meanwhile, the

solvent-based paints and coatings category achieved a market size of 0.3 million tons in terms of

volume in 2011.

Table 66: German Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 1,003.8 922.9 1,122.4


Figure 69: German Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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5.5 Spain


The market size of paints and coatings in Spain stood at US$1.5 billion in 2011, a decrease of 2.5%


5.53%.

Table 67: Spanish Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,888.3

2008 1,857.9 -1.6%

2009 1,670.4 -10.1%

2010 1,543.3 -7.6%

2011 1,504.3 -2.5%

CAGR 2007–2011 -5.53%


Figure 70: Spanish Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Spain to increase at a CAGR of 1.83%


Table 68: Spanish Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,504.3

2012 1,499.9 -0.3%

2013 1,520.5 1.4%

2014 1,555.2 2.3%

2015 1,598.3 2.8%

2016 1,646.8 3.0%

CAGR 2011–2016 1.83%


Figure 71: Spanish Paints and Coatings Market Size (US$ Million), 2011–2016





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Spain in 2011, with a value of US$937.6 million and a market share of 62.3%. Meanwhile, the

solvent-based paints and coatings registered a market size of US$566.7 million in 2011.

Table 69: Spanish Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016


Water-based paints and coatings 1,166.1 937.6 1,037.1

Overall 1,888.3 1,504.3 1,646.8


Figure 72: Spanish Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Spain stood at 0.6 million tons in 2011,

a decrease of 0.8% over 2010. The market size in terms of volume for paints and coatings recorded a

CARC of -3.27% during the review period.

Table 70: Spanish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 695.0

2008 742.9 6.9%

2009 564.1 -24.1%

2010 613.3 8.7%

2011 608.5 -0.8%

CAGR 2007–2011 -3.27%


Figure 73: Spanish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





Page 104



The market size in terms of volume for paints and coatings in Spain is expected to increase at a


Table 71: Spanish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 608.5

2012 612.5 0.7%

2013 620.8 1.4%

2014 632.9 1.9%

2015 648.8 2.5%

2016 668.3 3.0%

CAGR 2011–2016 1.89%


Figure 74: Spanish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





Page 105





Spain in 2011, with a volume of 0.5 million tons and a market share of 75.2%. Meanwhile, the

solvent-based paints and coatings registered a market size of 0.2 million tons in terms of volume in

2011.

Table 72: Spanish Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 695.0 608.5 668.3


Figure 75: Spanish Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





Page 106



5.6 France


The market size of paints and coatings in France stood at US$1.7 billion in 2011, an increase of 1.3%


4.46%.

Table 73: France Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,987.8

2008 1,763.4 -11.3%

2009 1,644.8 -6.7%

2010 1,635.7 -0.6%

2011 1,656.3 1.3%

CAGR 2007–2011 -4.46%


Figure 76: France Paints and Coatings Market Size (US$ Million), 2007–2011





Page 107



Timetric expects the market size of paints and coatings in France to increase at a CAGR of 3.03%


Table 74: France Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,656.3

2012 1,693.4 2.2%

2013 1,742.7 2.9%

2014 1,801.8 3.4%

2015 1,857.5 3.1%

2016 1,923.3 3.5%

CAGR 2011–2016 3.03%


Figure 77: France Paints and Coatings Market Size (US$ Million), 2011–2016





Page 108





France in 2011, with a value of US$898.6 million and a market share of 54.3%. Meanwhile, the

solvent-based paints and coatings category registered a market size US$757.6 million in 2011.

Table 75: France Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016

Solvent-based paints and coatings 1,216.3 757.6 856.8

Water-based paints and coatings 771.5 898.6 1,066.5

Overall 1,987.8 1,656.3 1,923.3


Figure 78: France Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





Page 109




The market size in terms of volume for paints and coatings in France stood at 0.5 million tons in


registered a CAGR of -1.54% during the review period.

Table 76: France Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 550.4

2008 553.4 0.6%

2009 535.6 -3.2%

2010 508.4 -5.1%

2011 517.1 1.7%

CAGR 2007–2011 -1.54%


Figure 79: France Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





Page 110



The market size in terms of volume for paints and coatings in France is expected to increase at a


Table 77: France Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 517.1

2012 529.6 2.4%

2013 546.0 3.1%

2014 566.0 3.7%

2015 585.9 3.5%

2016 608.3 3.8%

CAGR 2011–2016 3.30%


Figure 80: France Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





Page 111




The water-based paints and coatings accounted for the highest market size for paints and coatings in

France in 2011, with a volume of 0.3 million tons and a market share of 65.3%. Meanwhile, the

solvent-based category registered a market size of 0.2 million tons in terms of volume in 2011.

Table 78: France Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 550.4 517.1 608.3


Figure 81: France Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and

2016





Page 112



5.7 Italy


The market size of paints and coatings in Italy stood at US$2.3 billion in 2011, an increase of 0.8%


0.98%.

Table 79: Italian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 2,409.5

2008 2,826.4 17.3%

2009 2,295.7 -18.8%

2010 2,298.4 0.1%

2011 2,316.3 0.8%

CAGR 2007–2011 -0.98%


Figure 82: Italian Paints and Coatings Market Size (US$ Million), 2007–2011





Page 113



Timetric expects the market size of paints and coatings in Italy to increase at a CAGR of 2.88% over

the forecast period, to reach US$2.7 billion in 2016.

Table 80: Italian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 2,316.3

2012 2,351.0 1.5%

2013 2,406.8 2.4%

2014 2,483.5 3.2%

2015 2,553.7 2.8%

2016 2,669.2 4.5%

CAGR 2011–2016 2.88%


Figure 83: Italian Paints and Coatings Market Size (US$ Million), 2011–2016





Page 114




The solvent-based paints and coatings category accounted for the highest market size of paints and

coatings in Italy in 2011, with a value of US$1.2 billion and a market share of 51.5%. Meanwhile, the

water-based paints and coatings valued US$1.1 billion in 2011.

Table 81: Italian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 2,409.5 2,316.3 2,669.2


Figure 84: Italian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





Page 115




The market size in terms of volume for paints and coatings in Italy stood at 0.8 million tons in 2011, a

decrease of 0.2% over 2010. The market size in terms of volume for paints and coatings recorded a

CAGR of -1.69% during the review period.

Table 82: Italian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 817.8

2008 912.0 11.5%

2009 784.0 -14.0%

2010 765.3 -2.4%

2011 763.9 -0.2%

CAGR 2007–2011 -1.69%


Figure 85: Italian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





Page 116



The market size in terms of volume for paints and coatings in Italy is expected to increase at a CAGR

of 2.87% over the forecast period, to reach 0.9 million tons in 2016.

Table 83: Italian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 763.9

2012 776.9 1.7%

2013 798.0 2.7%

2014 822.9 3.1%

2015 845.8 2.8%

2016 879.8 4.0%

CAGR 2011–2016 2.87%


Figure 86: Italian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





Page 117




The water-based paints and coatings category accounted for the highest market size for paints and

coatings in Italy in 2011, with a volume of 0.5 million tons and a market share of 59.0%. Meanwhile,

solvent-based paints and coatings accounted for the remaining market share of 41.0%, with a market

size of 0.3 million tons in terms of volume.

Table 84: Italian Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 817.8 763.9 879.8


Figure 87: Italian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and

2016





Page 118



5.8 The United Kingdom


The market size of paints and coatings in the United Kingdom stood at US$1.3 billion in 2011, a

decrease of 1.2% over 2010. During the review period, the market size of paints and coatings


Table 85: United Kingdom Paints and Coatings Market Size (US$ Million), 2007–2011


2007 2,089.2

2008 1,734.2 -17.0%

2009 1,354.7 -21.9%

2010 1,362.2 0.6%

2011 1,345.6 -1.2%

CAGR 2007–2011 -10.42%


Figure 88: United Kingdom Paints and Coatings Market Size (US$ Million), 2007–2011





Page 119



Timetric projects the market size of paints and coatings in United Kingdom to increase at a CAGR of

2.00% over the forecast period, to reach US$1.5 billion in 2016.

Table 86: United Kingdom Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,345.6

2012 1,325.6 -1.5%

2013 1,349.5 1.8%

2014 1,385.2 2.6%

2015 1,435.9 3.7%

2016 1,485.3 3.4%

CAGR 2011–2016 2.00%


Figure 89: United Kingdom Paints and Coatings Market Size (US$ Million), 2011–2016





Page 120




The water-based paints and coatings category accounted for the highest market size of paints and

coatings in the United Kingdom, with a value of US$836.9 million and a market share of 62.2%.

Meanwhile, the solvent-based paints and coatings category valued US$508.7 million.

Table 87: United Kingdom Paints and Coatings Market Size by Category (US$ Million), 2007,

2011 and 2016

Category 2007 2011 2016


Water-based paints and coatings 1,227.5 836.9 924.0

Overall 2,089.2 1,345.6 1,485.3


Figure 90: United Kingdom Paints and Coatings Market Size by Category (%), 2007, 2011 and

2016





Page 121




The market size in terms of volume for paints and coatings in the United Kingdom stood at 0.4 million

tons in 2011, a decrease of 2.0% over 2010. The market size in terms of volume for paints and


Table 88: United Kingdom Paints and Coatings Market Size by Volume (Thousand Tons),

2007–2011


2007 594.9

2008 494.8 -16.8%

2009 397.4 -19.7%

2010 405.2 1.9%

2011 397.0 -2.0%

CAGR 2007–2011 -9.62%


Figure 91: United Kingdom Paints and Coatings Market Size by Volume (Thousand Tons),

2007–2011





Page 122



The market size in terms of volume for paints and coatings in the United Kingdom is expected to

increase at a CAGR of 1.90% over the forecast period, to reach 0.4 million tons in 2016.

Table 89: United Kingdom Paints and Coatings Market Size by Volume (Thousand Tons),

2011–2016


2011 397.0

2012 387.7 -2.3%

2013 394.0 1.6%

2014 405.9 3.0%

2015 421.7 3.9%

2016 436.1 3.4%

CAGR 2011–2016 1.90%


Figure 92: United Kingdom Paints and Coatings Market Size by Volume (Thousand Tons),

2011–2016





Page 123




Water-based paints and coatings accounted for the highest market size for paints and coatings in the

United Kingdom in 2011, with a volume of 0.3 million tons and a market share of 64.7%. Meanwhile,

the solvent-based paints and coatings accounted for the remaining market share of 35.3%, with a

market size of 0.1 million tons in terms of volume.

Table 90: United Kingdom Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 594.9 397.0 436.1


Figure 93: United Kingdom Paints and Coatings Market Size by Volume by Category (%), 2007,

2011 and 2016





Page 124



5.9 Croatia


The market size of paints and coatings in Croatia stood at US$76.7 million in 2011, an increase of


of -6.88%.

Table 91: Croatian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 102.1

2008 109.0 6.7%

2009 85.2 -21.8%

2010 76.5 -10.2%

2011 76.7 0.4%

CAGR 2007–2011 -6.88%


Figure 94: Croatian Paints and Coatings Market Size (US$ Million), 2007–2011





Page 125



Timetric expects the market size of paints and coatings in Croatia to increase at a CAGR of 1.65%

over the forecast period, to reach US$83.3 million in 2016.

Table 92: Croatian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 76.7

2012 77.4 0.9%

2013 78.6 1.5%

2014 80.3 2.2%

2015 82.3 2.4%

2016 83.3 1.3%

CAGR 2011–2016 1.65%


Figure 95: Croatian Paints and Coatings Market Size (US$ Million), 2011–2016





Page 126





coatings in Croatia in 2011, with a value of US$38.7 million and a market share of 50.5%. Meanwhile,

the water-based paints and coatings valued US$38.0 million in 2011.

Table 93: Croatian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 102.1 76.7 83.3


Figure 96: Croatian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





Page 127




The market size in terms of volume for paints and coatings in Croatia stood at 0.04 million tons in



Table 94: Croatian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 52.1

2008 54.2 4.0%

2009 42.9 -20.8%

2010 40.8 -4.8%

2011 41.2 1.0%

CAGR 2007–2011 -5.66%


Figure 97: Croatian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





Page 128



The market size in terms of volume for paints and coatings in Croatia is expected to increase at a


Table 95: Croatian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 41.2

2012 41.9 1.5%

2013 42.7 2.1%

2014 43.9 2.7%

2015 45.1 2.9%

2016 45.9 1.6%

CAGR 2011–2016 2.15%


Figure 98: Croatian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





Page 129





coatings in Croatia in 2011, with a volume of 33.1 thousand tons and a market share of 80.2%.

Meanwhile, the solvent-based paints and coatings accounted for the remaining market share of

19.8%, with a market size of 8.2 thousand tons in terms of volume.

Table 96: Croatian Paints and Coatings Market Size by Volume by Category (Thousand Tons)

2007, 2011 and 2016

Category 2007 2011 2016



Overall 52.1 41.2 45.9


Figure 99: Croatian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





Page 130



5.10 Russia


The market size of paints and coatings in Russia stood at US$1.9 billion in 2011, an increase of 7.9%

over 2010. During the review period, the market size of paints and coatings recorded a CAGR of

0.66%.

Table 97: Russian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,846.0

2008 2,027.8 9.8%

2009 1,584.8 -21.8%

2010 1,756.1 10.8%

2011 1,895.4 7.9%

CAGR 2007–2011 0.66%


Figure 100: Russian Paints and Coatings Market Size (US$ Million), 2007–2011





Page 131



Timetric expects the market size of paints and coatings in Russia to increase at a CAGR of 9.14%


Table 98: Russian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,895.4

2012 2,056.1 8.5%

2013 2,242.6 9.1%

2014 2,461.5 9.8%

2015 2,679.2 8.8%

2016 2,935.4 9.6%

CAGR 2011–2016 9.14%


Figure 101: Russian Paints and Coatings Market Size (US$ Million), 2011–2016





Page 132




Solvent-based paints and coatings accounted for the highest market size of paints and coatings in

Russia in 2011, with a value of US$1.1 billion and a market share of 55.6%. Meanwhile, the water-

based paints and coatings market sized US$840.8 million in 2011.

Table 99: Russian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 1,846.0 1,895.4 2,935.4


Figure 102: Russian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





Page 133




The market size in terms of volume for paints and coatings in Russia stood at 0.7 million tons in 2011,



Table 100: Russian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 699.0

2008 704.7 0.8%

2009 555.5 -21.2%

2010 633.5 14.0%

2011 680.0 7.4%

CAGR 2007–2011 -0.69%


Figure 103: Russian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





Page 134



The market size in terms of volume for paints and coatings in Russia is expected to increase at a


Table 101: Russian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 680.0

2012 733.3 7.8%

2013 794.9 8.4%

2014 866.1 9.0%

2015 937.8 8.3%

2016 1,021.4 8.9%

CAGR 2011–2016 8.48%


Figure 104: Russian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





Page 135





coatings in Russia, with a volume of 0.4 million tons and a market share of 52.4%. Meanwhile, the



Table 102: Russian Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 699.0 680.0 1,021.4


Figure 105: Russian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





Page 136



5.11 Poland


The market size of paints and coatings in Poland stood at US$1.0 billion in 2011, an increase of 6.8%


4.43%.

Table 103: Polish Paints and Coatings Market Size (US$ Million), 2007–2011


2007 842.5

2008 1,069.5 27.0%

2009 820.0 -23.3%

2010 938.6 14.5%

2011 1,002.1 6.8%

CAGR 2007–2011 4.43%


Figure 106: Polish Paints and Coatings Market Size (US$ Million), 2007–2011





Page 137



Timetric expects the market size of paints and coatings in Poland to increase at a CAGR of 6.31%

over the forecast period, to reach US$1.4 billion in 2016

Table 104: Polish Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,002.1

2012 1,064.6 6.2%

2013 1,126.9 5.9%

2014 1,194.8 6.0%

2015 1,268.2 6.1%

2016 1,360.8 7.3%

CAGR 2011–2016 6.31%


Figure 107: Polish Paints and Coatings Market Size (US$ Million), 2011–2016





Page 138





coatings in Poland, with a value of US$592.1 million and a market share of 59.1%. Meanwhile,

solvent-based paints and coatings market sized US$410.0 million.

Table 105: Polish Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 842.5 1,002.1 1,360.8


Figure 108: Polish Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





Page 139




The market size in terms of volume for paints and coatings in Poland stood at 0.5 million tons in


recorded a CAGR of 0.01% during the review period.

Table 106: Polish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 468.7

2008 436.7 -6.8%

2009 401.5 -8.1%

2010 439.9 9.6%

2011 468.9 6.6%

CAGR 2007–2011 0.01%


Figure 109: Polish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





Page 140



The market size in terms of volume for paints and coatings in Poland is expected to increase at a


Table 107: Polish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 468.9

2012 495.9 5.8%

2013 522.8 5.4%

2014 552.4 5.7%

2015 584.4 5.8%

2016 624.7 6.9%

CAGR 2011–2016 5.90%


Figure 110: Polish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





Page 141





Poland, with a volume of 0.4 million tons and a market share of 78.5%. Meanwhile, the solvent-based

paints and coatings category accounted for the remaining market share of 21.5%, with a market size

of 0.1 million tons in terms of volume.

Table 108: Polish Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 468.7 468.9 624.7


Figure 111: Polish Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





Page 142



5.12 Hungary


The market size of paints and coatings in Hungary stood at US$180.3 million in 2011, an increase of


of -7.22%.

Table 109: Hungarian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 243.3

2008 265.1 8.9%

2009 197.6 -25.4%

2010 177.7 -10.1%

2011 180.3 1.5%

CAGR 2007–2011 -7.22%


Figure 112: Hungarian Paints and Coatings Market Size (US$ Million), 2007–2011





Page 143



Timetric expects the market size of paints and coatings in Hungary to increase at a CAGR of 3.05%


Table 110: Hungarian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 180.3

2012 184.0 2.1%

2013 189.0 2.7%

2014 195.0 3.2%

2015 201.8 3.4%

2016 209.5 3.8%

CAGR 2011–2016 3.05%


Figure 113: Hungarian Paints and Coatings Market Size (US$ Million), 2011–2016





Page 144





Hungary in 2011, with a value of US$101.3 million and a market share of 56.2%. Meanwhile, the

solvent-based paints and coatings valued US$79.0 million in 2011.

Table 111: Hungarian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016



Overall 243.3 180.3 209.5


Figure 114: Hungarian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





Page 145




The market size in terms of volume for paints and coatings in Hungary stood at 0.08 million tons in



Table 112: Hungarian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 118.6

2008 124.8 5.3%

2009 92.0 -26.3%

2010 83.1 -9.6%

2011 84.2 1.3%

CAGR 2007–2011 -8.21%


Figure 115: Hungarian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





Page 146



The market size in terms of volume of paints and coatings in Hungary is expected to increase at a


Table 113: Hungarian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 84.2

2012 86.0 2.2%

2013 88.4 2.7%

2014 91.4 3.4%

2015 94.8 3.8%

2016 98.6 4.0%

CAGR 2011–2016 3.21%


Figure 116: Hungarian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





Page 147





Hungary in 2011, with a volume of 0.07 million tons and a market share of 79.7%. Meanwhile, the


size of 0.2 million tons in terms of volume in 2011.

Table 114: Hungarian Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 118.6 84.2 98.6


Figure 117: Hungarian Paints and Coatings Market Size by Volume by Category (%), 2007,

2011 and 2016





Page 148



5.13 Switzerland


The market size of paints and coatings in Switzerland stood at US$400.0 million in 2011, an increase


CAGR of -1.25%.

Table 115: Swiss Paints and Coatings Market Size (US$ Million), 2007–2011


2007 420.8

2008 452.7 7.6%

2009 399.9 -11.7%

2010 391.5 -2.1%

2011 400.1 2.2%

CAGR 2007–2011 -1.25%


Figure 118: Swiss Paints and Coatings Market Size (US$ Million), 2007–2011





Page 149



Timetric expects the market size of paints and coatings in Switzerland to increase at a CAGR of

2.34% over the forecast period, to reach US$449.1 million in 2016.

Table 116: Swiss Paints and Coatings Market Size (US$ Million), 2011–2016


2011 400.1

2012 408.2 2.0%

2013 415.5 1.8%

2014 424.9 2.3%

2015 436.2 2.7%

2016 449.1 3.0%

CAGR 2011–2016 2.34%


Figure 119: Swiss Paints and Coatings Market Size (US$ Million), 2011–2016





Page 150





coatings in Switzerland in 2011, with a value of US$251.8 million and a market share of 62.9%.

Meanwhile, the water-based paints and coatings valued US$148.3 million in 2011.

Table 117: Swiss Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 420.8 400.1 449.1


Figure 120: Swiss Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





Page 151




The market size in terms of volume for paints and coatings in Switzerland stood at 0.1 million tons in



Table 118: Swiss Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 112.6

2008 119.1 5.8%

2009 102.8 -13.8%

2010 100.3 -2.4%

2011 102.3 2.0%

CAGR 2007–2011 -2.37%


Figure 121: Swiss Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





Page 152



The market size in terms of volume for paints and coatings in Switzerland is expected to increase at a


Table 119: Swiss Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 102.3

2012 104.1 1.7%

2013 105.5 1.3%

2014 107.2 1.6%

2015 109.5 2.1%

2016 112.2 2.5%

CAGR 2011–2016 1.86%


Figure 122: Swiss Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





Page 153





Switzerland in 2011, with a volume of 0.05 million tons and a market share of 55.9%. Meanwhile, the



Table 120: Swiss Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 112.6 102.3 112.2


Figure 123: Swiss Paints and Coatings Market Size by Volume by Category (%), 2007, 2011 and

2016





Page 154



5.14 Netherlands


The market size of paints and coatings in the Netherlands stood at US$542.9 million in 2011, an



Table 121: Dutch Paints and Coatings Market Size (US$ Million), 2007–2011


2007 646.8

2008 666.1 3.0%

2009 581.4 -12.7%

2010 531.7 -8.5%

2011 542.9 2.1%

CAGR 2007–2011 -4.28%


Figure 124: Dutch Paints and Coatings Market Size (US$ Million), 2007–2011





Page 155



Timetric expects the market size of paints and coatings in the Netherlands to increase at a CAGR of


Table 122: Dutch Paints and Coatings Market Size (US$ Million), 2011–2016


2011 542.9

2012 549.7 1.2%

2013 559.6 1.8%

2014 571.5 2.1%

2015 587.8 2.9%

2016 608.9 3.6%

CAGR 2011–2016 2.32%


Figure 125: Dutch Paints and Coatings Market Size (US$ Million), 2011–2016





Page 156




Solvent-based paints and coatings accounted for the highest market size of paints and coatings in the

Netherlands in 2011, with a value of US$340.9 million and a market share of 62.8%. Meanwhile, the

water-based paints and coatings category valued US$202.1 million.

Table 123: Dutch Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 646.8 542.9 608.9


Figure 126: Dutch Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





Page 157




The market size in terms of volume for paints and coatings in the Netherlands stood at 0.1 million

tons in 2011, an increase of 1.0% over 2010. The market size in terms of volume of paints and


Table 124: Dutch Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 166.2

2008 182.5 9.8%

2009 147.3 -19.3%

2010 135.0 -8.4%

2011 136.4 1.0%

CAGR 2007–2011 -4.83%


Figure 127: Dutch Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





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The market size in terms of volume for paints and coatings in the Netherlands is expected to increase

at a CAGR of 1.95% over the forecast period, to reach 0.2 million tons in 2016.

Table 125: Dutch Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 136.4

2012 137.6 0.9%

2013 139.5 1.3%

2014 141.9 1.7%

2015 145.4 2.5%

2016 150.2 3.3%

CAGR 2011–2016 1.95%


Figure 128: Dutch Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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Water-based paints and coatings accounted for the highest market size for paints and coatings in the

Netherlands in 2011, with a volume of 0.08 million tons and a market share of 60.3%. Meanwhile, the



Table 126: Dutch Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 166.2 136.4 150.2


Figure 129: Dutch Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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6 Asia-Pacific

6.1 Asia-Pacific Regional Analysis

The Asia-Pacific region contains a variety of paints and coatings markets, ranging from highly

developed and mature markets in countries such as Japan and Australia, to some of the fastest-

growing and emerging markets in countries such as China, India, Indonesia and the Philippines. The

region was the least affected by the global economic crisis, which enabled the paints and coatings

market to record a high annual growth of 10.1% during the peak of the crisis in 2009. The annual

growth rate further strengthened to 19.3% in 2010 due, in part, to economic stimulus and government

incentives in the region. In 2011, the region‟s annual growth rate was 14.3% and the paints and

coatings market sized US$20.0 billion. In terms of volume, the Asia-Pacific paints and coatings

market recorded a strong annual growth of 13.7% in 2011, to reach 6.3 million tons.

During the review period, the Asia-Pacific region‟s paints and coatings market recorded a CAGR of

15.84%, with the Chinese market driving the region‟s growth with its CAGR of 23.53%. Consequently,

China‟s share in the Asia-Pacific market increased from 54.7% in 2007 to 70.7% in 2011. The main

reasons for China‟s strong growth are the expansion of the Chinese middle-class population and the

rising urbanization level, which are increasing the demand for high quality homes in urban areas. For

example, Shanghai alone required an additional 1.3 million square meters of new residential housing

annually to house its growing population during the review period. Similarly the rising income levels of

a growing middle class, shift towards nuclear families, affordable interest rates and modern attitudes

to home ownership have encouraged residential construction activities in other Asia-Pacific emerging

countries such as India, Indonesia, Malaysia and Philippines. The robust economic growth of

developing Asia-Pacific countries has also supported and sustained a strong demand for commercial

property constructions, such as modern offices, outdoor leisure facilities, hotels and shopping centers,

to meet the needs of businesses. In contrast to these developing Asia-Pacific markets, Japan and

Australia represent mature and developed paint and coatings markets with more modest review

period growth rates.

The environmental friendly water-based paints and coatings category recorded a higher CAGR of

17.54% during the review period than the solvent-based paints and coatings category, which recorded

a CAGR of 12.98%. Consequently, the water-based category increased its regional market share

from 61.3% in 2007 to 65.0% in 2011. Timetric expects this trend to continue during the forecast

period, with the water-based paints and coatings expected to record a CAGR of 11.28% compared to

the projected CAGR of 9.80% for the solvent-based category.

During the review period, the production of paints and coatings in Asia-Pacific has followed the same

trend as its market size, with an identical CAGR of 15.84%. However, over the forecast period

Timetric expects the production growth rate of paints and coatings to record a slightly lower CAGR of

10.60% than the market size growth rate at a CAGR 10.77%. Chinese share in the regional

production of paints and coatings increased from 53.5% in 2007 to 69.3% in 2011, and is further

expected to increase to 76.2% in 2016.

Over the forecast period, Timetric expects the Asia-Pacific market to continue driving the global paints

and coatings market. Furthermore, China will continue registering the largest growth rate in the

region, at an expected CAGR of 12.67% during the forecast period. Residential construction spending

is expected to increase in China, which will be supported by the country‟s rising income levels,

increasing urbanization and government efforts to improve the living conditions of low-income

earners. Indonesia will continue to be the second-fastest-growing consumer of paints and coatings in

the region, with an expected market size CAGR of 10.31% during the forecast period as compared to




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its review period CAGR of 11.36%. India will register a higher demand for paint and coatings during

the forecast period than the review period, as the country is expected to demand 24.3 million new

houses in its urban areas alone. According to an estimate, India requires US$220.3 billion over the

forecast period to cater to the demand for urban housing, notwithstanding the value to cater for

housing in the country‟s semi-urban areas. Similarly, Timetric expects the Japanese paints and

coatings market to record a better performance in the forecast period than the review period, with

growth being driven by the large scale reconstruction activities following in the aftermath of the 2011

earthquake and tsunami. The construction activities in Japan will be supported by the US$2.6 billion

East Japanese Earthquake Reconstruction Program that will be spent over the next ten years. South

Korea is another important country in the Asia-Pacific region, and is expected to achieve a CAGR of

4.17% over the forecast period. In South Korea construction activities will be supported by

investments in preparation for hosting the 2012 World Exposition (World Fair) and the 2018 Winter

Olympic Games.




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6.1.1 Asia-Pacific paints and coatings market dynamics

During the review period, the market size of paints and coatings in the Asia-Pacific region registered

a CAGR of 15.84%, to reach US$20.0 billion in 2011. Over the forecast period, it is anticipated to

grow at a CAGR of 10.77%. Within the region, China was the largest market with a regional market

share of 70.7% in 2011, followed by India with a market share of 8.9% and Australia with a market

share of 5.6%.

Figure 130: Asia-Pacific Paints and Coatings Market Dynamics by Value (%), 2007–2016






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The market size of paints and coatings in Asia-Pacific stood at US$20.0 billion in 2011, representing

an increase of 14.3% over 2010. During the review period, the market size of paints and coatings

recorded a CAGR of 15.84%.

Table 127: Asia-Pacific Paints and Coatings Market Size (US$ Million), 2007–2011


2007 11,132.7

2008 13,343.9 19.9%

2009 14,691.5 10.1%

2010 17,532.9 19.3%

2011 20,045.7 14.3%

CAGR 2007–2011 15.84%


Figure 131: Asia-Pacific Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects market size of paints and coatings in Asia-Pacific to increase at a CAGR of 10.77%


Table 128: Asia-Pacific Paints and Coatings Market Size (US$ Million), 2011–2016


2011 20,045.7

2012 22,002.1 9.8%

2013 24,287.9 10.4%

2014 26,968.0 11.0%

2015 30,099.6 11.6%

2016 33,433.3 11.1%

CAGR 2011–2016 10.77%


Figure 132: Asia-Pacific Paints and Coatings Market Size (US$ Million), 2011–2016





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With a value of US$13.0 billion and a market share of 65.0% in 2011, the water-based paints and

coatings category was the largest within the Asia-Pacific paints and coatings market. Meanwhile,

solvent-based paints and coatings valued US$7.0 billion in 2011, accounting for 35.0% of the market

size.

Table 129: Asia-Pacific Paints and Coatings Market Size by Category (US$ Million), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 11,132.7 13,343.9 14,691.5 17,532.9 20,045.7 15.84%


Figure 133: Asia-Pacific Paints and Coatings Market Size by Category (%), 2007–2011





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in the Asia-Pacific region in 2016, accounting for a value of US$22.2 billion and a market share of

66.5%. Meanwhile, the solvent-based paints and coatings category is expected to value US$11.2

billion in 2016. Water-based paints and coatings is expected to be the fastest-growing category over

the forecast period, achieving a CAGR of 11.28%.

Table 130: Asia-Pacific Paints and Coatings Market Size by Category (US$ Million), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 20,045.7 22,002.1 24,287.9 26,968.0 30,099.6 33,433.3 10.77%


Figure 134: Asia-Pacific Paints and Coatings Market Size by Category (%), 2011–2016





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The market size in terms of volume for paints and coatings in the Asia-Pacific region stood at 6.3

million tons in 2011, representing an increase of 13.7% over 2010. The market size in terms of

volume for paints and coatings recorded a CAGR of 12.30% during the review period.

Table 131: Asia-Pacific Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 3,938.7

2008 4,293.7 9.0%

2009 4,648.1 8.3%

2010 5,510.1 18.5%

2011 6,264.9 13.7%

CAGR 2007–2011 12.30%


Figure 135: Asia-Pacific Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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Timetric expects the market size in terms of volume for paints and coatings in Asia-Pacific to increase


Table 132: Asia-Pacific Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 6,264.9

2012 6,865.9 9.6%

2013 7,554.1 10.0%

2014 8,360.8 10.7%

2015 9,296.4 11.2%

2016 10,297.4 10.8%

CAGR 2011–2016 10.45%


Figure 136: Asia-Pacific Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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coatings category accounted for the largest share of the paints and coatings market size in the Asia-

Pacific region. Meanwhile, solvent-based paints and coatings measured a market size of 2.1 million

tons in terms of volume in 2011.

Table 133: Asia-Pacific Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 3,938.7 4,293.7 4,648.1 5,510.1 6,264.9 12.30%


Figure 137: Asia-Pacific Paints and Coatings Market Size by Volume by Category (%), 2007–

2011





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In terms of volume, water-based paints and coatings is expected to be the largest category in the

Asia-Pacific paints and coatings market in 2016, accounting for a volume of 7.1 million tons and a

market share of 68.8%. Meanwhile, the solvent-based paints and coatings expected to record a

market size of 3.2 million tons in terms of volume. The water-based paints and coatings category is

expected to register the fastest growth in paints and coatings market size in volume terms over the

forecast period, at a CAGR of 10.96%.

Table 134: Asia-Pacific Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 6,264.9 6,865.9 7,554.1 8,360.8 9,296.4 10,297.4 10.45%


Figure 138: Asia-Pacific Paints and Coatings Market Size by Volume by Category (%), 2011–

2016





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6.3 Asia-Pacific Paints and Coatings Production Value

6.3.1 Asia-Pacific paints and coatings production value

The production of paints and coatings in the Asia-Pacific region valued US$20.3 billion in 2011,

representing an increase of 14.0% over 2010. During the review period, the value of paints and

coatings production recorded a CAGR of 15.84%.

Table 135: Asia-Pacific Paints and Coatings Production Value (US$ Million), 2007–2011


2007 11,253.1

2008 13,461.2 19.6%

2009 14,875.0 10.5%

2010 17,781.0 19.5%

2011 20,266.4 14.0%

CAGR 2007–2011 15.84%


Figure 139: Asia-Pacific Paints and Coatings Production Value (US$ Million), 2007–2011





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Timetric expects production of paints and coatings in Asia-Pacific to increase at a CAGR of 10.60%


Table 136: Asia-Pacific Paints and Coatings Production Value (US$ Million), 2011–2016


2011 20,266.4

2012 22,208.4 9.6%

2013 24,474.8 10.2%

2014 27,132.0 10.9%

2015 30,234.4 11.4%

2016 33,538.2 10.9%

CAGR 2011–2016 10.60%


Figure 140: Asia-Pacific Paints and Coatings Production Value (US$ Million), 2011–2016





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6.3.2 Asia-Pacific paints and coatings production value by category

With a value of US$13.0 billion and a market share of 64.0% in 2011, water-based paints and

coatings accounted for the largest share of the Asia-Pacific paints and coatings production value.

Meanwhile, solvent-based paints and coatings valued US$7.3 billion in the same year.

Table 137: Asia-Pacific Paints and Coatings Production Value by Category (US$ Million),

2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 11,253.1 13,461.2 14,875.0 17,781.0 20,266.4 15.84%


Figure 141: Asia-Pacific Paints and Coatings Production Value by Category (%), 2007–2011





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In terms of production value, the water-based paints and coatings category is expected to be the

largest within Asia-Pacific in 2016, accounting for a value of US$22.1 billion and a share of 66.0%.

Meanwhile, solvent-based paints and coatings category is expected to have a production value of

US$11.4 billion in 2016. Over the forecast period, the water-based paints and coatings category is

projected to register the fastest growth in paints and coatings production value, at an anticipated

CAGR of 11.26%.

Table 138: Asia-Pacific Paints and Coatings Production Value by Category (US$ Million),

2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 20,266.4 22,208.4 24,474.8 27,132.0 30,234.4 33,538.2 10.60%


Figure 142: Asia-Pacific Paints and Coatings Production Value by Category (%), 2011–2016





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The production volume of paints and coatings in the Asia-Pacific region stood at 6.3 million tons in

2011, representing an increase of 13.7% over 2010. The production volume of paints and coatings

increased at a CAGR of 12.27% during the review period.

Table 139: Asia-Pacific Paints and Coatings Production Volume (Thousand Tons), 2007–2011


2007 3,937.6

2008 4,294.0 9.1%

2009 4,654.7 8.4%

2010 5,504.6 18.3%

2011 6,256.7 13.7%

CAGR 2007–2011 12.27%


Figure 143: Asia-Pacific Paints and Coatings Production Volume (Thousand Tons), 2007–2011





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Timetric expects the production volume of paints and coatings in Asia-Pacific to increase at a CAGR

of 10.40% over the forecast period, to reach 10.3 million tons in 2016.

Table 140: Asia-Pacific Paints and Coatings Production Volume (Thousand Tons), 2011–2016


2011 6,256.7

2012 6,853.1 9.5%

2013 7,535.7 10.0%

2014 8,336.4 10.6%

2015 9,265.2 11.1%

2016 10,259.0 10.7%

CAGR 2011–2016 10.40%


Figure 144: Asia-Pacific Paints and Coatings Production Volume (Thousand Tons), 2011–2016





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With a volume of 4.2 million tons and a market share of 67.0% in 2011, water-based paints and

coatings accounted for the largest share of the paints and coatings production volume in the Asia-

Pacific region. Meanwhile, solvent-based paints and coatings measured a volume of 2.1 million tons

in the same year.

Table 141: Asia-Pacific Paints and Coatings Production Volume by Category (Thousand

Tons), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 3,937.6 4,294.0 4,654.7 5,504.6 6,256.7 12.27%


Figure 145: Asia-Pacific Paints and Coatings Production Volume by Category (%), 2007–2011





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In terms of volume, water-based paints and coatings is expected to be the largest category of paints

and coatings production in Asia-Pacific in 2016, accounting for a volume of 7.1 million tons and a

market share of 68.7%. Meanwhile, the solvent-based paints and coatings category is projected to

measure a production volume of 3.2 million tons. The water-based paints and coatings category is

expected to register the fastest growth in paints and coatings production volume over the forecast

period, at an anticipated CAGR of 10.94%.

Table 142: Asia-Pacific Paints and Coatings Production Volume by Category (Thousand

Tons), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 6,256.7 6,853.1 7,535.7 8,336.4 9,265.2 10,259.0 10.40%


Figure 146: Asia-Pacific Paints and Coatings Production Volume by Category (%), 2011–2016





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6.4 China


The market size of paints and coatings in China stood at US$14.2 billion in 2011, an increase of


of 23.53%.

Table 143: Chinese Paints and Coatings Market Size (US$ Million), 2007–2011


2007 6,087.8

2008 7,777.3 27.8%

2009 9,623.4 23.7%

2010 12,046.1 25.2%

2011 14,173.6 17.7%

CAGR 2007–2011 23.53%


Figure 147: Chinese Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in China to increase at a CAGR of 12.67%


Table 144: Chinese Paints and Coatings Market Size (US$ Million), 2011–2016


2011 14,173.6

2012 15,831.3 11.7%

2013 17,770.1 12.2%

2014 20,072.4 13.0%

2015 22,808.0 13.6%

2016 25,729.3 12.8%

CAGR 2011–2016 12.67%


Figure 148: Chinese Paints and Coatings Market Size (US$ Million), 2011–2016





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China in 2011, with a value of US$9.1 billion and a market share of 64.5%. Meanwhile, the solvent-

based paints and coatings category valued US$5.0 billion in 2011.

Table 145: Chinese Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 6,087.8 14,173.6 25,729.3


Figure 149: Chinese Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in China stood at 4.2 million tons in 2011,


a CAGR of 19.83% during the review period.

Table 146: Chinese Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 2,016.7

2008 2,351.0 16.6%

2009 2,846.5 21.1%

2010 3,532.2 24.1%

2011 4,158.3 17.7%

CAGR 2007–2011 19.83%


Figure 150: Chinese Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





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The market size in terms of volume for paints and coatings in China is expected to increase at a


Table 147: Chinese Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 4,158.3

2012 4,641.5 11.6%

2013 5,204.2 12.1%

2014 5,871.4 12.8%

2015 6,663.1 13.5%

2016 7,511.1 12.7%

CAGR 2011–2016 12.55%


Figure 151: Chinese Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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Water-based paints and coatings accounted for the highest market size in terms of volume for paints

and coatings in China in 2011, with a volume of 2.8 million tons and a market share of 68.2%.


31.8%, with a market size of 1.3 million tons in terms of volume.

Table 148: Chinese Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016

Solvent-based paints and coatings 722.2 1,322.2 2,236.0


Overall 2,016.7 4,158.3 7,511.1


Figure 152: Chinese Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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6.5 India


The market size of paints and coatings in India stood at US$1.8 billion in 2011, an increase of 7.5%


4.49%.

Table 149: Indian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,498.9

2008 1,650.9 10.1%

2009 1,459.3 -11.6%

2010 1,661.7 13.9%

2011 1,786.9 7.5%

CAGR 2007–2011 4.49%


Figure 153: Indian Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in India to increase at a CAGR of 7.91% over


Table 150: Indian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,786.9

2012 1,918.3 7.4%

2013 2,070.6 7.9%

2014 2,241.3 8.2%

2015 2,423.6 8.1%

2016 2,614.4 7.9%

CAGR 2011–2016 7.91%


Figure 154: Indian Paints and Coatings Market Size (US$ Million), 2011–2016





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India in 2011, with a value of US$914.3 million and a market share of 51.2%. Meanwhile, the water-

based paints and coatings category valued US$872.5 million in 2011.

Table 151: Indian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016

Solvent-based paints and coatings 849.5 914.3 1,309.7


Overall 1,498.9 1,786.9 2,614.4


Figure 155: Indian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in India stood at 0.9 million tons in 2011,



Table 152: Indian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 621.5

2008 663.0 6.7%

2009 652.9 -1.5%

2010 796.2 21.9%

2011 853.1 7.2%

CAGR 2007–2011 8.24%


Figure 156: Indian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





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The market size in terms of volume for paints and coatings in India is expected to increase at a


Table 153: Indian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 853.1

2012 915.0 7.3%

2013 983.7 7.5%

2014 1,060.6 7.8%

2015 1,139.7 7.5%

2016 1,223.1 7.3%

CAGR 2011–2016 7.47%


Figure 157: Indian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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coatings in India in 2011, with a volume of 0.429 million tons and a market share of 50.3%.


49.7%, with a market size of 0.424 million tons in terms of volume.

Table 154: Indian Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 621.5 853.1 1,223.1


Figure 158: Indian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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6.6 Japan


The market size of paints and coatings in Japan stood at US$1.4 billion in 2011, an increase of 1.0%


2.04%.

Table 155: Japanese Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,267.6

2008 1,439.2 13.5%

2009 1,282.7 -10.9%

2010 1,360.6 6.1%

2011 1,374.3 1.0%

CAGR 2007–2011 2.04%


Figure 159: Japanese Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Japan to increase at a CAGR of 2.83%


Table 156: Japanese Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,374.3

2012 1,409.7 2.6%

2013 1,456.3 3.3%

2014 1,497.0 2.8%

2015 1,536.1 2.6%

2016 1,580.2 2.9%

CAGR 2011–2016 2.83%


Figure 160: Japanese Paints and Coatings Market Size (US$ Million), 2011–2016





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Japan in 2011, with a value of US$1.1 billion and a market share of 81.6%. Meanwhile, the solvent-

based paints and coatings market sized US$252.8 million in 2011.

Table 157: Japanese Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016


Water-based paints and coatings 952.4 1,121.5 1,323.4

Overall 1,267.6 1,374.3 1,580.2


Figure 161: Japanese Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Japan stood at 0.4 million tons in 2011,



Table 158: Japanese Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 491.5

2008 463.8 -5.6%

2009 383.9 -17.2%

2010 394.1 2.7%

2011 396.9 0.7%

CAGR 2007–2011 -5.21%


Figure 162: Japanese Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in Japan is expected to increase at a


Table 159: Japanese Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 396.9

2012 404.3 1.9%

2013 414.4 2.5%

2014 424.3 2.4%

2015 432.7 2.0%

2016 442.6 2.3%

CAGR 2011–2016 2.21%


Figure 163: Japanese Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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Water-based paints and coatings accounted for the highest market size in terms of volume for paints

and coatings in Japan in 2011, with a volume of 0.3 million tons and a market share of 78.3%.

Meanwhile, the solvent-based paints and coatings category accounted for the remaining market

share of 21.7%, with a market size 0.09 million tons in terms of volume.

Table 160: Japanese Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 491.5 396.9 442.6


Figure 164: Japanese Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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6.7 South Korea


The market size of paints and coatings in South Korea stood at US$600.8 million in 2011, an



Table 161: South Korean Paints and Coatings Market Size (US$ Million), 2007–2011


2007 504.5

2008 554.9 10.0%

2009 574.3 3.5%

2010 582.9 1.5%

2011 600.8 3.1%

CAGR 2007–2011 4.47%


Figure 165: South Korean Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in South Korea to increase at a CAGR of


Table 162: South Korean Paints and Coatings Market Size (US$ Million), 2011–2016


2011 600.8

2012 621.5 3.4%

2013 645.6 3.9%

2014 673.7 4.4%

2015 705.7 4.7%

2016 736.9 4.4%

CAGR 2011–2016 4.17%


Figure 166: South Korean Paints and Coatings Market Size (US$ Million), 2011–2016





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South Korea in 2011, with a value of US$407.9 million and a market share of 67.9%. Meanwhile, the

solvent-based paints and coatings category valued US$192.9 million in 2011.

Table 163: South Korean Paints and Coatings Market Size by Category (US$ Million), 2007,

2011 and 2016

Category 2007 2011 2016



Overall 504.5 600.8 736.9


Figure 167: South Korean Paints and Coatings Market Size by Category (%), 2007, 2011 and

2016





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The market size in terms of volume for paints and coatings in South Korea stood at 0.187 million tons

in 2011, an increase of 3.0% over 2010. The market size in terms of volume for paints and coatings


Table 164: South Korean Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 162.5

2008 169.2 4.1%

2009 178.1 5.2%

2010 181.7 2.0%

2011 187.1 3.0%

CAGR 2007–2011 3.58%


Figure 168: South Korean Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in South Korea is expected to increase at

a CAGR of 4.06% over the forecast period, to reach 0.23 million tons in 2016.

Table 165: South Korean Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 187.1

2012 193.5 3.4%

2013 201.0 3.9%

2014 209.2 4.1%

2015 219.0 4.7%

2016 228.3 4.2%

CAGR 2011–2016 4.06%


Figure 169: South Korean Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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coatings in South Korea in 2011, with a volume of 0.15 million tons and a market share of 78.9%.

Meanwhile, solvent-based paints and coatings accounted for the remaining market share of 21.1%,

with a market size of 0.04 million tons in terms of volume.

Table 166: South Korean Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 162.5 187.1 228.3


Figure 170: South Korean Paints and Coatings Market Size by Volume by Category (%), 2007,

2011 and 2016





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6.8 Australia


The market size of paints and coatings in Australia stood at US$1.1 billion in 2011, an increase of


of 1.43%.

Table 167: Australian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,066.2 6.9

2008 1,131.2 6.1%

2009 1,020.5 -9.8%

2010 1,070.9 4.9%

2011 1,128.7 5.4%

CAGR 2007–2011 1.43%


Figure 171: Australian Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Australia to increase at a CAGR of 3.27%


Table 168: Australian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,128.7

2012 1,162.5 3.0%

2013 1,201.9 3.4%

2014 1,245.9 3.7%

2015 1,287.2 3.3%

2016 1,325.7 3.0%

CAGR 2011–2016 3.27%


Figure 172: Australian Paints and Coatings Market Size (US$ Million), 2011–2016





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Australia in 2011, with a value of US$1.0 billion and a market share of 89.2%. Meanwhile, the

solvent-based paints and coatings category valued US$122.0 million in 2011.

Table 169: Australian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016



Overall 1,066.2 1,128.7 1,325.7


Figure 173: Australian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Australia stood at 0.29 million tons in

2011, an increase of 3.5% over 2010. Meanwhile, the market size in terms of volume for paints and


Table 170: Australian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 356.5

2008 326.8 -8.3%

2009 272.1 -16.7%

2010 275.5 1.3%

2011 285.2 3.5%

CAGR 2007–2011 -5.43%


Figure 174: Australian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in Australia is expected to increase at a


Table 171: Australian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 285.2

2012 292.3 2.5%

2013 300.5 2.8%

2014 310.3 3.2%

2015 319.9 3.1%

2016 328.7 2.7%

CAGR 2011–2016 2.88%


Figure 175: Australian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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coatings in Australia in 2010, with a volume of 0.26 million tons and a market share of 91.8%.



Table 172: Australian Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 356.5 285.2 328.7


Figure 176: Australian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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6.10 Indonesia


The market size of paints and coatings in Indonesia stood at US$215.8 million in 2011, an increase of


of 11.36%.

Table 173: Indonesian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 140.3

2008 197.0 40.4%

2009 155.4 -21.1%

2010 196.1 26.2%

2011 215.8 10.1%

CAGR 2007–2011 11.36%


Figure 177: Indonesian Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Indonesia to increase at a CAGR of


Table 174: Indonesian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 215.8

2012 237.3 10.0%

2013 261.9 10.4%

2014 288.7 10.2%

2015 319.2 10.6%

2016 352.5 10.4%

CAGR 2011–2016 10.31%


Figure 178: Indonesian Paints and Coatings Market Size (US$ Million), 2011–2016





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Indonesia in 2011, with a value of US$125.2 million and a market share of 58.0%. Meanwhile, the

water-based paints and coatings category valued US$90.6 million.

Table 175: Indonesian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016



Overall 140.3 215.8 352.5


Figure 179: Indonesian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Indonesia stood at 0.09 million tons in



Table 176: Indonesian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 67.6

2008 80.1 18.4%

2009 73.8 -7.8%

2010 84.1 13.9%

2011 92.3 9.8%

CAGR 2007–2011 8.09%


Figure 180: Indonesian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in Indonesia is expected to increase at a


Table 177: Indonesian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 92.3

2012 101.2 9.6%

2013 111.3 10.0%

2014 122.6 10.1%

2015 135.3 10.4%

2016 149.1 10.2%

CAGR 2011–2016 10.07%


Figure 181: Indonesian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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Indonesia in 2011, with a volume of 0.06 million tons and a market share of 66.4%. Meanwhile, the



Table 178: Indonesian Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 67.6 92.3 149.1


Figure 182: Indonesian Paints and Coatings Market Size by Volume by Category (%), 2007,

2011 and 2016





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6.11 Malaysia


The market size of paints and coatings in Malaysia stood at US$491.0 million in 2011, an increase of


of 8.88%.

Table 179: Malaysian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 349.4

2008 359.1 2.8%

2009 336.0 -6.4%

2010 360.1 7.2%

2011 491.0 36.4%

CAGR 2007–2011 8.88%


Figure 183: Malaysian Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Malaysia to increase at a CAGR of 7.03%


Table 180: Malaysian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 491.0

2012 525.6 7.0%

2013 562.2 7.0%

2014 603.0 7.3%

2015 645.3 7.0%

2016 689.6 6.9%

CAGR 2011–2016 7.03%


Figure 184: Malaysian Paints and Coatings Market Size (US$ Million), 2011–2016





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Water-based paints and coatings accounted for the highest value of paints and coatings in Malaysia

in 2011, with a value of US$269.5 million and a market share of 54.9%. Meanwhile, the solvent-

based paints and coatings category valued US$221.5 million.

Table 181: Malaysian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016



Overall 349.4 491.0 689.6


Figure 185: Malaysian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Malaysia stood at 0.16 million tons in



Table 182: Malaysian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 131.4

2008 147.5 12.2%

2009 141.9 -3.8%

2010 138.0 -2.7%

2011 164.2 19.0%

CAGR 2007–2011 5.73%


Figure 186: Malaysian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in Malaysia is expected to increase at a


Table 183: Malaysian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 164.2

2012 190.4 15.9%

2013 200.2 5.2%

2014 211.2 5.5%

2015 221.4 4.9%

2016 238.2 7.6%

CAGR 2011–2016 7.72%


Figure 187: Malaysian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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Malaysia in 2011, with a volume of 0.1 million tons and a market share of 60.1%. Meanwhile, the

solvent-based paints and coatings recorded a market size of 0.07 million tons in terms of volume.

Table 184: Malaysian Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 131.4 164.2 238.2


Figure 188: Malaysian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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6.12 Philippines


The market size of paints and coatings in the Philippines stood at US$274.6 million in 2011, an



Table 185: Philippine Paints and Coatings Market Size (US$ Million), 2007–2011


2007 218.2

2008 234.4 7.5%

2009 239.9 2.3%

2010 254.5 6.1%

2011 274.6 7.9%

CAGR 2007–2011 5.92%


Figure 189: Philippine Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Philippines to increase at a CAGR of


Table 186: Philippine Paints and Coatings Market Size (US$ Million), 2011–2016


2011 274.6

2012 295.9 7.7%

2013 319.4 7.9%

2014 346.0 8.3%

2015 374.5 8.2%

2016 404.8 8.1%

CAGR 2011–2016 8.07%


Figure 190: Philippine Paints and Coatings Market Size (US$ Million), 2011–2016





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Solvent-based paints and coatings accounted for the highest market size of paints and coatings in the

Philippines, with a value of US$149.4 million and a market share of 54.4%. Meanwhile, the water-

based paints and coatings market sized US$125.2 million.

Table 187: Philippine Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016



Overall 218.2 274.6 404.8


Figure 191: Philippine Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in the Philippines stood at 0.13 million

tons in 2011, an increase of 18.0% over 2010. The market size in terms of volume for paints and

coatings recorded a CAGR of 8.90% during the review period.

Table 188: Philippine Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 90.9

2008 92.3 1.6%

2009 98.9 7.1%

2010 108.2 9.5%

2011 127.8 18.0%

CAGR 2007–2011 8.90%


Figure 192: Philippine Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in the Philippines is expected to increase


Table 189: Philippine Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 127.8

2012 127.7 0.0%

2013 138.7 8.6%

2014 151.4 9.1%

2015 165.2 9.1%

2016 176.2 6.6%

CAGR 2011–2016 6.64%


Figure 193: Philippine Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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coatings in the Philippines, with a volume of 0.07 million tons and a market share of 54.0%.


with a market size of 0.06 million tons in terms of volume in 2011.

Table 190: Philippine Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 90.9 127.8 176.2


Figure 194: Philippine Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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7 Latin America

7.1 Latin America Regional Analysis

Latin America comprises several countries in North, Central and South America which speak Latin-

based languages such as French, Portuguese and Spanish. The region contains Brazil, which is the

world‟s seventh-largest economy by nominal GDP, Argentina, Mexico and Colombia. During the last

20 years, most Latin American countries have been reforming and liberalizing their economies by

allowing foreign capital and privatization. As a result, numerous businesses have begun operating in

the region, which is enabling Latin America to become a considerable economic force. Latin

American countries, especially Brazil, Argentina and Colombia, have been successful in attracting

foreign direct investment (FDI), due to the international competitiveness of their mining and

agribusiness industries and their relatively attractive investment environment following political and

economic reforms. The Latin American economies recorded considerable growth during 2006–2008,

and there were numerous construction activities due to the region‟s growing population, rapid

urbanization and industrial development. However, in 2009, the global financial recession had a

severe impact on the region‟s construction industry, which was reflected in the reduced demand for

paints and coatings. The market size of paints and coatings in Colombia recorded the largest annual

decline of -21.6% in 2009, while the overall Latin American declined at a rate of -14.5%. However, the

Latin American paints and coating market recovered from the global economic crisis quickly and

recorded a growth of 9.6% in 2010 due to construction stimulus measures and the rising domestic

demand. In 2011, Latin American market size of paints and coatings recorded a modest growth of

2.7%, in both value and volume terms, and valued US$4.3 billion with a volume of 2.9 million tons.

During the review period, the Brazilian paints and coating market recorded the highest growth rate at

a CAGR of 7.71%. This growth was supported by increased FDI in the country‟s commercial and

residential construction projects as well as the Brazilian government‟s ambitious infrastructure

development program, Growth Acceleration Program (PAC). Under the PAC 1, which was introduced

in 2007, the Brazilian government allocated US$361.1 billion to develop the country‟s transport,

energy, sanitation, and housing and water resources. The Brazilian paints and coatings regional

market share increased from 36.7% in 2007 to 43.7% in 2011. Meanwhile, the other reported Latin

American countries registered a loss in their share of the regional paints and coatings market size

during the review period. Mexico‟s market share reduced from 38.1% in 2007 to 33.3% 2011, while

Argentina‟s market share decreased from 10.1% in 2007 to 8.4% in 2011 and the Colombian market

share fell from 15.1% in 2007 to 14.6% in 2011. While the market size of paints and coatings in

Argentina and Mexico recorded review period CAGRs of -1.33% and -0.35% respectively, the overall

Latin American paints and coatings market recorded a CAGR of 3.12% during the review period.

The demand for housing in Latin American far outweighs supply due to factors such as the region‟s

expanding population, rising number of people entering the household formation age group, and

growing prosperity supported by increasing remittances being sent from relatives working in North

America. In order to meet the high demand for housing, governments in the region have been

investing in social housing projects and have been using incentives to encourage private developers

to develop housing units for the low-income population. In addition, the region is also a popular tourist

destination, especially for North American tourists, because of its exotic natural beauty and relatively

low-cost facilities. This has encouraged the growth of travel and tourism across the region, which has

increased the demand for retail and leisure and hospitality facilities. The region‟s low-cost medical

facilities have also boosted the level of medical tourism in country, with a large proportion of medical

tourists coming from the United States where healthcare is relatively more expensive. In light of these

developments, Timetric projects the paints and coatings market in Latin America will record a CAGR

of 3.50% over the forecast period. Mexico‟s market size of paints and coatings is expected to record




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the highest CAGR of 3.97%, while Argentina is projected to register the lowest CAGR of 2.97%. The

organization of the 2014 FIFA World Cup and the 2016 Olympic Games in Brazil is also expected to

the stimulate growth of commercial construction activities in Brazil during the forecast period, which

will have a favorable impact on the country‟s market size of paints and coatings.

The Latin American paints and coatings production is expected to record a CAGR of 3.54% over the

forecast period, an improvement on its review period CAGR of 3.01%. Brazil accounted for 47.1% of

the regional production value in 2011, while Mexico accounted for 29.2%. Timetric expects the

Mexican market will achieve the highest CAGR of 4.21% over the forecast period, and will increase

its market share by 1.0 percentage point between 2011 and 2016.

In terms of product categories, water-based paints and coatings increased its share of the regional

paints and coating market from 63.7% in 2007 to 69.4% in 2011. During the forecast period, Timetric

projects the solvent-based category will lose more of its market share to the water-based category

due to the environmentally friendly qualities of water-based paints and coatings.




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7.1.1 Latin American paints and coatings market dynamics

The market size of paints and coatings in Latin America registered a CAGR of 3.12% during the

review period. The growth was mostly due to Brazil‟s market growing at a CAGR of 7.71% during the

same period. Over the forecast period, the market size of paints and coatings is expected to increase

at a CAGR of 3.50% in Latin America. With a market share of 42.9% in 2011, Brazil was the largest

consumer of paints and coatings in the region.

Figure 195: Latin American Paints and Coatings Market Dynamics by Value (%), 2007–2016






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The market size of paints and coatings in Latin America valued US$4.3 billion in 2011, an increase of


of 3.12%.

Table 191: Latin American Paints and Coatings Market Size (US$ Million), 2007–2011


2007 3,835.2

2008 4,510.1 17.6%

2009 3,855.7 -14.5%

2010 4,223.9 9.6%

2011 4,335.9 2.7%

CAGR 2007–2011 3.12%


Figure 196: Latin American Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects market size of paints and coatings in Latin America to increase at a CAGR of 3.50%


Table 192: Latin American Paints and Coatings Market Size (US$ Million), 2011–2016


2011 4,335.9

2012 4,467.7 3.0%

2013 4,614.4 3.3%

2014 4,773.1 3.4%

2015 4,956.8 3.8%

2016 5,150.5 3.9%

CAGR 2011–2016 3.50%


Figure 197: Latin American Paints and Coatings Market Size (US$ Million), 2011–2016





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size in Latin America in 2011, with a value of US$3.0 billion and a market share of 69.4%. Meanwhile,

the solvent-based paints and coatings category recorded a market size of US$1.3 billion in terms of

value. The water-based paints and coatings category recorded the fastest-growing increase in

demand during the review period, at a CAGR of 5.34%.

Table 193: Latin American Paints and Coatings Market Size by Category (US$ Million), 2007–

2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 3,835.2 4,510.1 3,855.7 4,223.9 4,335.9 3.12%


Figure 198: Latin American Paints and Coatings Market Size by Category (%), 2007–2011





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in Latin America in 2016, accounting for a value of US$3.6 billion and a market share of 70.8%.

Meanwhile, the solvent-based paints and coatings category is expected to record a market size of

US$1.5 billion. The water-based paints and coatings category is expected to register the fastest

growth in paints and coatings market size over the forecast period, at a CAGR of 3.92%.

Table 194: Latin American Paints and Coatings Market Size by Category (US$ Million), 2011–

2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 4,335.9 4,467.7 4,614.4 4,773.1 4,956.8 5,150.5 3.50%


Figure 199: Latin American Paints and Coatings Market Size by Category (%), 2011–2016





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The market size in terms of volume for paints and coatings in Latin America stood at 2.9 million tons

in 2011, an increase of 2.7% over 2010. The market size in terms of volume for paints and coatings


Table 195: Latin American Paints and Coatings Market Size by Volume (Thousand Tons),

2007–2011


2007 2,299.8

2008 2,704.0 17.6%

2009 2,599.1 -3.9%

2010 2,835.4 9.1%

2011 2,912.5 2.7%

CAGR 2007–2011 6.08%


Figure 200: Latin American Paints and Coatings Market Size by Volume (Thousand Tons),

2007–2011





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Timetric expects the market size in terms of volume for paints and coatings in Latin America to


Table 196: Latin American Paints and Coatings Market Size by Volume (Thousand Tons),

2011–2016


2011 2,912.5

2012 3,019.2 3.7%

2013 3,131.7 3.7%

2014 3,258.5 4.0%

2015 3,399.1 4.3%

2016 3,548.7 4.4%

CAGR 2011–2016 4.03%


Figure 201: Latin American Paints and Coatings Market Size by Volume (Thousand Tons),

2011–2016





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size in Latin America in 2011, with a volume of 2.5 million tons and a market share of 85.3%.

Meanwhile, solvent-based paints and coatings recorded a market size of 0.4 million tons in terms of

volume. The water paints and coatings category recorded the fastest-growing increase in demand in

terms of volume during the review period, at a CAGR of 8.06%.

Table 197: Latin American Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 2,299.8 2,704.0 2,599.1 2,835.4 2,912.5 6.08%


Figure 202: Latin American Paints and Coatings Market Size by Volume by Category (%),

2007–2011





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in Latin America in 2016, accounting for a volume of 3.1 million tons and a market share of 86.1%.

Meanwhile, the solvent-based paints and coatings projected to record a market size of 0.5 million

tons in terms of volume. The water-based paints and coatings category is expected to register the

fastest volume growth in paints and coatings market size over the forecast period, at a CAGR of

4.23%.

Table 198: Latin American Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 2,912.5 3,019.2 3,131.7 3,258.5 3,399.1 3,548.7 4.03%


Figure 203: Latin American Paints and Coatings Market Size by Volume by Category (%),

2011–2016





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7.3 Latin American Paints and Coatings Production Value

7.3.1 Latin American paints and coatings production value

The production of paints and coatings in Latin America valued US$10.2 billion in 2011, an increase of

3.9% over 2010. During the review period, the value of paints and coatings production recorded a

CAGR of 3.01%.

Table 199: Latin American Paints and Coatings Production Value (US$ Million), 2007–2011


2007 3,497.0

2008 4,138.8 18.4%

2009 3,554.6 -14.1%

2010 3,834.4 7.9%

2011 3,938.1 2.7%

CAGR 2007–2011 3.01%


Figure 204: Latin American Paints and Coatings Production Value (US$ Million), 2007–2011





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Timetric expects the production of paints and coatings in Latin America to increase at a CAGR of


Table 200: Latin American Paints and Coatings Production Value (US$ Million), 2011–2016


2011 3,938.1

2012 4,060.1 3.1%

2013 4,194.4 3.3%

2014 4,339.5 3.5%

2015 4,508.0 3.9%

2016 4,686.3 4.0%

CAGR 2011–2016 3.54%


Figure 205: Latin American Paints and Coatings Production Value (US$ Million), 2011–2016





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7.3.2 Latin American paints and coatings production value by category

Water-based paints and coatings accounted for the largest share of the paints and coatings

production value in Latin America in 2011, with a value of US$2.9 billion and a market share of

74.0%. Meanwhile, solvent-based paints and coatings recorded a production value of US$1.0 billion.

The water-based paints and coatings category recorded the fastest-growing production during the

review period, at a CAGR of 5.30%.

Table 201: Latin American Paints and Coatings Production Value by Category (US$ Million),

2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011

Solvent-based paints and coatings 1,125.6 1,300.0 984.8 1,004.8 1,022.8 -2.37%


Overall 3,497.0 4,138.8 3,554.6 3,834.4 3,938.1 3.01%


Figure 206: Latin American Paints and Coatings Production Value by Category (%), 2007–2011





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Water-based paints and coatings production is expected to be the largest category of paints and

coatings market in Latin America in 2016, accounting for a value of US$3.5 billion and a market share

of 75.3%. Meanwhile, the solvent-based paints and coatings category is expected to record a

production value of US$1.2 billion. The water-based paints and coatings category is expected to

register the fastest growth in paints and coatings production over the forecast period, at a CAGR of

3.89%.

Table 202: Latin American Paints and Coatings Production Value by Category (US$ Million),

2011–2016

Category 2010 2011 2012 2013 2014 2015 CAGR

2011–2016



Overall 3,938.1 4,060.1 4,194.4 4,339.5 4,508.0 4,686.3 3.54%


Figure 207: Latin American Paints and Coatings Production Value by Category (%), 2011–2016





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The production volume of paints and coatings in Latin America stood at 2.8 million tons in 2011, an

increase of 2.7% over 2010. The production volume of paints and coatings recorded a CAGR of

6.00% during the review period.

Table 203: Latin American Paints and Coatings Production Volume (Thousand Tons), 2007–

2011


2007 2,243.4

2008 2,642.6 17.8%

2009 2,523.5 -4.5%

2010 2,756.8 9.2%

2011 2,831.7 2.7%

CAGR 2007–2011 6.00%


Figure 208: Latin American Paints and Coatings Production Volume (Thousand Tons), 2007–

2011





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Timetric expects the production volume of paints and coatings in Latin America to increase at a


Table 204: Latin American Paints and Coatings Production Volume (Thousand Tons), 2011–

2016


2011 2,831.7

2012 2,936.0 3.7%

2013 3,045.7 3.7%

2014 3,169.3 4.1%

2015 3,306.2 4.3%

2016 3,452.2 4.4%

CAGR 2011–2016 4.04%


Figure 209: Latin American Paints and Coatings Production Volume (Thousand Tons), 2011–

2016





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coatings production volume in Latin America in 2011, with a volume of 2.4 million tons and a market


million tons. The water paints and coatings category recorded the fastest-growing production in terms

of volume during the review period, at a CAGR of 7.86%.

Table 205: Latin American Paints and Coatings Production Volume by Category (Thousand

Tons), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011



Overall 2,243.4 2,642.6 2,523.5 2,756.8 2,831.7 6.00%


Figure 210: Latin American Paints and Coatings Production Volume by Category (%), 2007–

2011





Page 245




production in Latin America in 2016, accounting for a volume of 3.0 million tons and a market share of

87.2%. Meanwhile, the solvent-based paints and coatings category is expected to record a

production volume of 0.4million tons. The water-based paints and coatings category is expected to

register the fastest growth in paints and coatings production volume over the forecast period, at a

CAGR of 4.04%.

Table 206: Latin American Paints and Coatings Production Volume by Category (Thousand

Tons), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 2,831.7 2,936.0 3,045.7 3,169.3 3,306.2 3,452.2 4.04%


Figure 211: Latin American Paints and Coatings Production Volume by Category (%), 2011–

2016





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7.4 Brazil


The market size of paints and coatings in Brazil stood at US$1.9 billion in 2011, an increase of 1.8%


7.71%.

Table 207: Brazilian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,407.5

2008 1,909.9 35.7%

2009 1,656.7 -13.3%

2010 1,860.7 12.3%

2011 1,894.2 1.8%

CAGR 2007–2011 7.71%


Figure 212: Brazilian Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Brazil to increase at a CAGR of 3.14% over


Table 208: Brazilian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,894.2

2012 1,951.2 3.0%

2013 2,005.1 2.8%

2014 2,065.1 3.0%

2015 2,135.1 3.4%

2016 2,211.3 3.6%

CAGR 2011–2016 3.14%


Figure 213: Brazilian Paints and Coatings Market Size (US$ Million), 2011–2016





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Brazil in 2011, with a value of US$1.6 billion and a market share of 85.4%. Meanwhile, the solvent-

based paints and coatings category market size valued US$277.1 million.

Table 209: Brazilian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016



Overall 1,407.5 1,894.2 2,211.3


Figure 214: Brazilian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Brazil stood at 1.7 million tons in 2011,



Table 210: Brazilian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 1,011.9

2008 1,517.6 50.0%

2009 1,553.0 2.3%

2010 1,724.7 11.1%

2011 1,747.4 1.3%

CAGR 2007–2011 14.63%


Figure 215: Brazilian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





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The market size in terms of volume for paints and coatings in Brazil is expected to increase at a


Table 211: Brazilian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 1,747.4

2012 1,817.8 4.0%

2013 1,883.4 3.6%

2014 1,953.7 3.7%

2015 2,030.9 3.9%

2016 2,119.4 4.4%

CAGR 2011–2016 3.93%


Figure 216: Brazilian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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coatings in Brazil in 2011, with a volume of 1.6 million tons and a market share of 93.6%. Meanwhile,



Table 212: Brazilian Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 1,011.9 1,747.4 2,119.4


Figure 217: Brazilian Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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7.5 Argentina


The market size of paints and coatings in Argentina stood at US$365.6 million in 2011, an increase of


of -1.33%.

Table 213: Argentine Paints and Coatings Market Size (US$ Million), 2007–2011


2007 385.7

2008 402.8 4.4%

2009 349.4 -13.3%

2010 358.5 2.6%

2011 365.6 2.0%

CAGR 2007–2011 -1.33%


Figure 218: Argentine Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Argentina to increase at a CAGR of 2.97%


Table 214: Argentine Paints and Coatings Market Size (US$ Million), 2011–2016


2011 365.6

2012 375.5 2.7%

2013 387.9 3.3%

2014 399.4 3.0%

2015 410.5 2.8%

2016 423.1 3.1%

CAGR 2011–2016 2.97%


Figure 219: Argentine Paints and Coatings Market Size (US$ Million), 2011–2016





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coatings in Argentina in 2011, with a value of US$260.6 million and a market share of 71.3%.

Meanwhile, solvent-based paints and coatings category valued US$105.0 million.

Table 215: Argentine Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016



Overall 385.7 365.6 423.1


Figure 220: Argentine Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Argentina stood at 0.18 million tons in



Table 216: Argentine Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 180.4

2008 181.5 0.6%

2009 163.3 -10.0%

2010 180.2 10.3%

2011 184.0 2.1%

CAGR 2007–2011 0.49%


Figure 221: Argentine Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in Argentina is expected to increase at a


Table 217: Argentine Paints and Coatings Market Size by Volume (Thousand Tons),

2011–2016


2011 184.0

2012 189.8 3.1%

2013 197.1 3.9%

2014 204.3 3.7%

2015 211.1 3.3%

2016 218.8 3.6%

CAGR 2011–2016 3.52%


Figure 222: Argentine Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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coatings in Argentina in 2011, with a volume of 0.16 million tons and a market share of 85.1%.



Table 218: Argentine Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 180.4 184.0 218.8


Figure 223: Argentine Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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7.6 Colombia


The market size of paints and coatings in Colombia stood at US$634.4 million in 2011, an increase of


of 2.26%.

Table 219: Colombian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 580.2

2008 662.4 14.2%

2009 519.1 -21.6%

2010 599.2 15.4%

2011 634.4 5.9%

CAGR 2007–2011 2.26%


Figure 224: Colombian Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Colombia to increase at a CAGR of 3.81%


Table 220: Colombian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 634.4

2012 654.7 3.2%

2013 681.5 4.1%

2014 704.5 3.4%

2015 733.0 4.0%

2016 764.7 4.3%

CAGR 2011–2016 3.81%


Figure 225: Colombian Paints and Coatings Market Size (US$ Million), 2011–2016





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coatings in Colombia, with a value of US$371.3 million and a market share of 58.5%. Meanwhile, the

solvent-based paints and coatings market sized US$263.1 million.

Table 221: Colombian Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016



Overall 580.2 634.4 764.7


Figure 226: Colombian Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Colombia stood at 0.26 million tons in



Table 222: Colombian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 395.6

2008 262.5 -33.6%

2009 192.8 -26.5%

2010 230.5 19.5%

2011 263.0 14.1%

CAGR 2007–2011 -9.70%


Figure 227: Colombian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in Colombia is expected to increase at a


Table 223: Colombian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 263.0

2012 269.1 2.3%

2013 281.1 4.5%

2014 298.1 6.0%

2015 317.7 6.6%

2016 334.4 5.3%

CAGR 2011–2016 4.92%


Figure 228: Colombian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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coatings in Colombia in 2011, with a volume of 0.2 million tons and a market share of 72.4%.



Table 224: Colombian Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 395.6 263.0 334.4


Figure 229: Colombian Paints and Coatings Market Size by Volume by Category (%), 2007,

2011 and 2016





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7.7 Mexico


The market size of paints and coatings in Mexico stood at US$1.4 billion in 2011, an increase of 2.6%


0.35%.

Table 225: Mexican Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,461.8

2008 1,535.0 5.0%

2009 1,330.4 -13.3%

2010 1,405.5 5.6%

2011 1,441.7 2.6%

CAGR 2007–2011 -0.35%


Figure 230: Mexican Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Mexico to increase at a CAGR of 3.97%


Table 226: Mexican Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,441.7

2012 1,486.3 3.1%

2013 1,539.8 3.6%

2014 1,604.1 4.2%

2015 1,678.1 4.6%

2016 1,751.4 4.4%

CAGR 2011–2016 3.97%


Figure 231: Mexican Paints and Coatings Market Size (US$ Million), 2011–2016





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Water-based paints and coatings accounted for the highest value of paints and coatings in Mexico in

2011, with a value of US$758.5 million and a market share of 52.6%. Meanwhile, the solvent-based

paints and coatings market sized US$683.2 million.

Table 227: Mexican Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 1,461.8 1,441.7 1,751.4


Figure 232: Mexican Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Mexico stood at 0.7 million tons in



Table 228: Mexican Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 711.8

2008 742.3 4.3%

2009 690.0 -7.0%

2010 699.9 1.4%

2011 718.0 2.6%

CAGR 2007–2011 0.22%


Figure 233: Mexican Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





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The market size in terms of volume for paints and coatings in Mexico is expected to increase at a


Table 229: Mexican Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 718.0

2012 742.5 3.4%

2013 770.1 3.7%

2014 802.3 4.2%

2015 839.4 4.6%

2016 876.2 4.4%

CAGR 2011–2016 4.06%


Figure 234: Mexican Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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Mexico in 2011, with a volume of 0.5 million tons and a market share of 69.7%. Meanwhile, the

solvent-based paints and coatings category accounted for the remaining market share of 30.3%, with

a market size of 0.2 million tons in terms of volume.

Table 230: Mexican Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 711.8 718.0 876.2


Figure 235: Mexican Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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8 Middle East

8.1 Middle East Regional Analysis

The Middle East‟s paints and coatings market is an emerging market due to the large scale

construction projects being undertaken in the region‟s member countries. Most of the Middle Eastern

countries have invested a considerable amount in their construction industries in an effort to diversify

their economies from oil and oil-related business activities to other industry sectors. During 2006–

2008, the Middle East nations recorded a robust economic growth due to the region‟s rising level of

privatization, corporate sector expansion and considerable infrastructure investment as well as the

strong global demand for oil. Most of the Middle East countries are experiencing strong demand for

housing units due to their strong economic growth and expanding domestic population alongside a

rising number of expatriates. Housing demand has also risen in the region due to the speculative

activity in the housing sector and the growing number of high net-worth individuals (HNI) who own a

holiday home in Middle Eastern countries following the development of the country‟s infrastructure

and tourist attractions. Speculative activity in the real estate industry increased as a consequence of

the authorization of private participation in the industry as well as the region‟s encouragement of

foreign investment in areas such as property development. This has also led to a large number of

residential construction projects during the review period. The region‟s rapid economic growth also

generated higher levels of disposable income, which fuelled the growth of the retail industry and led to

the construction of high-end shopping centers. In addition, the construction of numerous tourist

attractions in the Middle East countries and organization of world class events has generated growth

for the leisure and hospitality construction. There has also been an increased demand for office space

since multi-national corporations have began conducting business operations in the Middle East

following the regional governments‟ incentives and policies to diversify their economies. Due to the

high demand for retail buildings, office buildings, and leisure and hospitality buildings, the number of

commercial constructions increased considerably during the review period.

The expansion of the region‟s construction activities positively affected the region‟s paints and

coatings market, with all the Middle Eastern countries except Turkey recording strong growth in the

market size of paints and coatings at the beginning of the during review period. With the Turkish

market accounting for 60.5% of the Middle East market size in 2007, the slow growth in the country

offset the strong growth registered by other countries in the region. In addition, the onset of the global

economic crisis and the resultant tightening of finances in 2008 led to several construction projects in

the region being postponed or cancelled, which further constrained the growth of the regional paints

and coatings market. However, the Middle East‟s paints and coatings market recovered quickly in

2010, and the demand for paints and coatings in the Middle East grew by 10.8% in the year, with

Turkey recording the strongest annual growth of 13.8%. In 2011, the market recorded a further annual

growth rate of 9.3%, with Qatar registering the strongest 2011 annual growth rate of 15.2%. Due to

the fluctuating demand for construction activities in the region, the Middle East‟s paints and coatings

market recorded a CAGR of 2.07% during the review period in value terms and a CAGR of 4.22%

during the review period in volume terms.

Due to the Turkish market size of paints and coatings registering a CAGR of -1.01% during the review

period, the country‟s market share decreased from 60.5% in 2007 to 53.3% in 2011. All the other

Middle Eastern countries increased their market share at expense of Turkey, with Saudi Arabia

gaining the largest increased market share of 3.4 percentage points from 23.1% in 2007 to 26.5% in

2011. Meanwhile, the UAE‟s market share increased by 1.7 percentage points from 8.3% in 2007 to

10.0% in 2011, Qatar expanding its share from 5.0% in 2007 to 6.6% in 2011 and Bahrain‟s market

share increased by 0.3 percentage points during the review period.




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The growth rate in market size of paints and coatings is expected to reduce during the forecast period

compared to the review period in countries such as Qatar and the UEA, but increase in countries such

as Saudi Arabia and Bahrain. In Qatar, the market size of paints and coatings registered a CAGR of

9.08% during the review period compared to an anticipated CAGR of 6.62% during the forecast

period, while in the UAE growth rate is expected to decline from a CAGR of 7.15% in the review

period to a CAGR of 6.77% in the forecast period. In contrast, the Saudi Arabia and Bahrain are

projected to register higher CAGRs of 6.10% and 5.52% respectively over the forecast period as

compared to their CAGRs of 5.68% and 4.07% respectively during the review period.

The Middle East‟s paints and coatings market is projected to record a CAGR of 7.10% over the

forecast period, with Turkey registering the largest CAGR of 7.80%. The high growth in the Turkish

market will be driven by an expected construction of one million housing units in Turkey every year

during the forecast period due to the country‟s persistent housing shortage, especially in the East and

Southeast Anatolia Regions. This demand will be strongest in the country‟s largest city, Istanbul, due

to the rising income levels among metropolitan residents, the growth of the city‟s young population,

and the large influx of rural migrants.

In line with the trend of the region‟s paints and coatings market size, the Middle East‟s production of

paints and coatings has recorded a modest CAGR of 2.90% during the review period. The Qatar

market recorded the fastest growth in paints and coatings production during the review period, at a

CAGR of 8.90%, while Turkey, which accounted for 52.6% share of the production in 2011, recorded

the slowest review period CAGR of 0.21%. However, Timetric projects the Turkish market to achieve

the fastest growth in production over the forecast period, at an anticipated CAGR of 8.07%, while

Bahrain is expected to record the lowest CAGR of 5.73%. Furthermore, Timetric projects the overall

Middle Eastern paints and coatings production to register a CAGR of 7.25% over the forecast period.

In line with the worldwide trend of shifting towards water-based paints and coatings from solvent-

based paints and coatings, the share of water-based paints and coatings category increased in the

region from 62.5% in 2007 to 63.6% in 2011. During the forecast period, Timetric expects this share

to increase further to 66.1% in 2016. Similarly the share of water-based paints and coatings category

in total production increased from 67.5% in 2007 to 71.1% in 2016.




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8.1.1 Middle East paints and coatings market dynamics

The market size of paints and coatings in Middle East recorded a CAGR of 2.07%. This growth was

mostly due to the market size of paints and coatings from Saudi Arabia increasing at a CAGR of

5.68% during the same period. Over the forecast period, the market size of paints and coatings is

expected to record a CAGR of 6.10% in Saudi Arabia and a CAGR of 7.80% in Turkey. With a market

share of 53.5% in 2011, Turkey was the largest consumer of paints and coatings in the region.

Figure 236: Middle East Paints and Coatings Market Dynamics by Value (%), 2007–2016






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The market size of paints and coatings in the Middle East valued US$2.1 billion in 2011, an increase


CAGR of 2.07%.

Table 231: Middle East Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,913.7

2008 2,026.3 5.9%

2009 1,715.8 -15.3%

2010 1,900.8 10.8%

2011 2,077.4 9.3%

CAGR 2007–2011 2.07%


Figure 237: Middle East Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Middle East will increase at a CAGR of


Table 232: Middle East Paints and Coatings Market Size (US$ Million), 2011–2016


2011 2,077.4

2012 2,214.2 6.6%

2013 2,357.9 6.5%

2014 2,531.9 7.4%

2015 2,725.9 7.7%

2016 2,927.7 7.4%

CAGR 2011–2016 7.10%


Figure 238: Middle East Paints and Coatings Market Size (US$ Million), 2011–2016





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size in the Middle East, with a value of US$1.3 billion and a market share of 63.6% and. Meanwhile,

solvent-based paints and coatings recorded a market size of US$756.7 million in terms of value. The

water-based paints and coatings category recorded the fastest increase in demand during the review


Table 233: Middle East Paints and Coatings Market Size by Category (US$ Million), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011

Solvent-based paints and coatings 716.7 760.9 676.7 711.5 756.7 1.37%


Overall 1,913.7 2,026.3 1,715.8 1,900.8 2,077.4 2.07%


Figure 239: Middle East Paints and Coatings Market Size by Category (%), 2007–2011





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in Middle East in 2016, accounting for a value of US$1.9 billion and a market share of 66.1%.

Meanwhile, the solvent-based paints and coatings category is expected to record a market size of

US$993.3 million. Over the forecast period, water-based paints and coatings category is expected to

register the fastest value growth in paints and coatings market size, at a CAGR of 7.93%.

Table 234: Middle East Paints and Coatings Market Size by Category (US$ Million), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016



Overall 2,077.4 2,214.2 2,357.9 2,531.9 2,725.9 2,927.7 7.10%


Figure 240: Middle East Paints and Coatings Market Size by Category (%), 2011–2016





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The market size in terms of volume for paints and coatings in the Middle East stood at 1.5 million tons

in 2011, an increase of 10.9% over 2010. However, the market size in terms of volume for paints and


Table 235: Middle East Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 1,225.3

2008 1,301.6 6.2%

2009 1,254.6 -3.6%

2010 1,303.2 3.9%

2011 1,445.5 10.9%

CAGR 2007–2011 4.22%


Figure 241: Middle East Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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Timetric expects the market size in terms of volume for paints and coatings in the Middle East to


Table 236: Middle East Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 1,445.5

2012 1,534.0 6.1%

2013 1,620.1 5.6%

2014 1,728.6 6.7%

2015 1,852.0 7.1%

2016 1,975.4 6.7%

CAGR 2011–2016 6.45%


Figure 242: Middle East Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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coatings market size for the Middle East in 2011, with a volume of 0.9 million tons and a market share

of 66.4%. Meanwhile, solvent-based paints and coatings recorded a market size of 0.4 million tons in

terms of volume. The water paints and coatings category recorded the fastest-growing increase in

demand in terms of volume during the review period, at a CAGR of 4.70%.

Table 237: Middle East Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011


Water-based paints and coatings 798.8 854.0 802.1 839.4 959.7 4.70%

Overall 1,225.3 1,301.6 1,254.6 1,303.2 1,445.5 4.22%


Figure 243: Middle East Paints and Coatings Market Size by Volume by Category (%), 2007–

2011





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in the Middle East in 2016, accounting for a volume of 1.3 million tons and a market share of 68.0%.

Meanwhile, the solvent-based paints and coatings category is expected to record a market size of 0.6

million tons in terms of volume in 2016. The water-based paints and coatings category is projected to

register the fastest volume growth in paints and coatings market size over the forecast period, at a

CAGR of 6.97%.

Table 238: Middle East Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016


Water-based paints and coatings 959.7 1,019.8 1,083.8 1,162.3 1,254.0 1,344.2 6.97%

Overall 1,445.5 1,534.0 1,620.1 1,728.6 1,852.0 1,975.4 6.45%


Figure 244: Middle East Paints and Coatings Market Size by Volume by Category (%), 2011–

2016





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8.3 Middle East Paints and Coatings Production Value

8.3.1 Middle East paints and coatings production value

The production of paints and coatings in Middle East valued US$1.9 billion in 2011, an increase of

9.5% over 2010. During the review period, the value of paints and coatings production recorded a

CAGR of 2.90%.

Table 239: Middle East Paints and Coatings Production Value (US$ Million), 2007–2011


2007 1,659.4

2008 1,761.7 6.2%

2009 1,528.9 -13.2%

2010 1,698.6 11.1%

2011 1,860.6 9.5%

CAGR 2007–2011 2.90%


Figure 245: Middle East Paints and Coatings Production Value (US$ Million), 2007–2011





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Timetric expects production of paints and coatings in Middle East to increase at a CAGR of 7.25%


Table 240: Middle East Paints and Coatings Production Value (US$ Million), 2011–2016


2011 1,860.6

2012 1,986.2 6.8%

2013 2,117.5 6.6%

2014 2,277.4 7.5%

2015 2,454.9 7.8%

2016 2,639.8 7.5%

CAGR 2011–2016 7.25%


Figure 246: Middle East Paints and Coatings Production Value (US$ Million), 2011–2016





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8.3.2 Middle East paints and coatings production value by category

The water-based paints and coatings category accounted for the largest proportion of the paints and

coatings production value in the Middle East in 2011, with a value of US$1.3 billion and a market

share of 69.0%. Meanwhile, solvent-based paints and coatings recorded a production value of

US$577.7 million. Water-based paints and coatings recorded the fastest-growing production value

during the review period, at a CAGR of 3.46%.

Table 241: Middle East Paints and Coatings Production Value by Category (US$ Million), 2007–

2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011


Water-based paints and coatings 1,119.5 1,197.6 998.6 1,155.5 1,282.9 3.46%

Overall 1,659.4 1,761.7 1,528.9 1,698.6 1,860.6 2.90%


Figure 247: Middle East Paints and Coatings Production Value by Category (%), 2007–2011





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Water-based paints and coatings production is expected to be the largest category of paints and

coatings market in Middle East in 2016, accounting for a value of US$1.9 billion and a market share

of 71.1%. Meanwhile, the solvent-based paints and coatings category is expected to record a

production value of US$763.5 million. The water-based paints and coatings category is expected to

register the fastest growth in paints and coatings production over the forecast period, at a CAGR of

7.90%.

Table 242: Middle East Paints and Coatings Production Value by Category (US$ Million), 2011–

2016

Category 2010 2011 2012 2013 2014 2015 CAGR

2011–2016



Overall 1,860.6 1,986.2 2,117.5 2,277.4 2,454.9 2,639.8 7.25%


Figure 248: Middle East Paints and Coatings Production Value by Category (%), 2011–2016





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8.3.3 Paints and Coatings Production by Volume

The production volume of paints and coatings in Middle East stood at 1.4 million tons in 2011, an

increase of 11.3% over 2010. The production volume of paints and coatings recorded a CAGR of

4.55% during the review period.

Table 243: Middle East Paints and Coatings Production Volume (Thousand Tons), 2007–2011


2007 1,185.4

2008 1,264.7 6.7%

2009 1,222.0 -3.4%

2010 1,272.6 4.1%

2011 1,416.5 11.3%

CAGR 2007–2011 4.55%


Figure 249: Middle East Paints and Coatings Production Volume (Thousand Tons), 2007–2011





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Timetric expects the production volume of paints and coatings in the Middle East to increase at a


Table 244: Middle East Paints and Coatings Production Volume (Thousand Tons), 2011–2016


2011 1,416.5

2012 1,505.9 6.3%

2013 1,590.6 5.6%

2014 1,698.0 6.8%

2015 1,821.6 7.3%

2016 1,944.6 6.8%

CAGR 2011–2016 6.54%


Figure 250: Middle East Paints and Coatings Production Volume (Thousand Tons), 2011–2016





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coatings production volume in the Middle East in 2011, with a volume of 0.9 million tons and a market


million tons. The water paints and coatings category recorded the fastest-growing production in terms

of volume during the review period, at a CAGR of 5.28%.

Table 245: Middle East Paints and Coatings Production Volume by Category (Thousand Tons),

2007–2011

Category 2007 2008 2009 2010 2011 CAGR

2007–2011


Water-based paints and coatings 769.0 824.2 774.4 822.5 944.6 5.28%

Overall 1,185.4 1,264.7 1,222.0 1,272.6 1,416.5 4.55%


Figure 251: Middle East Paints and Coatings Production Volume by Category (%), 2007–2011





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In terms of volume, water-based paints and coatings is expected to be the largest category of paints

and coatings production in the Middle East in 2016, accounting for a volume of 1.3 million tons and a


record a production volume of 0.6 million tons. The water-based paints and coatings category is

projected to register the fastest growth in paints and coatings production volume over the forecast


Table 246: Middle East Paints and Coatings Production Volume by Category (Thousand Tons),

2011–2016

Category 2011 2012 2013 2014 2015 2016 CAGR

2011–2016


Water-based paints and coatings 944.6 1,006.0 1,069.2 1,146.8 1,239.0 1,329.2 7.07%

Overall 1,416.5 1,505.9 1,590.6 1,698.0 1,821.6 1,944.6 6.54%


Figure 252: Middle East Paints and Coatings Production Volume by Category (%), 2011–2016





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8.4 Saudi Arabia


The market size of paints and coatings in Saudi Arabia stood at US$551.5 million in 2011, an



Table 247: Saudi Arabian Paints and Coatings Market Size (US$ Million), 2007–2011


2007 442.2

2008 462.9 4.7%

2009 483.3 4.4%

2010 521.3 7.9%

2011 551.5 5.8%

CAGR 2007–2011 5.68%


Figure 253: Saudi Arabian Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Saudi Arabia to increase at a CAGR of

6.10% over the forecast period, and to reach US$741.5 million in 2016.

Table 248: Saudi Arabian Paints and Coatings Market Size (US$ Million), 2011–2016


2011 551.5

2012 588.1 6.6%

2013 615.8 4.7%

2014 655.9 6.5%

2015 698.8 6.5%

2016 741.5 6.1%

CAGR 2011–2016 6.10%


Figure 254: Saudi Arabian Paints and Coatings Market Size (US$ Million), 2011–2016





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coatings in Saudi Arabia in 2011, with a value of US$294.4 million and a market share of 53.4%.

Meanwhile, solvent-based paints and coatings market sized US$257.1 million in 2011.

Table 249: Saudi Arabian Paints and Coatings Market Size by Category (US$ Million), 2007,

2011 and 2016

Category 2007 2011 2016



Overall 442.2 551.5 741.5


Figure 255: Saudi Arabian Paints and Coatings Market Size by Category (%), 2007, 2011 and

2016





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The market size in terms of volume for paints and coatings in Saudi Arabia stood at 0.6 million tons in



Table 250: Saudi Arabian Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 486.6

2008 511.2 5.1%

2009 535.1 4.7%

2010 560.7 4.8%

2011 620.3 10.6%

CAGR 2007–2011 6.25%


Figure 256: Saudi Arabian Paints and Coatings Market Size by Volume (Thousand Tons),

2007–2011





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The market size in terms of volume for paints and coatings in Saudi Arabia is expected to increase at


Table 251: Saudi Arabian Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 620.3

2012 656.4 5.8%

2013 683.5 4.1%

2014 723.9 5.9%

2015 770.9 6.5%

2016 814.1 5.6%

CAGR 2011–2016 5.59%


Figure 257: Saudi Arabian Paints and Coatings Market Size by Volume (Thousand Tons),

2011–2016





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Saudi Arabia in 2011, with a volume of 0.33 million tons and a market share of 53.6%. Meanwhile,

the solvent-based paints and coatings category accounted for the remaining market share of 46.4%,


Table 252: Saudi Arabian Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 486.6 620.3 814.1


Figure 258: Saudi Arabian Paints and Coatings Market Size by Volume by Category (%), 2007,

2011 and 2016





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8.5 United Arab Emirates


The market size of paints and coatings in the UAE stood at US$208.2 million in 2011, an increase of


of 7.15%.

Table 253: United Arab Emirates Paints and Coatings Market Size (US$ Million), 2007–2011


2007 157.9

2008 185.9 17.7%

2009 185.8 -0.1%

2010 197.2 6.1%

2011 208.2 5.6%

CAGR 2007–2011 7.15%


Figure 259: United Arab Emirates Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in the UAE to increase at a CAGR of 6.77%

over the forecast period, and to reach US$288.9 million in 2016.

Table 254: United Arab Emirates Paints and Coatings Market Size (US$ Million), 2011–2016


2011 208.2

2012 221.2 6.2%

2013 236.5 6.9%

2014 253.4 7.1%

2015 270.7 6.8%

2016 288.9 6.7%

CAGR 2011–2016 6.77%


Figure 260: United Arab Emirates Paints and Coatings Market Size (US$ Million), 2011–2016





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coatings in UAE in 2011, with a value of US$121.5 million and a market share of 58.4%. Meanwhile,

the solvent-based paints and coatings category valued US$86.6 million.

Table 255: United Arab Emirates Paints and Coatings Market Size by Category (US$ Million),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 157.9 208.2 288.9


Figure 261: United Arab Emirates Paints and Coatings Market Size by Category (%), 2007, 2011

and 2016





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The market size in terms of volume for paints and coatings in the UAE stood at 0.13 million tons in



Table 256: United Arab Emirates Paints and Coatings Market Size by Volume (Thousand

Tons), 2007–2011


2007 98.1

2008 113.4 15.6%

2009 117.6 3.8%

2010 121.2 3.1%

2011 127.0 4.8%

CAGR 2007–2011 6.68%


Figure 262: United Arab Emirates Paints and Coatings Market Size by Volume (Thousand

Tons), 2007–2011





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The market size in terms of volume for paints and coatings in the UAE is expected to increase at a


Table 257: United Arab Emirates Paints and Coatings Market Size by Volume (Thousand

Tons), 2011–2016


2011 127.0

2012 134.4 5.8%

2013 143.0 6.4%

2014 152.3 6.5%

2015 161.6 6.1%

2016 171.2 5.9%

CAGR 2011–2016 6.15%


Figure 263: United Arab Emirates Paints and Coatings Market Size by Volume (Thousand

Tons), 2011–2016





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coatings in the UAE, with a volume of 0.09 million tons and a market share of 70.6%. Meanwhile,



Table 258: United Arab Emirates Paints and Coatings Market Size by Volume by Category

(Thousand Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 98.1 127.0 171.2


Figure 264: United Arab Emirates Paints and Coatings Market Size by Volume by Category (%),

2007, 2011 and 2016





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8.6 Qatar


The market size of paints and coatings in Qatar stood at US$136.4 million in 2011, an increase of


of 9.08%.

Table 259: Qatari Paints and Coatings Market Size (US$ Million), 2007–2011


2007 96.4

2008 108.0 12.1%

2009 105.8 -2.0%

2010 118.4 11.8%

2011 136.4 15.2%

CAGR 2007–2011 9.08%


Figure 265: Qatari Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Qatar to increase at a CAGR of 6.62% over

the forecast period, and to reach US$187.9 million in 2016.

Table 260: Qatari Paints and Coatings Market Size (US$ Million), 2011–2016


2011 136.4

2012 145.6 6.7%

2013 155.2 6.6%

2014 165.6 6.7%

2015 176.8 6.7%

2016 187.9 6.3%

CAGR 2011–2016 6.62%


Figure 266: Qatari Paints and Coatings Market Size (US$ Million), 2011–2016





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coatings in Qatar in 2011, with a value of US$73.7 million and a market share of 54.0%. Meanwhile,

the solvent-based paints and coatings market sized US$62.7 million.

Table 261: Qatari Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 96.4 136.4 187.9


Figure 267: Qatari Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Qatar stood at 0.13 million tons in 2011,



Table 262: Qatari Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011


2007 101.7

2008 114.9 13.0%

2009 115.6 0.6%

2010 121.6 5.3%

2011 131.0 7.7%

CAGR 2007–2011 6.54%


Figure 268: Qatari Paints and Coatings Market Size by Volume (Thousand Tons), 2007–2011





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The market size in terms of volume for paints and coatings in Qatar is expected to increase at a


Table 263: Qatari Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016


2011 131.0

2012 139.4 6.4%

2013 147.8 6.1%

2014 157.4 6.5%

2015 167.4 6.3%

2016 178.1 6.4%

CAGR 2011–2016 6.34%


Figure 269: Qatari Paints and Coatings Market Size by Volume (Thousand Tons), 2011–2016





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coatings in Qatar in 2011, with a volume of 0.09 million tons and a market share of 68.4%.


share of 31.6%, with a market size of 0.04 million tons in terms of volume.

Table 264: Qatari Paints and Coatings Market Size by Volume by Category (Thousand Tons),

2007, 2011 and 2016

Category 2007 2011 2016



Overall 101.7 131.0 178.1


Figure 270: Qatari Paints and Coatings Market Size by Volume by Category (%), 2007, 2011

and 2016





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8.7 Bahrain


The market size of paints and coatings in Bahrain stood at US$70.2 million in 2011, an increase


CAGR of 4.07%.

Table 265: Bahrain Paints and Coatings Market Size (US$ Million), 2007–2011


2007 59.8

2008 75.2 25.6%

2009 62.4 -17.0%

2010 63.9 2.5%

2011 70.2 9.8%

CAGR 2007–2011 4.07%


Figure 271: Bahrain Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Bahrain to increase at a CAGR of

5.52% over the forecast period, and to reach US$91.8 million in 2016.

Table 266: Bahrain Paints and Coatings Market Size (US$ Million), 2011–2016


2011 70.2

2012 73.7 5.0%

2013 77.6 5.2%

2014 81.9 5.6%

2015 86.8 6.0%

2016 91.8 5.7%

CAGR 2011–2016 5.52%


Figure 272: Bahrain Paints and Coatings Market Size (US$ Million), 2011–2016





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The solvent-based paints and coatings category accounted for the highest proportion of paints

and coatings in Bahrain in 2011, with a value of US$36.7 million and a market share of 52.3%.

Meanwhile, the water-based paints and coatings market sized US$277.1 million.

Table 267: Bahrain Paints and Coatings Market Size by Category (US$ Million), 2007, 2011 and

2016

Category 2007 2011 2016



Overall 59.8 70.2 91.8


Figure 273: Bahrain Paints and Coatings Market Size by Category (%), 2007, 2011 and 2016





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The market size in terms of volume for paints and coatings in Bahrain stood at 0.04 million tons

in 2011, an increase of 9.9% over 2010. The market size in terms of volume for paints and


Table 268: Bahrain Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 40.3

2008 47.6 17.9%

2009 38.3 -19.5%

2010 39.5 3.3%

2011 43.4 9.9%

CAGR 2007–2011 1.88%


Figure 274: Bahrain Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in Bahrain is expected to


Table 269: Bahrain Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 43.4

2012 46.5 7.1%

2013 49.0 5.3%

2014 51.7 5.4%

2015 54.7 5.9%

2016 57.9 5.7%

CAGR 2011–2016 5.91%


Figure 275: Bahrain Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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Water-based paints and coatings accounted for the highest market size for paints and

coatings in Bahrain in 2011, with a volume of 0.025 million tons and a market share of

56.9%. Meanwhile, the solvent-based paints and coatings recorded a market size of 0.019

million tons in terms of volume.

Table 270: Bahrain Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 40.3 43.4 57.9


Figure 276: Bahrain Paints and Coatings Market Size by Volume by Category (%), 2007,

2011 and 2016





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8.8 Turkey


The market size of paints and coatings in Turkey stood at US$1.1 billion in 2011, an increase of

11.1% over 2010. During the review period, the market size of paints and coatings recorded a

CAGR of -1.01%.

Table 271: Turkish Paints and Coatings Market Size (US$ Million), 2007–2011


2007 1,157.3

2008 1,194.3 3.2%

2009 878.5 -26.4%

2010 1,000.0 13.8%

2011 1,111.1 11.1%

CAGR 2007–2011 -1.01%


Figure 277: Turkish Paints and Coatings Market Size (US$ Million), 2007–2011





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Timetric expects the market size of paints and coatings in Turkey to increase at a CAGR

of 7.80% over the forecast period, and to reach US$1.6 billion in 2016.

Table 272: Turkish Paints and Coatings Market Size (US$ Million), 2011–2016


2011 1,111.1

2012 1,185.6 6.7%

2013 1,272.9 7.4%

2014 1,375.2 8.0%

2015 1,492.8 8.6%

2016 1,617.6 8.4%

CAGR 2011–2016 7.80%


Figure 278: Turkish Paints and Coatings Market Size (US$ Million), 2011–2016





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The water-based paints and coatings category accounted for the highest market size of paints

and coatings in Turkey in 2011, with a value of US$797.6 million and a market share of 71.8%.

Meanwhile, the solvent-based paints and coatings market sized US$313.5 million.

Table 273: Turkish Paints and Coatings Market Size by Category (US$ Million), 2007, 2011

and 2016

Category 2007 2011 2016



Overall 1,157.3 1,111.1 1,617.6


Figure 279: Turkish Paints and Coatings Market Size by Category (%), 2007, 2011 and

2016





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The market size in terms of volume for paints and coatings in Turkey stood at 523.8 million

tons in 2011, an increase of 13.8% over 2010. The market size in terms of volume for

paints and coatings recorded a CAGR of 1.24% during the review period.

Table 274: Turkish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011


2007 498.6

2008 514.6 3.2%

2009 448.1 -12.9%

2010 460.2 2.7%

2011 523.8 13.8%

CAGR 2007–2011 1.24%


Figure 280: Turkish Paints and Coatings Market Size by Volume (Thousand Tons), 2007–

2011





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The market size in terms of volume for paints and coatings in Turkey is expected to increase at


Table 275: Turkish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016


2011 523.8

2012 557.3 6.4%

2013 596.7 7.1%

2014 643.4 7.8%

2015 697.5 8.4%

2016 754.1 8.1%

CAGR 2011–2016 7.56%


Figure 281: Turkish Paints and Coatings Market Size by Volume (Thousand Tons), 2011–

2016





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The water-based paints and coatings accounted for the highest market size for paints and

coatings in Turkey in 2011, with a volume of 0.4 million tons and a market share of 80.9%.


share of 19.1%, with a market size of 0.1 million tons in terms of volume.

Table 276: Turkish Paints and Coatings Market Size by Volume by Category (Thousand

Tons), 2007, 2011 and 2016

Category 2007 2011 2016



Overall 498.6 523.8 754.1


Figure 282: Turkish Paints and Coatings Market Size by Volume by Category (%), 2007,

2011 and 2016


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9 Company Profile: Akzo Nobel NV

9.1 Akzo Nobel NV – Company Overview

Akzo Nobel NV (Akzo Nobel) is a Dutch multinational company which provides decorative paints,

performance coatings and specialty chemicals. With operations in more than 80 countries, it is one of the

largest paints and coatings companies in the world. The company markets its products under various brands

such as Dulux, Sikkens, Casco, Sadolin, Taubmans, Levis, Glidden, Flood, Flora and Vivexrom. Its

decorative paints and performance coatings products are used for protecting and preserving homes,

buildings, offices and factories. The company‟s specialty chemicals are used as essential ingredients in

products such as ice cream, asphalt, soups, soaps, plastics, paper and other products. Its coating products

have an application for automotive, infrastructure, oil and gas, mining and metals, power, water and waste

water, marine and aerospace industries. The company conducts its business operations in major world

markets including the US, Germany, the Netherlands, and the UK. Akzo Nobel is headquartered in

Amsterdam, the Netherlands.

The company reported revenues of EUR14,640.00 million during fiscal year 2010 (FY2010). The company's

revenue grew at a CAGR of 9.93% during 2006–2010, and reported an annual growth of 12.37% in FY2010

over FY2009. The company‟s operating margin was 8.33% in FY2010, compared to its operating margin of

6.56% in FY2009. In addition, the company recorded a net margin of 5.15% in FY2010, compared to its net

margin of 2.19% in FY2009.

Table 277: Akzo Nobel NV, Key Facts

Corporate Address Strawinskylaan, 2555, Amsterdam, 75730, Netherlands

Telephone +31 20 5027555

Fax Not available

URL www.akzonobel.com

Industry Building materials

Ticker Symbol, Exchange AKZA, Euronext Amsterdam Stock Exchange

No. of Employees 55590

Fiscal Year End December

Revenue (US$ Million) 19,520.00

Locations USA, Germany, the Netherlands and the UK

Source: Annual report, company website, primary and secondary research © Timetric

9.2 Akzo Nobel NV – Business Description

Akzo Nobel manufactures and supplies specialty chemicals, paints and performance coatings worldwide.

The company has an established distribution network and conducts its business operations in more than 80

countries. The company operates through three business segments: decorative paints, performance

coatings, and specialty chemicals.

The company's decorative paints segment is one of the most geographically diverse business segments,

with operations across Europe, North America, the Asia-Pacific, Latin America, and the Rest of the World.

This segment provides adhesives, lacquers and varnishes, decorative paints, floor leveling compounds, and

specialty coatings for metal, concrete and other building materials. It also provides color concepts, mixing

machines and training courses for building construction and renovation. The company markets its products

under various brands such as Dulux, Hammerite, Pinotech, Sico, Interpon, Cuprinol, Tintas Coral, Herbol,

COMPANY PROFILES



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Sikkens, Casco, Sadolin, Taubmans, Levis, Glidden, Flood, Flora, Vivexrom and Marshall. During FY2010,

this segment accounted for 34.00% of the company‟s total revenue.

The company‟s performance coating products include industrial finishes, car refinishes, marine and

protective coatings, packaging coatings and powder coatings. During FY2010, this segment accounted for

33.00% of the company‟s total revenue.

Operating through seven business units, the specialty chemicals segment provides over 2,000 products that

find application in products of everyday use such as paper, ice cream, cosmetics, plastics and glass. Its

product portfolio includes industrial chemicals, such as chlor-alkali products, salt and monochloracetic acid,

as well as functional chemicals, including ethylene amines, cellulosic specialties, salt specialties, chelates,

sulfur products and re-dispersible powder polymers. The segment also provides cationic, anionic and non-

ionic surfactants, as well as personal care solutions and aqueous solution polymers. Its specialty chemicals

also include polymer chemicals, polyester fibers and soda ash, emulsion polymers, carbon disulfides, pulp

and paper chemicals such as sodium chlorate and hydrogen peroxide, wet and dry strengthening agents,

coating additives, and chemicals for use in the water treatment, pharmaceutical industries and explosives.

This segment accounted for 33.00% of the company‟s total revenue.

During FY2010, the company spent EUR334.00 million on research and development (R&D) activities. Akzo

Nobel operates manufacturing facilities worldwide. The company also manufactures the micronutrients

required for a variety of its products through its facilities situated in the Netherlands and the US. The

company makes use of nanotechnology to develop coatings that are highly wear resistant and easy to clean.

The company classifies its geographic operations into 10 regions: the Netherlands, Germany, Sweden, the

UK, other European countries, US and Canada, Latin America, China, other Asian countries, and other

regions. During FY2010, the company generated 23.21% of its revenues from other European countries,

20.17% of its revenues from the US and Canada, 12.15% from other Asian countries, 9.52% from Latin

America, 8.53% from China, 7.92% from Germany, 5.50% from the Netherlands, 5.45% from the UK, 4.35%

from other regions, and 3.2% from Sweden.

In October 2011, the company announced plans to build a new coating plant in China, and also acquired

Schramm Holding AG. In July 2011, the company acquired Boxing Oleochemicals, a producer of nitrile

amines and derivatives in Asia. The company also announced plans to build a manufacturing plant in the UK

in the same month, and also acquired the patented Zeta Fraction technology from Integrated Botanical

Technologies (IBT) based in New York. In June 2011, the company entered into a partnership agreement

with Guangxi CAVA Titanium Industry Co. Ltd for the production and supply of titanium dioxide (TiO2), which

is a raw material used in the production of paints and coatings.

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9.3 Akzo Nobel NV – Main Products and Brands

Akzo Nobel is one of the largest coatings manufacturers in the world. The company‟s key products and

brands include:

Table 278: Akzo Nobel NV, Main Products and Brands

Products Brands

Decorative paints: Decorative Paints:

Paints Corrostop

Lacquers Metalmaster

Varnishes Corrostop Ultra

Adhesives Crystalex & Maxithane

Floor leveling compounds Devoe Paint

Performance coating products: Dulux

Industrial finishes Flexa

Powder coatings marine and protective coatings Flood

Car refinishes Glidden

Packaging coatings Hammerite

Specialty chemicals: Levis

Functional chemicals Liquid Nails

Pulp and paper chemicals Marshall

Industrial chemicals Mulco

Surface chemicals Ralph Lauren Paint

Polymer chemicals Sadolin

Pulp bleaching chemicals Schonox

Surfactants Sico

Caustic soda Sikkens

Chlorine dimethyl The Freshaire Choice

Ether Tintas Coral

Hydrochloric acid Trimetal

Salt sodium hypochlorite Performance Coatings:

Water treatment chemicals AkzoNobel

Aerospace Coatings

Awlgrip

Casco Adhesives

Chartek

Devoe Coatings

Interlux

International

Interpon

Lesonal

Resicoat

Sikkens Car Refinishes

StickerFix

Wanda


COMPANY PROFILES



Page 322



9.4 Akzo Nobel NV – History

Table 279: Akzo Nobel NV, History

Year Event type Description

2010 Divestiture The company sold its National Starch business to Corn Products International.

2010 Acquisitions/Mergers/Takeovers The company completed the acquisition of the powder coatings business from Dow Chemical Company.

2009 Acquisitions/Mergers/Takeovers AkzoNobel completed the acquisition of the business and assets of LII Europe, which is based in Germany.

2009 Acquisitions/Mergers/Takeovers AkzoNobel Industrial acquired the wood adhesives activities of Kronochem

2009 Divestiture AkzoNobel divested the PTA activities of its Chemicals Pakistan business to the Korean company, KP Chemical Corporation (KPC).

2009 Acquisitions/Mergers/Takeovers AkzoNobel‟s National Starch business agreed to acquire Penford Australia Ltd‟s specialty grain wet milling and manufacturing facility in Lane Cove.

2008 Acquisitions/Mergers/Takeovers The company acquired Imperial Chemical Industries Plc (ICI).

2008 Acquisitions/Mergers/Takeovers The company acquired Enviroline, a specialist supplier of corrosion-resistant linings for oil and gas industries.

2008 Acquisitions/Mergers/Takeovers AkzaNobel Chemicals acquired two organic peroxides product lines from China‟s Jiangsu QiangSheng to strengthen the company‟s specialty chemical product portfolio.

2007 Ownership Changes Akzo Nobel sold Organon BioSciences NV to Schering-Plough Corporation.

1998 New Products/Services Akzo Nobel acquired a UK-based company, Courtaulds. Courtaulds‟s products portfolio includes high-tech industrial coatings and man-made fibers such as Courtelle and Tencel.

1994 Acquisitions/Mergers/Takeovers Akzo and Nobel Industries merged to form AkzoNobel.

1984 Acquisitions/Mergers/Takeovers KemaNobel merged with Bofors to form Nobel Industries.

1969 Acquisitions/Mergers/Takeovers Algemeene Kunstzijde Unie NV (AKU) merged with Koninklijke Zwanenberg Organon (KZO) to form AKZO.

1968 Acquisitions/Mergers/Takeovers The UK man-made fiber company Courtaulds acquired International Paints.

1923 Corporate Changes Saal van Zwanenberg established Organon to produce insulin from the pancreases of animals.

1918 New Products/Services Koninklijke Nederlandse Zoutindustrie (KZO) kick started the Dutch salt industry in response to salt shortages during World War I.

1871 Incorporation/Establishment KemaNobel was established in Sweden.


COMPANY PROFILES



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9.5 Akzo Nobel NV – SWOT Analysis

Akzo Nobel is a global paints and coatings company which develops and supplies a range of paints,

coatings and specialty chemicals. The company‟s main strengths are its diversified revenue generation

base, strong financial performance and strong solvency position. Meanwhile its main weaknesses are its

decorative paints segment‟s overdependence on Europe, weak liquidity position, and lawsuits and litigations

against the company. The company has the opportunity to grow from the positive outlook of the automotive

industry, strategic acquisition and capacity expansion, and Trans-European Network transport program.

However, its business operations may be threatened by stringent regulations, the economic instability of the

EU nations and labor shortages.

9.5.1 Akzo Nobel NV – strengths

Strength – diversified revenue generation base

The company‟s diversified base for generating revenue is one of its main strengths. The company operates

through three business segments: decorative paints, performance coatings, and specialty chemicals. The

company‟s decorative paints segment provides adhesives, lacquers and varnishes, decorative paints, floor

leveling compounds, and specialty coatings for metal, concrete and other building materials. The decorative

paints segment contributed 34.00% of the company‟s total revenues in FY2010, generating EUR4,968.0

million. Through its performance coating segment, the company provides industrial finishes, car refinishes,

marine and protective coatings, packaging coatings and powder coatings. The company‟s performance

coating brands include famous names such as International, Sikkens and Interpon. The performance

coatings segment contributed 33.00% of the company‟s total revenues in FY2010, generating EUR4,786.0

million. The company‟s specialty chemicals portfolio consists of more than 2,000 items which include a

variety of industrial chemicals, functional chemicals, surfactants, personal care solutions, and aqueous

solution polymers. It also offers polymer chemicals, polyester fibers and soda ash, emulsion polymers,

carbon disulfides, pulp and paper chemicals, wet and dry strength agents, coating additives, and chemicals

for use in water treatment, pharmaceutical industries and explosives. The specialty chemicals segment

contributed 33.00% of the company‟s total revenues in FY2010, generating EUR4,943.0 million. This diverse

revenue generation base enables the company to eliminate the risks associated with overdependence on a

single market.

Strength – strong financial performance

The company delivered a strong financial performance during FY2010. In the year, the company‟s total

revenue increased by 12.37%, from EUR13,028.00 million in FY2009 to EUR14,640.00 million in FY2010.

The company‟s revenue also grew at a CAGR of 9.93% during 2006–2010. In addition, the company‟s

operating profit increased from EUR855.00 million in FY2009 to EUR1,219.00 million in FY2010. Similarly,

the company‟s net income increased from EUR285.00 million in FY2009 to EUR754.00 million in FY2010.

The increase in revenue is due to the strong growth in sales from all the company‟s business segments and

operating regions. The strong financial performance enables Akzo Nobel to pursue growth and expansion

plans, and also improves investors' confidence in the company.

Strength – strong solvency position

The company‟s strong solvency position positively impacts its ability to borrow and repay money, which can

assist its business operations. Akzo Nobel‟s solvency position is strong due to the company raising capital

through equity funding than debt funding. The company recorded a debt to equity ratio of 0.42 at the end of

FY2010, which is better than its close competitors, such as PPG Industries Inc. (PPG) with its debt to equity

ratio of 1.12, and RPM International Inc. (RPM) with its ratio of 0.88. Furthermore, the company‟s equity

levels also increased by 15.55% during FY2010, to reach EUR8,984.0 million. This strong solvency position

indicates the higher creditworthiness of the company compared to its competitors.

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9.5.2 Akzo Nobel NV – weaknesses

Weakness – decorative paints segment’s overdependence on Europe

Akzo Nobel‟s decorative paints segment is highly dependent on revenue generated from Europe. Although

the company operates in other regions such as the Americas and Asia-Pacific, the majority of its revenue is

generated from Europe. In FY2010, the company generated 52.00% of its revenue from Europe, while other

regions cumulatively accounted for 48.00%. The company‟s overall performance may be threatened by any

economical downturn in this region. In addition, the reduced focus on other geographical regions may

constrain the company‟s ability to capitalize on growth prospects in other regions.

Weakness – weak liquidity position

Akzo Nobel's current ratio was 1.41 at the end of FY2010. This was lower than its close competitors such as

PPG, which had a current ratio of 1.95, and RPM, which recorded a current ratio of 2.54 in the same year.

The company‟s lower current ratio indicates its weaker financial position and potential inability to meet its

short-term obligations as efficiently as its close competitors. In FY2010, the company had cash and

equivalents worth EUR2,885.0 million, while its total current liabilities stood at EUR5,261.0 million, an

increase of 15.52% over previous year. However, the company improved its current ratio from 1.37 in

FY2009 to 1.41 in FY2010.

Weakness – lawsuits and litigations

The company has been involved in the various law suits and antitrust investigations by European regulatory

bodies. The US Army pension case against the company was settled in 2010, and the company‟s subsidiary

Glidden was been released from all of its lawsuits in the same year. However, there are other claims and

litigations against the company still pending. The resolution of legal issues requires the company to incur

significant costs to defend themselves, which may affect the company‟s overall performance. Furthermore,

involvement in lawsuits and litigations can damage the company‟s brand image and product sales.

9.5.3 Akzo Nobel NV – opportunities

Opportunity – positive outlook of the global automotive industry

The positive outlook of the global automotive industry provides opportunities for the company to increase its

revenues. The Scotiabank Group‟s Global Auto Report 2011 forecasts that the number of car sales in North

America will increase by 8.16% in 2011, from 13.96 million in 2010 to 15.20 million units in 2011. The Asian

automotive market, which includes India and China, is expected to grow at a slower annual rate of 2.64% in

2011, after its significant annual growth of 21.32% in 2010. Meanwhile, the South American automotive

market, which includes Brazil, is expected to grow by over 9.00% in 2011. Since the company's products are

used for coating vehicles by the automotive industry, the global automotive industry will generate more

demand for the company‟s products, which will increase its revenue from various regions.

Opportunity – strategic acquisition and capacity expansion

The company has made a number of strategic acquisitions and alliances to expand its existing operations

and market presence. For instance, the company acquired Schramm Holding AG in October 2011. Akzo

Nobel also announced plans to acquire Boxing Oleochemicals in July 2011, which will enable the company

to further strengthen its ability to provide specialty surfactants. Also in July 2011, the company acquired the

patented Zeta Fraction technology from Botanical Technologies (IBT). This technology will be integrated into

the personal care business of Akzo Nobel‟s surface chemistry business unit. These and other acquisitions

offer the company an expanded customer base and product range, and can enable it to capitalize on

previously inaccessible growth prospects. Besides acquisitions, the company has been focusing on

expanding its production capacity. In October 2011, the company announced its plan to build a coatings

plant in China to meet the region‟s rising demand. It also plans to invest EUR60.00 million to increase the

production capacity of its automotive and aerospace coatings business in China. This new production unit

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will be operational by 2014 and will increase Akzo Nobel‟s capacity by 25 million liters. In addition, the

company planned to establish a manufacturing unit in the UK in July 2011, which will also be operational by

2014. These capacity expansions will strengthen the company‟s competitiveness against its peers in these

operating countries.

Opportunity – Trans-European Network transport program

The company could benefit from the Trans-European Network transport (TEN-T) scheme which has been

launched by European Commission. The scheme assures the development of 89,500 kilometers (km) of

roads and 94,000 km of railways, including 20,000 km of high-speed rail lines, by 2020. The scheme will also

generate the construction of an inland waterway system that will spread across 11,250 km, and will contain

210 inland ports. Under the scheme, 294 seaports and 366 airports will also be constructed. TEN-T will be

funded by the European Commission with assistance from the European Union members and other sources,

such as community funding and the loan guarantee instrument for TEN-T projects (LGTT). The company has

a strong influence in providing products for railway infrastructure construction in Spain and other European

countries including Poland. Due to this, TEN-T provides an opportunity for the company to capitalize on its

expertise and market presence to gain higher revenues.

9.5.4 Akzo Nobel NV – threats

Threat – stringent regulations

The company‟s operations are subject to federal, state, local and foreign regulations which govern its

activities regarding their environmental, production, labor health and protection qualities. Any change in

these regulations will require the company to change how its conducts business operations, making it incur

costs to comply with the new regulation. For example, the European Commission‟s Roadmap for moving to a

low-carbon economy in 2050 recommends setting emission reduction targets of at least 25.00% between

2000 and 2020, to eventually achieve a 80.00% reduction by 2050. The EU plans to invest EUR270.0 billion,

or 1.50% of the region‟s GDP, in next four decades to implement strategies to achieve this target. These

changes in government strategies will require the company to invest in new technologies which significantly

increases its operational costs. Furthermore, non-compliance with any of these regulations would have an

adverse impact on the company‟s brand image and make the company liable to non-compliance penalties.

Threat – economic instability of the EU nations

The economic environment in EU nations is currently unstable, which poses challenges for companies such

as Akzo Nobel that are dependent on European regions to generate revenues. In 2010, the 16-member

eurozone region was struck by debt crisis. Following this, the euro fell by 16.00% against the dollar and the

governments from Spain to Germany cut their budgets to decrease their deficits. The International Monetary

Fund (IMF) and the member nations of the EU announced a EUR750.00 billion rescue package to bailout

the debt struck countries such as Greece, Italy and Ireland. However, the future condition of Europe‟s

economic environment is still uncertain and the recent credit rating downgrading of several European

countries from AAA by the S&P (Stanley & Poor) reflects this. Since the company generates the majority of

its decorative paints segment revenues from Europe, the EU‟s poor economic environment may lead to

lower demand for the company‟s products during the forecast period.

Threat – shortage of labor

The low availability of labor may pose problems to the company as the supply of skilled craft labor will

become more limited during the forecast period. According to the International Center for Peace &

Development, the EU's labor force is expected to shrink by about 0.20% a year between 2000 and 2030. It

also projected that 110.00 million people will be over the age of 65 in the EU during 2025, an increase from

71.00 million in 2000. The EU‟s old age dependency ratio is projected to increase from 23.00% in 2000 to

35.00% in 2025, and to 45.00–50.00% in 2050. Furthermore, the US is expected to have a shortage of 17.00

million working age people in 2020. The emerging and growing shortages of craft workers may impact

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several industries including the paints and coatings market. Since the company operates in Europe and the

US, it may face challenges with respect to labor shortage in these regions.

9.6 Akzo Nobel NV – Company Information

9.6.1 Akzo Nobel NV – key competitors

Benjamin Moore & Co.

CPFilms Limited

PPG Industries Inc.

RPM International Inc.

The Sherwin-Williams Company

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9.6.2 Akzo Nobel NV – key employees

Table 280: Akzo Nobel NV, Key Employees

Name Job Title Board Level

Graeme Armstrong Member of the Executive Committee Executive Board

Hans Wijers Chairman, Chief Executive Officer Executive Board

Keith Nichols Chief Financial Officer Executive Board

Leif Darner Director – Performance Coatings Executive Board

Rob Frohn Director – Specialty Chemicals Executive Board

Sven Dumoulin General Counsel Senior Management

Tex Gunning Director – Decorative Paints Executive Board

Werner Fuhrmann Managing Director – Industrial Chemicals Senior Management

Source: Annual report, company website, primary and secondary research / © Timetric

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10 Company Profile: PPG Industries Inc.

10.1 PPG Industries Inc. – Company Overview

PPG Industries Inc. (PPG) is a coatings and specialty products company, which is based in US. PPG

manufactures and supplies coatings, optical and specialty materials, commodity chemicals, and fiber glass.

The company offers its products through six segments: performance coatings, industrial coatings,

architectural coatings in EMEA, optical and specialty materials, commodity chemicals, and glass. The

company offers its products and services to customers involved in construction, consumer products,

industrial production and transportation. PPG owns manufacturing facilities and equity affiliates in more than

60 countries across the world. The company sells its products through its own stores, home centers,

independent dealers and also directly to customers. PPG is headquartered in Pittsburgh, Pennsylvania, the

US.

The company reported revenues of US$13,423.00 million during FY2010. The company's revenues grew at

a CAGR of 5.25% during 2006–2010, and recorded an annual growth rate of 9.67% over FY2009. The

company‟s operating margin was 9.65% in FY2010, compared to its operating margin of 5.04% in FY2009.

The company also recorded a net margin of 5.73% in FY201, compared to its net margin of 2.75% in

FY2009.

Table 281: PPG Industries Inc., Key Facts

Corporate Address One PPG Place, Pittsburgh, 15272 United States of America

Telephone +1 412 4343131

Fax +1 412 4342125

URL www.ppg.com


Ticker Symbol, Exchange PPG, New Zealand Exchange Limited

No. of Employees 38,300

Fiscal Year End November


Locations USA


10.2 PPG Industries Inc. – Business Description

PPG is a coatings and specialty products and services company. The company provides a wide variety of

products and services to end users in construction, consumer products, industrial and transportation

services. PPG owns manufacturing facilities and equity affiliates in over 60 countries across the world.

PPG has classified its operations under six segments: performance coatings, industrial coatings,

architectural coatings in EMEA, optical and specialty materials, commodity chemicals, and glass.

The company‟s performance coatings segment contains aerospace coatings, refinish and protective, marine

coatings and architectural coatings businesses. Its aerospace coatings business is one of the world‟s leading

suppliers of coatings, sealants, paint strippers, transparent armor and transparencies for commercial

companies, technical cleaners, the military, general aviation aircraft and regional jets. The company‟s

architectural coatings business operates in the Americas and Asia-Pacific region. This business produces

paints, stains and specialty coatings under the PPG Pittsburgh Paints, Olympic, PPG Porter, Monarch, and

Lucite brand names. The refinish coatings business supplies products for automotive and fleet repair,

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refurbishing, and light industrial coatings for broad range of markets. The protective and marine coatings

business offers coatings and finishes for protection of metals and structures, especially steel and metal

fabricators, ship manufacturers, rail cars and shipping containers and heavy duty maintenance contractors.

The company sells products through its own stores and independent distributors, as well as directly to

customers. The company‟s performance coatings segment accounted for 31.90% of its total revenues in

FY2010.

PPG‟s industrial coatings segment contains the industrial, automotive and packaging coatings businesses. In

the automotive and industrial coatings businesses, the company sells products adhesives, sealants in the

automotive industry. It also offers metal pre-treatments and related chemicals for industrial and automotive

applications. The packaging coatings business supplies coatings and inks for food, beverages and aerosol

containers. The company‟s industrial coatings segment accounted for 27.62% of its total revenues in

FY2010.

Through the architectural coatings in EMEA (Europe, Middle East and Africa) segment, the company

supplies coatings under various brands. It manufactures coatings for painting and maintenance contractors

as well as for consumers to use in personal decoration and maintenance. The company sells these products

through its own stores, independent distributors, home centers and paint dealers. The architectural coatings

EMEA segment accounted for 13.96% of the company‟s total revenue in FY2010.

PPG‟s optical and specialty materials segment offers optical products and silica. The segment‟s products

portfolio includes sun lenses, transitions lenses, polarized films and optical materials; battery separators and

amorphous precipitated silica for tire and other end-user markets; and teslin synthetic printing sheet used as

waterproof labels, e-passports, identification cards and drivers‟ licenses. The company‟s optical and

specialty materials segment accounted for 8.50% of its total revenues in FY2010.

Through the company‟s commodity chemicals segment, PPG manufactures chlor-alkali and derivative

products, such as caustic, chlorine, soda, vinyl chloride monomer, ethylene dichloride, chlorinated benzenes,

calcium hypochlorite, chlorinated solvents and phosgene derivatives. The company‟s commodity chemicals

segment accounted for 10.68% of its total revenues in FY2010.

PPG‟s glass segment provides performance glazing and fiber glass. It produces continuous-strand fiber

glass. This segment‟s key end users are commercial and residential construction, the wind energy,

transportation, energy infrastructure, and electronics companies. Most of the company‟s glass products are

sold directly to manufacturing companies. PPG‟s glass segment accounted for 7.34% of its revenues in

FY2010.

The company supplies protective and decorative coatings through its performance coatings, industrial

coatings, architectural coatings in EMEA segments. These coatings are used for industrial equipment,

aluminum extrusions, and aluminum and steel coils, appliances and packaging, marine and aircraft

equipment, and automotive original equipment.

Geographically, the company operates in the Americas, EMEA and Asia regions. The Americas accounted

for 49.64% of the company‟s revenue in FY2010, while EMEA accounted for 33.79% and Asia accounted for

16.57% of the company‟s revenue.

In October 2011, PPG partnered with Jet Inc., a provider of advanced on-site wastewater treatment systems

for the distribution of new ACCU-TAB(R) wastewater tablets. During the same month, PPG acquired the

European coatings company Dyrup AS. The company also entered into an organic light-emitting diode

(OLED) materials supply and service agreement with Universal Display Corporation in September 2011.

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In August 2011, the company established a 50:50 joint venture with Harsha Exito Engineering Private

Limited (India) to manufacture and distribute fiber glass reinforcement products. During the same month, the

company and its subsidiary, PPG Colombia, acquired Colpisa Colombiana de Pinturas, a privately-owned

Colombian coatings company, and its affiliates.

In June 2011, PPG acquired Ducol Coatings South Africa (PTY) Ltd, which operates as an importer and

distributor of PPG‟s automotive refinish products in South Africa. Furthermore, in May 2011, PPG acquired

Equa-Chlor Inc., a producer of chlorine, caustic soda and muriatic acid, based in Longview, Wash. In

January 2011, PPG announced plans to expand its relationship with Asian Paints Ltd (APL), India‟s coatings

company to accelerate the growth of the companies‟ non-decorative coatings businesses in India.

10.3 PPG Industries Inc. – Main Products and Brands

PPG is a provider of coatings and specialty products which is based in US. The company's main products

include:

Table 282: PPG Industries Inc., Main Products and Brands

Products Brands

Performance coatings: Pittsburgh

Sealants coatings PPG

Maintenance chemicals Renner

Transparent armors Lucite

Transparencies and application systems Olympic

High performance coatings Taubmans

Light industrial coatings Ivy

Specialty coatings for signs industrial coatings: Sigma Coatings

Electrocoats primer surfacers Histor

Base coats Seigneurie

Clearcoats Ripolin

Bedliner Johnstone‟s

Pretreatment chemicals Leyland

Adhesives and sealants inks Dekoral

Optical and specialty materials: Trilak

Transitions lenses Primalex

Sunlenses Prominent Paints

Optical materials and polarized film Freitag

Amorphous precipitated silicas for tire, battery separator, and other end-user markets of Teslin synthetic printing sheet

Commodity chemicals:

Chlorine caustic soda

Vinyl chloride monomer

Chlorinated solvents

Chlorinated benzenes

Calcium hypochlorite

Ethylene dichloride

Phosgene derivatives

Glass:

Flat glass

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Table 282: PPG Industries Inc., Main Products and Brands

Performance glazings

Fiber glass


10.4 PPG Industries Inc. – History

Table 283: PPG Industries Inc., History


2010 New Product Approvals PPG created the DuraPrep surface solutions line of paint- and coatings-related products for use in the automotive, industrial, protective, marine, architectural, and other markets.

2010 Acquisitions/Mergers/Takeovers PPG acquired Bairun, a privately-owned packaging coatings company in Gaoming District, Foshan, Guangdong in China.

2010 Contracts/Agreements The company was awarded a five-year contract, worth US$$50.10 million, by the Defense Logistics Agency‟s Defense Supply Center in Richmond

2009 Contracts/Agreements PPG's aerospace coatings business entered into an agreement with Farecla Inc., Chagrin Falls, Ohio, for the global sales and distribution of Farecla`s polishes, abrasives and waxes in aircraft coatings.

2009 Contracts/Agreements PPG's aerospace transparencies business entered into a contract with Cessna Aircraft Co. to develop and produce all glass-heated cockpit windows for the Citation Columbus business jet.

2009 Contracts/Agreements PPG's protective and marine coatings business signed a contract with the US Navy‟s Military Sealift and also a mutual supply and marketing collaboration agreement with Dynasystems.

2009 Contracts/Agreements PPG entered into an agreement with Ebtech Industrial for modular panel systems.

2008 Acquisitions/Mergers/Takeovers PPG acquired SigmaKalon Group, a worldwide coatings producer based in Netherlands.

2008 Contracts/Agreements PPG signed an agreement with Plymouth Technology to distribute Metals Removal System (MRS) wastewater treatment technology by Plymouth Technology to the North American automotive OEM market.

2008 Acquisitions/Mergers/Takeovers PPG acquired the assets and intellectual property of NanoProducts Corporation, a producer of nanoproduct materials.

2007 Acquisitions/Mergers/Takeovers PPG Industries Australia, a subsidiary of PPG, acquired Barloworld Coatings Australia, the architectural paint unit of South Africa-based Barloworld

2007 Contracts/Agreements PPG signed an agreement with iGlass Projects, a manufacturer of switchable liquid crystal films and commercialize dimmable glazing.

2007 Acquisitions/Mergers/Takeovers The company acquired privately held Sierracin Corporation, a supplier of aerospace transparencies such as windshields, windows and canopies.

2007 Acquisitions/Mergers/Takeovers The company acquired certain assets of the California-based Coatings Resource Corporation (CRC), a producer of paints, lacquers and varnishes.

2007 Acquisitions/Mergers/Takeovers Hanwha Living & Creative (L&C) Corporation acquired AZDEL, a 50:50 joint venture of PPG and SABIC Innovative Plastics, formerly known as GE Plastics, a producer of high-performance polymers.

2007 Divestiture PPG sold its fine chemicals business to ZaCh System, the fine chemicals subsidiary of Zambon Company.

2007 Acquisitions/Mergers/Takeovers The company acquired the industrial and architectural coatings businesses of Renner Sayerlack SA, Gravatai, Brazil.

2006 Acquisitions/Mergers/Takeovers The company acquired Eldorado Chemical, a manufacturer of paint strippers and technical cleaners for the aerospace industry.

2006 Acquisitions/Mergers/Takeovers The company acquired Tone Paint Corporation, a manufacturer of architectural paint and coatings products.

2006 Acquisitions/Mergers/Takeovers PPG acquired Ameron International Corporation, a manufacturer of engineering materials.

2006 Acquisitions/Mergers/Takeovers The company acquired certain assets of Champion Coatings, a manufacturer of high performance coatings for the rail, marine and overland industries.

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Table 283: PPG Industries Inc., History

2005 Corporate Changes/Expansions The company formed a joint venture with Sinoma Jinjing Fiber Glass, a Chinese manufacturer of glass fiber products to manufacture fiber glass reinforcements.

2004 New Product Approvals The company launched a gas barrier packaging coating specifically designed for highly oxygen sensitive products, called Bairocade HP coating.

2004 Corporate Changes/Expansions In alliance with Kansai Paint, the company formed PPG Kansai Automotive Finishes, a marketing and technical service provider, to sell automotive coatings to global original equipment manufacturers.

2002 New Product Approvals The company developed a new, high temperature powder coating capable of withstanding prolonged exposure to temperatures of up to 600 degrees Fahrenheit.

2000 Acquisitions/Mergers/Takeovers The company's subsidiary PPG Architectural Finishes acquired the retail paint business of New Dean & Barry.

2000 Contracts/Agreements The company received a contract from Boeing Commercial Airplanes Group, Washington, to supply aircraft cockpit windows and landing light lens assemblies.

1983 Incorporation/Establishment PPG Industries was established as Pittsburgh Plate Glass Company.

1968 Corporate Changes/Expansions The company changed its name to PPG Industries (PPG).

1952 Acquisitions/Mergers/Takeovers The company established its fiberglass business.


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10.5 PPG Industries Inc. – SWOT Analysis

PPG‟s main strengths are its broad product portfolio, global business operations and strong financial

performance. Meanwhile, its main weakness is its limited solvency position. The company could grow by

capitalizing on the positive outlook of the chemicals industry, partnerships and agreements, strategic

acquisitions and growth in emerging markets. However, the company‟s operations may be threatened by the

negative outlook of non-residential construction in the US, European regulations for chemical industry and

increasing labor costs.

10.5.1 PPG Industries Inc. – strengths

Strength – broad product portfolio

The company‟s broad business portfolio enables it to efficiently cater to the diverse needs of its large

customer base. PPG operates its business through six segments: performance coatings, industrial coatings,

architectural coatings in EMEA, optical and specialty materials, commodity chemicals and glass. Under the

performance coatings, industrial coatings and architectural coatings in EMEA segments, PPG offers

protective and decorative finishes for use in industrial equipment, appliances and packaging, marine and

aircraft equipment, automotive original equipment, factory-finished aluminum extrusions, steel and aluminum

coils, and other industrial and consumer products. The company‟s optical and specialty materials segment

provides optical products and operates silicas businesses. Meanwhile, its commodity chemicals segment

produces chlor-alkali and derivative products including chlorine, vinyl chloride monomer, caustic soda,

chlorinated solvents, ethylene dichloride, calcium hypochlorite, hydrochloric acid and phosgene derivatives.

Finally the glass segment operates glazing and fiber glass businesses. During FY2010, the company

generated 31.89% of its net sales from the performance coatings segment, 27.62% from industrial coatings,

13.96% from architectural coatings in EMEA, 8.50% from optical and specialty materials, 10.68% from

commodity chemicals and 7.34% from glass segment. The company‟s broad product portfolio enables it to

generate high market shares and revenues. In addition, the broad product portfolio mitigates the various

risks associated with overdependence on a particular business segment.

Strength – global business operations

The company's global business operations give it a large potential customer base, which enhances its top-

line performance. PPG has a presence in over 60 countries around the globe. The company operates 121

manufacturing facilities in 41 different countries, of which 34 manufacturing facilities are located in 20 US

states, nine are located in five other American countries, 51 facilities are located in 25 EMEA countries, and

27 facilities are located in 10 Asian countries. The company‟s research and development (R&D) centers are

located in the US. During FY2010, the company generated 49.64% of its revenues from the Americas

region, 33.79% from EMEA region and 16.57% from Asia. The company‟s broad geographic presence and

diverse product portfolio mitigate the risks associated with overdependence on a single product or market.

The company‟s global operations also enable it to capitalize on any growth prospects that arise across the

globe. Furthermore, its established foreign operations make it easier for the company to launch new

products in foreign countries. This contributes to the company‟s success and provides future growth

prospects.

Strength – strong financial performance

PPG registered a strong financial performance during FY2010. The company‟s total revenues increased by

9.67% during the year, from US$12,239.00 million in FY2009 to US$13,423.00 million in FY2010. In

addition, the company‟s operating profit increased from US$617.00 million in FY2009 to US$1,295.00 million

in FY2010. The company‟s net income also increased from US$336.00 million in FY2009 to US$769.00 in

FY2010. The company‟s improved revenues during the year were primarily driven by the increased revenues

of several business segments. For example, the revenues from the performance coatings segment grew by

4.54% in FY2010, while the industrial coatings segment‟s revenues grew by 20.86, optical and specialty

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materials segment‟s revenues grew by 13.87% and the glass segment‟s revneues grew by 16.02%

respectively. Furthermore, the company maintained a higher operating margin of 9.67% than its close

competitors, such as RPM International Inc. which had an operating margin of 8.73% and The Sherwin-

Williams Company which had an operating margin of 8.72%. The company‟s strong operating performance

against its peer group improves investors‟ confidence in the company and enhances its growth prospects.

10.5.2 PPG Industries Inc. – weaknesses

Weakness – limited solvency position

The company‟s limited solvency position may impact its ability to borrow and repay money, which could

prevent its ability to expand business operations. The solvency position of PPG may be limited due to its

significant debt funding than equity funding. The company recorded a debt to equity ratio of 1.12 at the end

of FY2010 which is lower than its close competitors, such as RPM International Inc. which had a ratio of 0.88

and The Sherwin-Williams Company which had a ratio of 0.65. The company‟s total debt also increased by

21.67% during the year, to reach US$4,071.00 million in FY2010. The company‟s limited solvency position

indicates the lower creditworthiness of the company compared to its close competitor.

10.5.3 PPG Industries Inc. – opportunities

Opportunity – positive outlook of the chemicals industry

The strong outlook for the chemical industry market provides growth prospects for PPG. According to the

CEFIC (the European Chemical Industry Council), chemicals production in Europe is projected to increase

by 4.50% for 2011 and by 2.50% for 2012. In addition, China is expected to become the largest global

chemical producer in 2015. PPG already has a strong presence in the chemical industry, especially in

Europe and China. The increasing demand for chemicals will provide opportunities for the company to

increase its sales of products that cater to the industry.

Opportunity – partnerships and agreements

The company‟s recent partnerships should strengthen its position in the market. In October 2011, PPG

partnered with Jet Inc., a provider of advanced on-site wastewater treatment systems, for the distribution of

new ACCU-TAB(R) wastewater tablets. This partnership is expected to combine the waste water equipment

distributor network of Jet Inc. with PPG‟s water chlorination systems, to improve the global sanitation efforts.

Furthermore, the company entered into an organic light-emitting diode (OLED) materials supply and service

agreement with Universal Display Corporation in September 2011. This agreement replaces Universal

Display's current OLED Materials Supply and Service Agreement with PPG Industries. In August 2011, the

company established a 50:50 joint venture with Harsha Exito Engineering Private Limited in India to

manufacture and market fiber glass reinforcement products. The high growth and expansion of the Indian

economy is expected to generate additional demand for fiber glass used by transportation, wind energy and

infrastructure. These partnership and alliances will strengthen the company‟s position across its operating

markets.

Opportunity – strategic acquisitions

The company‟s recent strategic acquisitions may further strengthen its business operations. In October

2011, PPG acquired the European coatings company Dyrup AS. The company intends to expand its

presence within Europe through this acquisition by increasing its portfolio to include Dyrup‟s brands. In

August 2011, the company and its subsidiary PPG Colombia acquired Colpisa Colombiana de Pinturas, a

privately-owned Colombian coatings company, and its affiliates. Through this acquisition PPG intends to

expand its coatings business in Latin America. In June 2011, PPG acquired Ducol Coatings South Africa

(PTY) Ltd, which serves as an importer and distributor of PPG‟s automotive refinish products in South Africa.

This acquisition may help the company to directly serve its products to its customers. In May 2011, PPG

acquired Equa-Chlor Inc., a producer of chlorine, caustic soda and muriatic acid, based in Longview, Wash.

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The company‟s strong market presence and influence gives it a high bargaining power, enabling it to enter

into strategic acquisitions at low prices and to achieve economies of scale.

Opportunity – growth in emerging markets

The growth prospects in emerging markets may provide opportunities for the company to improve its market

share. For instance, the rapid urbanization in China and shortage of Indian housing may increase the

demand for building materials such as paints and coatings that are used by the increased residential

construction activities. China‟s rapid urbanization is being fueled by the country‟s robust economic growth.

According to the World Resource Institute, 1.00 billion people are expected leave China‟s rural areas to

enter its cities by 2025. China is also expected to contain 221 cities with more than 1.00 million residents by

2025. In addition, the World Resource Institute anticipates that the urban disposable income per head will

increase to US$7,500.00 in 2025. China‟s rapid urbanization and increased disposable income will raise the

demand for housing properties across these cities and, as such, will generate higher sales of building

materials such as paints. Besides China, the Indian real estate industry is expected to grow, providing more

growth prospects for PPG. According to a study conducted by the Urban Land Institute (ULI), „Emerging

trends in Real Estate in Asia Pacific 2011', India leads the group of real estate investment markets in Asia

for 2011. The report identified that major Indian cities, such as Mumbai and New Delhi, are among the most

sought after residential real estate market destinations in the continent. Furthermore, the Technical Group in

India, which was made up by the Ministry on Estimation of Housing Shortage, estimated there was a

shortage of 26.53 million houses during 2007–2012. This large housing shortage will trigger high demand for

homes and building materials, such as paints and coatings. The company is focusing on expanding its

market presence in India which will help it capitalize on this growth prospect. In January 2011, PPG

announced plans to expand its relationship with Asian Paints Ltd. (APL), India‟s coatings company, to

accelerate the growth of its Indian non-decorative coatings businesses. This expansion may help the

company provide more products to India‟s marine, consumer packaging markets and industrial liquid

markets. The company may expand its products portfolio in these regions that cater to capitalize on the

rising demand for paints and coatings from emerging markets in Asia.

10.5.4 PPG Industries Inc. – threats

Threat – negative outlook of non-residential construction in the US

The outlook of the US construction industry is negative, posing challenges to the company‟s domestic

business operations. According to the AIA Consensus Construction Forecast Panel, non-residential

construction activity in the country is expected to decline by 5.60% in 2011. The construction activities for

commercial and industrial projects are expected to be weak in 2011, with total commercial construction

revenues growing by -6.50% and industrial construction growing by -3.40% during the year. The largest

decline in construction value will be reported by hotel construction, which will decrease in value by 17.90%.

The main reasons for the reduced demand for non-residential construction are the cautious approach of

businesses in expanding their facilities, the tight credit situation, and the oversupply of commercial space in

the country. Since the company principally operates in the US, the negative outlook of the US construction

industry will reduce the demand for the company‟s products in its domestic market.

Threat – European regulations for chemical industry

The company is subject to national and international regulations, which are constantly changing, and most

regulation change affects how the company conducts its business operations. During the review period,

regulations for producing chemicals have been increasing. Strict guidelines have been placed on producing

chemical compounds in Europe, such as REACH (registration, evaluation, authorization and restriction of

chemicals), CLP (classification, labeling and packaging) and GHS (globally harmonized system of

classification and labeling of chemicals). The cost of implementing new legislations is a huge challenge for

the chemical industry. PPG is required to pay continuous attention to the current regulations and to invest in

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altering its operations in order to comply. PPG spends over EUR10.00 million per year to retain the standard

of its products. The increasing regulations may affect the profitability of the company.

Threat – increasing labor cost

The labor costs in the US have risen during the review period. The tight labor markets, government

mandated increases in minimum wages and higher proportion of full-time employees are causing increased

labor costs in the country. The federal minimum wage rate in the US, which had previously remained at

US$5.15 per hour since 1997, increased to US$7.25 per hour in July 2009. Furthermore, the minimum wage

increased to over US$8.00 per hour during 2010 in US several states, such as Washington, California,

District of Colombia, Oregon and Massachusetts. Since the company operates several manufacturing

facilities in the US, the increased labor costs in the country will affect its overall costs and profit margins.

10.6 PPG Industries Inc. – Company Information

10.6.1 PPG Industries Inc. – key competitors

Akzo Nobel NV

Akzo Nobel NV – Akcros Chemicals PVC additives business

BASF Corporation

Corning Incorporated


The Dow Chemical Company

The Sherwin-Williams Company

The Valspar Corporation

10.6.2 PPG Industries Inc. – key employees

Table 284: PPG Industries Inc., Key Employees


Aziz S. Giga Treasurer – Strategic Planning Senior Management

Barry N. Gillespie Vice President – Aerospace Products Senior Management

Charles E. Bunch Chairman, Chief Executive Officer, Director Executive Board

Charles F. Kahle Chief Technology Officer, Vice President – Coating Research and Development

Senior Management

Cynthia A. Niekamp Senior Vice President – Automotive Coatings Senior Management

David P. Morris Vice President – Aerospace Coatings and Sealants Senior Management

David R. Whitwam Director Non-Executive Board

Douglas S. Pegg Vice President – Packaging Coatings Senior Management

Gary Danowski Vice President – Automotive Refinish in EMEA Senior Management

Glenn E. Bost Senior Vice President, General Council Senior Management

Hugh Grant Director Non-Executive Board

J. Rich Alexander Executive Vice President Executive Board

James G. Berges Director Non-Executive Board

John R. Outcalt Vice President – Automotive Refinish Senior Management

John Richter Vice President – Operations and Coatings in Asia Senior Management

Lynne D. Schmidt Vice President – Government and Community Affairs Senior Management

Martin H. Richenhagen Director Non-Executive Board

Michael H. McGarry Senior Vice President – Commodity Chemicals Senior Management

Michael Horton Vice President – Asia Coatings, General Manager – Senior Management

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Table 284: PPG Industries Inc., Key Employees

Refinish, Architectural and PMC in Asia

Michele J. Hooper Director Non-Executive Board

Patrick J. Kenny Vice President – Corporate Marketing Senior Management

Pierre Marie De Leener Executive Vice President Executive Board

Richard A. Beuke Vice President – Flat Glass Senior Management

Richard C. Elias Senior Vice President – Optical and Specialty Materials Senior Management

Robert J. Dellinger Chief Financial Officer, Senior Vice President Senior Management

Robert Mehrabian Director Non-Executive Board

Robert Ripp Director Non-Executive Board

Scott B. Sinetar Vice President – Architectural Coatings, North America Senior Management

Stephen F. Angel Director Non-Executive Board

Stephen T. Lampe Vice President – Purchasing and Distribution Senior Management

Thomas J. Usher Director Non-Executive Board

Thomas S. Mauck Vice President – Protective and Marine Coatings Senior Management

Timothy M. Knavish Vice President – Automotive Coatings, Americas Senior Management

Victoria F. Haynes Director Non-Executive Board

Viktoras R. Sekmakas President – Industrial Coatings , Senior Vice President – Industrial Coatings , Vice President – PPG Asia/Pacific

Senior Management

Vince Morales Vice President – Investor Relations Senior Management

Werner Baer Vice President – Information Technology Senior Management


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11 Company Profile: The Sherwin-Williams Company

11.1 The Sherwin-Williams Company – Company Overview

The Sherwin-Williams Company (Sherwin-Williams) is a manufacturer and retailer of paint which is based in

the US. The company develops, produces, distributes and sells coatings, paints and other paint-related

products. Its product portfolio consists of a wide variety of interior and exterior paints, sealers, water

proofers, primers, surfacers and high performance architectural coatings. The company markets its products

under brands names including Dutch Boy, Sherwin-Williams, Pratt & Lambert, Krylon, Minwax, Thompson‟s,

WaterSeal, Purdy, Uniflex, VHT, Kool Seal and Snow Roof. It also offers an array of painting-related

services such as color sampling, wood finishing systems and services, inventory management and

equipment repairs. The company principally operates in North and South America, the Caribbean region,

Europe and Asia. Sherwin-Williams is headquartered in Cleveland, Ohio, US.

Table 285: The Sherwin-Williams Company, Key Facts

Corporate Address 101 Prospect Ave., N.W., Cleveland, 44115, United States of America

Telephone + 1 216 5663670

Fax + 1 216 5662000

URL www.sherwin-williams.com


Ticker Symbol, Exchange SHW (New York Stock Exchange)




Locations USA, Canada, Asia-Pacific, Latin America and Europe


11.2 The Sherwin-Williams Company – Business Description

Sherwin-Williams is involved in the development, production, distribution and retailing of paints, coatings and

other paint-related products. The company produces paints, stains, painting tools and equipment for a wide

variety of end users such as residential and commercial builders, architectural and industrial painting

contractors, property owners, and property managers. In addition to these products, the company also

provides an array of painting-related services such as color sampling, wood finishing systems and services,

inventory management, and equipment repairs.

The company operates through three segments: paint stores group, consumer group and global finishes

group.

Through its paint stores group segment, the company markets paints, coatings and paint-related products to

its customers. The company operates around 3,390 company-owned specialty paint stores in the US,

Canada, Puerto Rico, Virgin Islands, Trinidad and Tobago, St. Maarten, and Jamaica. The company markets

its products under brand names including Sherwin-Williams, ProMar, SuperPaint, A-100, PrepRite, Classic

99, ProClassic, Master Hide, Duration, ExpressTech, Duron, Columbiatm and MABtm. The paint stores

group provides a complete range of environmentally friendly products, such as low-VOC and zero-VOC

architectural paints, which meet the LEED (leadership in energy and design) requirements. It also produces

protective and marine coating systems. The paint stores group segment accounted for 56.34% of the

company‟s total revenues in FY2010.

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The consumer group segment develops, manufactures and distributes a variety of paint, coatings and paint-

related products to third-party customers, primarily in the US and Canada. The company markets its

products under brands including Thompson‟s WaterSeal, Dutch Boy, Cuprinol, Pratt & Lambert, Martin

Senour, H&C, Rubberset, Dupli-Color, Minwax, White Lightning, Krylon, Purdy, Bestt Liebco, Accurate

Dispersionstm, Dobco, Kool Seal, Snow Roof, Uniflex and VHT. The consumer group segment accounted

for 16.69% of the company‟s total revenues in FY2010.

The global finishes group segment develops, manufactures, distributes and sells architectural paint and

coatings, industrial and marine products, automotive finishes, refinish products, and OEM coatings. The

company markets its merchandise under brands including Sherwin-Williams, Martin Senour, Lazzuril,

Excelo, Baco, Planet Color, Ultra-Cure, Dutch Boy, Krylon, Kem-Tone, Pratt & Lambert, Minwax, Sher-

Wood, Powdura, Polane, RonsealTM, Colorgin, Sumare, Andina, Marson, Tri-Flow, Thompson‟s WaterSeal,

Metalatex, Novacor, Loxon, Napko, AWX and Ultra. It sells this merchandise mainly to North and South

America, Europe and Asia. The segment operates 248 branches in the US and 316 branches in other

regions. The global finishes group segment accounted for 26.90% of the company‟s total revenues in

FY2010.

Sherwin-Williams also provides product-related services, such as color tools, color visualizers, spray

equipment repair services, wood finishing services, and color and design services to architects and

designers, painting contractors, home builders, industrial and marine, custom woodworkers and cabinet

finishers, property and facility managers, and factory finishers of exterior siding.

11.3 The Sherwin-Williams Company – Main Products, Services and Brands

Sherwin-Williams manufactures and supplies paints, coatings and paint-related products. The company's

key products and services include:

Table 286: The Sherwin-Williams Company, Main Products, Services and Brands

Products Brands

Paints Sherwin-Williams

Stains Dutch Boy

Varnishes Krylon

Industrial products Minwax

Wood finishing products Cuprinol

Wood preservatives Thompson‟s

Applicators WaterSeal

Corrosion inhibitors Pratt & Lambert

Aerosols Martin Senour

Services H&C

Color and design services White Lightning

Wood finishing services Dupli-Color

Equipment repairs Rubberset

Purdy

Dobco

Bestt Liebco

Accurate Dispersions

Uniflex

VHT

Kool Seal

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Table 286: The Sherwin-Williams Company, Main Products, Services and Brands

Snow Roof


11.4 The Sherwin-Williams Company – History

Table 287: The Sherwin-Williams Company, History


2010 Acquisitions/Mergers/Takeovers The company acquired Sayerlack Industrial Wood Coatings.

2010 Acquisitions/Mergers/Takeovers The company acquired the Industrial Wood Coatings business of Arch Chemicals Inc.

2010 Acquisitions/Mergers/Takeovers The company acquired Becker Industrial Products AB, a subsidiary of AB.

2009 Corporate Changes/Expansions The company's global finishes group opened 18 new branches, of which eight were in the US, six were in South America, one was in Canada and three were in India. It closed 20 branches, of which 15 were in the US, one was in South America and four were in Mexico.

2009 Corporate Changes/Expansions The company's paint stores group opened eight net new stores. It opened 53 new stores, of which 44 were in the US, one was in Jamaica, seven were in Canada, and one was in St. Maarten. It also closed 45 stores in the US.

2008 Acquisitions/Mergers/Takeovers The company acquired Euronavy in Portugal.

2008 Acquisitions/Mergers/Takeovers The company acquired Euronavy-Tintas Marítimas e Industriais SA of Portugal.

2008 Acquisitions/Mergers/Takeovers The company acquired Becker Powder Coatings in North America.

2008 Acquisitions/Mergers/Takeovers The company acquired the Liquid Coatings subsidiaries of Inchem Holdings of Inchem Holdings International Limited.

2007 Acquisitions/Mergers/Takeovers The company acquired M.A. Bruder Inc.

2007 Acquisitions/Mergers/Takeovers The company acquired Nitco Paints in India.

2004 Acquisitions/Mergers/Takeovers The company acquired Duron and Paint Sundry Brands.

2001 Acquisitions/Mergers/Takeovers The company acquired the Wisconsin-based Mautz Paint Company, a manufacturer of paints.

2000 Acquisitions/Mergers/Takeovers The company acquired the Italy-based ScottWarren, a manufacturer and seller of automotive refinish coatings.

1996 New Products/Services The company introduced several new products such as Low Temp 35, a paint for low temperatures, Healthspec, a low-odor paint, and designer paints under the Ralph Lauren banner.

1996 Acquisitions/Mergers/Takeovers The company acquired Pratt & Lambert, a paint manufacturer.

1970 New Products/Services The company introduced its first interior, exterior color palette called Beau Monde.

1964 Stock Listings/IPO The company was listed on the New York Stock Exchange.

1900 New Products/Services The company introduced paints for floors, roofs, barns, metal bridges, railroad cars and automotives.

1898 New Products/Services The company introduced its first non-paint products, varnish and insecticide into the market.

1884 Corporate Changes/Expansions The company was incorporated as 'Sherwin-Williams Company'.

1874 New Products/Services The company introduced a special paint for carriages.

1872 New Products/Services The company introduced trade catalogs.

1866 Incorporation/Establishment The company was established by Henry Sherwin and Edward Williams.


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11.5 The Sherwin-Williams Company – SWOT Analysis

The Sherwin-Williams Company is one of the leading paint manufacturing and retailing companies in the US.

The company‟s main strengths are its impressive financial performance, strong solvency position and broad

product portfolio. Meanwhile, its main weakness is its limited liquidity position. There are opportunities for the

company to grow from positive outlook of the automotive industry, growth in emerging markets, and the

company‟s strategic acquisitions and expansions. However, the company‟s operations may be threatened by

the negative outlook of non-residential construction in the US, the increasing labor costs and environmental

regulations.

11.5.1 The Sherwin-Williams Company – strengths

Strength – impressive financial performance

Sherwin-Williams delivered an impressive financial performance during FY2010. The company registered

total revenues of US$7,776.42 million in FY2010, an increase of 9.62% from US$7,094.25 million in FY2009.

This increase in revenues was principally due to the acquisition of Sayerlack and Becker Acroma, two

industrial wood finishing businesses. These two acquisitions added more than US$440.00 million revenues

to the company during FY2010. The company‟s operating profit increased by 8.82% during the year, from

US$622.82 million in FY2009 to US$677.78 million in FY2010. In addition, the company‟s net income

increased by 6.11%, from US$435.85 million in FY2009 to US$462.49 million in FY2010. The company‟s

impressive financial performance can enable it to expand operations and generate higher revenues during

the forecast period.

Strength – strong solvency position

The company‟s solvency position may impact its ability to borrow and repay money, which affects its

expansion plans and business operations. The solvency position of Sherwin-Williams is strong due to the

significant amount of equity funding rather than debt. The company recorded a debt to equity ratio of 0.65 at

the end of FY2010 making it stronger than its close competitors, such as PPG Industries Inc. which recorded

a ratio of 1.22 and RPM International Inc. which recorded a ratio of 0.88. The company‟s equity levels also

increased by 7.95% during the year, to reach US$1,609.44 million in FY2010. The company‟s strong

solvency position indicates its utilization of lower financial leverage and comparatively stronger equity

position, giving Sherwin-Williams a high creditworthiness.


The company‟s broad business portfolio enables it to cater to a large and diverse customer base. Sherwin-

Williams manufactures and supplies paints, coatings and paint-related products. The company‟s product

portfolio includes paints, stains, painting tools and equipment for a wide range of end users such as

residential and commercial builders, architectural and industrial painting contractors, property owners, and

property managers. Through the paint stores group segment, the company provides paints, coatings and

related products to its customers. It markets products under brands such as Sherwin-Williams, ProMar,

SuperPaint, A-100, PrepRite, Classic 99, ProClassic, Duration, Master Hide, ExpressTech, Duron,

Columbiatm and MABtm. The paint stores group also provides several environmentally friendly products,

such as low-VOC and zero-VOC architectural paints, which meet the LEED requirements. Meanwhile, the

company‟s consumer group segment manufactures and distributes a range of paint, coatings and paint-

related products to third-party customers. Finally the company‟s global finishes group segment manufactures

and distributes architectural paint and coatings, industrial and marine products, automotive finishes, refinish

products, and OEM coatings products. In addition to its merchandise offerings, the company provides a

range of painting-related services such as color sampling, wood finishing systems and services, inventory

management and equipment repairs. This broad product portfolio enables the company to cater to a wide

range of customer requirements, and helps the company generate higher market shares.

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11.5.2 The Sherwin-Williams Company – weaknesses

Weakness – limited liquidity position

Sherwin-Williams's current ratio was 1.07 at the end of FY2010. This was lower than the current ratios

recorded by its close competitors, such as PPG Industries Inc. which registered a ratio of 1.95 and RPM

International Inc. which registered a ratio of 2.54. The company‟s lower current ratio indicates its weaker

financial position and potential inability to meet short-term financial obligations. At the end of the FY2010, the

company recorded funds and short-term investments of US$58.59 million, against a short-term debt of

US$388.59 million, reflecting its limited liquidity. The company‟s limited cash and liquidity position makes it

more difficult to finance any expansion to exploit a potential opportunity arising in the market.

11.5.3 The Sherwin-Williams Company – opportunities

Opportunity – positive outlook of the automotive industry


revenues. The Scotiabank Group‟s Global Auto Report 2011 forecasts that the number of car sales in North

America will increase by 8.16% in 2011, from 13.96 million in 2010 to 15.20 million units in 2011. The Asian

automotive market, which includes India and China, is expected to grow at a slower annual rate of 2.64% in

2011, after its growth of 21.32% in 2010. However, the South American automotive market, which includes

Brazil, is expected to grow by over 9.00% in 2011. Since the company's products are used for coating

vehicles by the automotive industry, the global automotive industry will generate more demand for the

company‟s products which will increase its revenue from various regions.

Opportunity – growth in emerging markets


share. For instance, the rapid urbanization in China and shortage of Indian housing may increase the

demand for building materials such as paints and coatings that are used by the increased residential

construction activities. China‟s rapid urbanization is being fueled by the country‟s robust economic growth.

According to the World Resource Institute, 1.00 billion people are expected leave China‟s rural areas to

enter its cities by 2025. China is also expected to contain 221 cities with more than 1.00 million residents by

2025. In addition, the World Resource Institute anticipates that the urban disposable income per head will

increase to US$7,500.00 in 2025. China‟s rapid urbanization and increased disposable income will raise the

demand for housing properties across these cities and, as such, will generate higher sales of building

materials such as paints. Besides China, the Indian real estate industry is expected to grow, providing more

growth prospects for PPG. According to a study conducted by the Urban Land Institute (ULI), „Emerging

trends in Real Estate in Asia Pacific 2011', India leads the group of real estate investment markets in Asia

for 2011. The report identified that major Indian cities, such as Mumbai and New Delhi, are among the most

sought after residential real estate market destinations in the continent. Furthermore, the Technical Group in

India, which was made up by the Ministry on Estimation of Housing Shortage, estimated there was a

shortage of 26.53 million houses during 2007–2012. This large housing shortage will trigger high demand for

homes and building materials, such as paints and coatings. The company could expand its business in these

regions to take advantage of the growth prospects, in addition to strengthening its revenue base and global

market presence.

Opportunity – strategic acquisitions and expansions

The company‟s focus on expanding its global presence may improve its growth prospects. In September

2010, the company acquired Becker Industrial Products AB, one of the largest global manufacturers of

industrial wood coatings. Becker Acroma operates nine manufacturing facilities, 19 mixing sites and 13

technical centers around the world. Through this acquisition, Sherwin-Williams intends to expand its

products portfolio and customer base, which will strengthen its global market presence. Strategic

acquisitions such as this will enhance the company‟s global expansion, and increase its revenue base.

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Besides acquisitions, Sherwin-Williams plans to expand its operations by creating new stores which will

increase the company‟s customer base. The company plans to open 50–60 new stores in FY2011. During

FY2010, the company‟s paint group segment opened 49 new stores, of which 40 were in the US, six were in

Canada, two were in Trinidad and one was in Jamaica. The company also increased its total store count

from 3,354 in the FY2009 to 3,390 in FY2010. The company‟s concentration on opening new stores may

further strengthen its competitive position against companies with similar businesses.

11.5.4 The Sherwin-Williams Company – threats












Threat – increasing labor cost

The labor costs in the US have risen during the review period. This increase is due to the tight labor markets,

government mandated increases in minimum wages and higher proportion of full-time employees. The

federal minimum wage rate in the US, which had previously remained at US$5.15 per hour since 1997,

increased to US$7.25 per hour in July 2009. Furthermore, the minimum wage increased to over US$8.00 per

hour during 2010 in several US states, such as Washington, California, District of Colombia, Oregon and

Massachusetts. As the company operates several manufacturing facilities in the US, the increased labor

costs in the country will affect its overall costs and profit margins.

Threat – environmental regulations

The company may be affected by the environmental regulations governing the global chemical industry.

REACH is an example of the stringent environmental regulations which govern chemical industry. REACH

regulates the products manufactured and marketed in Europe. Phased over a period of 11 years, the

regulation mandates all companies to develop and submit dossiers containing datasets about their chemical

products and their potential environmental impact. This will provide an addition challenge while launching

new products as it is a time-consuming and expensive process. It may also result in the phasing out of

existing chemicals from the market, which are regarded as toxic and hazardous. REACH directly applies to

over 30,000 different chemical substances that are produced or distributed in Europe, and its implementation

is expected to cost the European chemical industry US$3.00 billion. During the forecast period, other

countries are expected to model their regulations on REACH. The US has already started implementing

similar regulations with the reform of Toxic Substances Control Act. China also has its own version of RoHS

(Restriction of Hazardous Substances), which restricts the use of certain chemicals in the market. The

stringent environmental regulations are set to tighten during the forecast period, which will cause additional

operational costs for the company and will threaten its profitability.

11.6 The Sherwin-Williams Company – Company Information

11.6.1 The Sherwin-Williams Company – key competitors


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H.B. Fuller Company

PPG Industries Inc.


11.6.2 The Sherwin-Williams Company – key employees

Table 288: The Sherwin-Williams Company, Key Employees


A. Malachi Mixon, III Director Non-Executive Board

Allen J. Mistysyn Vice President, Corporate Controller Senior Management

Arthur F. Anton Director Non-Executive Board

Christopher M. Connor Chairman, Chief Executive Officer Executive Board

Curtis E. Moll Director Non-Executive Board

Cynthia D. Brogan Vice President, Treasurer Senior Management

David F. Hodnik Director Non-Executive Board

Gary E. McCullough Director Non-Executive Board

James C. Boland Director Non-Executive Board

John G. Morikis President, Chief Operating Officer Executive Board

Louis E. Stellato Senior Vice President, Secretary, General Counsel

Senior Management

Mark J. Dvoroznak Vice President – Corporate Audit and Loss Prevention

Senior Management

Michael T. Cummins Vice President – Taxes Senior Management

Richard K. Smucker Lead Director Non-Executive Board

Richard M. Weaver Vice President – Administration Senior Management

Robert J. Wells Senior Vice President – Corporate Communications and Public Affairs

Senior Management

Sean P. Hennessy Chief Financial Officer, Senior Vice President – Finance

Senior Management

Steven Oberfeld Senior Vice President – Corporate Planning and Development

Senior Management

Susan J. Kropf Director Non-Executive Board

Thomas E. Hopkins Senior Vice President – Human Resources Senior Management

Thomas G. Kadien Director Non-Executive Board


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12 Company Profile: RPM International Inc.

12.1 RPM International Inc. – Company Overview

RPM International Inc. (RPM) is a manufacturer of specialty coatings, sealants, building materials and other

related services. It offers specialty paints, roofing systems, protective coatings, sealants and adhesives

under various brands such as Fibergrate, Universal Sealants, Illbruck, Rust-Oleum, Stonhard, Tremco,

Zinsser, Flecto, Flowcrete, Watco, Carboline, DAP and EUCO. RPM operates manufacturing facilities in 78

locations in the US, Belgium, Argentina, Canada, the Czech Republic, Colombia, France, Italy, Germany,

Malaysia, the Netherlands, Mexico, Norway, South Africa, Poland, Sweden, the UAE and the UK. The

company distributes its products in over 150 countries and territories. RPM is headquartered in Medina,

Ohio, US.

Table 289: RPM International Inc., Key Facts

Corporate Address 2628 Pearl Road, Medina, 44258, United States of America

Telephone + 1 330 2735090

Fax + 1 330 2258743

URL www.rpminc.com


Ticker Symbol, Exchange RPM (New York Stock Exchange)


Fiscal Year End May


Locations USA, Argentina, Canada, Colombia, France, Italy, Germany, Malaysia, the Netherlands, Mexico, Poland, the UAE and the UK


12.2 RPM International Inc. – Business Description

RPM is an US-based specialty chemicals company, which offers protective coatings, roofing systems,

adhesives, high-quality specialty paints and sealants. The company classifies its business operations into

two reportable segments: consumer and industrial.

Through its consumer segment, RPM produces and distributes professional and do-it-yourself (DIY)

products for a wide range of applications, including home improvement and personal leisure activities. The

consumer segment is further sub-divided into two business units: Rust-Oleum group and DAP group. The

key products sold under the segment are rust-preventative, special purpose and decorative paints, caulks,

sealants, and primers. The company distributes these products directly to hardware stores, paint stores,

mass merchandisers, craft shops, home improvement centers, and other smaller customers through

distributors. This segment‟s main manufacturing and distribution facilities are located in North America and

select locations in Europe.

The Rust-Oleum group manufactures a broad range of coating products to protect and decorate a variety of

surfaces for the DIY and professional markets. Its products are sold under the Stops Rust, Specialty,

Professional, Universal, Varathane, American Accents, Painter‟s Touch, Watco, Epoxy Shield, Labor Saver,

Industrial Choice, Road Warrior, Hard Hat, Mathys, Sierra Performance, CombiColor, Noxyde and Blackfriar

brands. The business unit‟s line of specialty products serves the requirements of both professional paint

contractors and DIY consumers for applications including surface preparation, mold and mildew prevention,

wallpaper application and removal, and waterproofing. The unit also offers deck and fence restoration

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products, metallic and faux finish coatings, and other products such as hobby paints and cements. Through

DAP group, RPM offers a full line of caulks, adhesives, sealants, insulating foam, glazing, spackling, and

other general patch and repair products. The key brands of DAP Group include DAP, Alex, Beats The Nail,

Blend Stick, Caulk-Be-Gone, Blockade, Butyl-Flex, Contact Stik, Crack Shot, Custom Patch, Kwik, Mono

and Patch Stick. In FY2011, the company's consumer segment accounted for 33.00% of total revenues of

the company.

The company's industrial segment operates through three business units: RPM building solutions group,

performance coatings group and RPM 2 group. The industrial segment provides maintenance and protection

products for flooring, corrosion control, roofing and waterproofing systems, and other specialty applications.

These products are sold directly to distributors, contractors and end users such as public institutions, owners

of industrial manufacturing facilities and other commercial customers.

The company‟s RPM building solutions group business unit manufactures and markets several products,

including sealants, tapes and foams used to seal and insulate joints in construction assemblies;

waterproofing and institutional roofing systems used in maintenance, building protection and

weatherproofing applications; and residential basement waterproofing systems. The unit also provides

specialized roofing and building maintenance and related services, specialty industrial adhesives and

sealants, and construction chemicals such as concrete and masonry additives. The company's performance

coatings group offers high-performance polymer flooring systems used in industrial, institutional and

commercial facilities, as well as fiberglass reinforced plastic gratings and shapes for industrial platforms,

staircases and walkways. The business unit‟s product portfolio also contains high-performance, heavy-duty

corrosion-control coatings; fireproofing products and containment linings for various industrial infrastructure

applications; industrial and commercial tile systems; and specialty construction products including bridge

expansion joints, bridge deck waterproofing membranes, protective coatings and concrete repair. The RPM

2 group business unit manufactures a range of products for specialized applications, including exterior

insulating finishing systems such as textured finish coats, sealers and variegated-aggregate finishes. It also

offers shellac-based-specialty coatings for industrial and pharmaceutical end users. In FY2011, the industrial

segment contributed 67.00% of total revenues of the company.

The company operates manufacturing facilities in France, the Netherlands, Germany, Argentina, Belgium,

Canada, Colombia, the Czech Republic, Malaysia, Italy, Mexico, Poland, Norway, South Africa, the UAE,

Sweden and the UK. It also owns sales offices or warehouse facilities in Belgium, Australia, Canada, the

Czech Republic, China, Finland, Germany, France, Hong Kong, Japan, Italy, Mexico, Russia, Poland, South

Africa, Sweden, Singapore and the UK. RPM markets its products in over 150 countries worldwide.

The company classifies its operations into five geographic regions: North America, Europe, South America,

Africa and the Middle East, and the Asia-Pacific. In FY2011, the North America region generated 67.37% of

the company‟s total revenue, while 22.70% of the revenue came from Europe, 3.48% came from South

America, 3.27% came from Africa and the Middle East, and 3.18% came from the Asia-Pacific region.

In October 2011, RPM‟s performance coatings group acquired the Grupo P&V group of companies, which is

a leading European vertically integrated supplier of passive fire protection and insulation products, to expand

its fireproofing and insulation capabilities. In September 2011, the RPM 2 group business unit acquired the

Legend Brands group of companies, which provides equipment and solutions for professional cleaning,

water and fire damage restoration, and environmental control. In August 2011, RPM‟s performance coatings

business acquired API SpA, a producer and installer of polyurethane and urethane-based flooring and

decking solutions for cruise ships, mega-yachts and naval applications.

12.3 RPM International Inc. – Main Products, Services and Brands

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RPM manufactures and markets high-performance coatings, sealants and specialty chemicals. The key

products and services offered by the company include:

Table 290: RPM International Inc., Main Products, Services and Brands

Products Services

Industrial products: Specialized roofing and building maintenance and related services

Waterproofing and institutional roofing systems Brands

Residential basement waterproofing systems Carboline

Specialty industrial adhesives and sealants EUCO

Concrete and masonry additives and related construction chemicals

Fibergrate

Polymer flooring systems Flecto

Industrial and commercial tile systems Flowcrete

Fiberglass reinforced plastic gratings and shapes Universal Sealants

Heavy-duty corrosion-control coatings Illbruck

Fireproofing products Rust-Oleum

Containment linings Stonhard

Specialty construction products: Tremco

Bridge expansion joints Stops Rust

Bridge deck waterproofing membranes American Accents

Protective coatings Painter‟s Touch

Concrete repair Tremclad

Exterior insulating finishing systems: Universal

Textured finish coats Varathane

Sealers Watco

Variegated-aggregate finishes Epoxy Shield

Powder coatings for exterior and interior applications Industrial Choice

Fluorescent colorants and pigments Labor Saver

Commercial carpet and floor cleaning solutions Road Warrior

Fuel additives Sierra Performance

Wood treatments Hard Hat

Pleasure marine coatings Mathys

Waterproofing and flooring products Combi Color

Waterproofing and concrete repair products Noxyde

Wood furniture finishes and touch-up products Blackfriar

Shellac-based-specialty coatings Zinsser

Consumer products: B-I-N

Coating products to protect and decorate various surfaces Bulls Eye

Surface preparation Cover-StainDIF

Mold and mildew prevention Fast Prime

Wallpaper removal and application Sealcoat

Deck and fence restoration products Jomax

Metallic and faux finish coatings Gardz

Hobby paints Perma White

Cements Shieldz

Caulks Watertite

Sealants Okon

Adhesives Parks

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Insulating foam Papertiger

Spackling Modern Masters

Glazing Testors

Other general patch and repair products Butyl-Flex

Caulk-Be-Gone

CrackShot

Custom Patch

DAPtex

DryDex

Dynaflex

Easy Solutions

Elastopatch

Epoxy Stik

Fast ‟N Final

Kwik

Mohawk

Behlen


12.4 RPM International Inc. – History

Table 291: RPM International Inc., History


2010 Acquisitions/Mergers/Takeovers RPM performance coatings business acquired Pipeline & Drainage Systems Ltd (PDS), a leading supplier of curb, bridge and channel drainage products for infrastructure and construction in Ireland and the UK.

2010 Acquisitions/Mergers/Takeovers RPM acquired Park Dis Ticaret AS, a leading supplier of tapes, sealants and membranes to the construction markets in Turkey.

2010 Acquisitions/Mergers/Takeovers RPM‟s performance coatings group acquired Hummervoll Industribelegg AS, a supplier and installer of industrial flooring systems based in Bergen, Norway.

2010 Acquisitions/Mergers/Takeovers RPM‟s subsidiary, Rust-Oleum Corporation, acquired Chemtec Chemicals BV in the Netherlands to broaden the company‟s geographic reach.

2010 Acquisitions/Mergers/Takeovers RPM acquired the Universal Sealants (UK) Ltd group of companies, a supplier of coatings and construction products and services for bridges and infrastructure projects in the UK.

2009 Acquisitions/Mergers/Takeovers RPM acquired a majority interest in its Indian joint venture, CDC Carboline India Pvt. Ltd, through its Carboline subsidiary.

2009 Acquisitions/Mergers/Takeovers RPM‟s Stonhard subsidiary acquired Ascoat Contracting Pty Ltd and Ascoat Pty Ltd, a supplier and installer of polymer flooring systems.

2009 Acquisitions/Mergers/Takeovers The company acquired Karochemie AG, a leading supplier of sealants to the construction industry in Switzerland and Liechtenstein, through its subsidiary Tremco Illbruck International GmbH.

2009 Acquisitions/Mergers/Takeovers The company acquired a 49.00% stake in a Chinese licensee, Carboline Dalian Paint Production Co. Ltd., through its subsidiary Carboline Company.

2009 Acquisitions/Mergers/Takeovers The company's subsidiary Tremco Incorporated acquired Canam Building Envelope Specialists Inc. (Canam), including its Zerodraft weatherproofing division.

2008 Acquisitions/Mergers/Takeovers The company acquired Flowcrete Group, a leading global manufacturer of resin flooring systems for industrial and commercial applications.

2008 Acquisitions/Mergers/Takeovers Through its wholly owned subsidiaries in Europe, Tremco illbruck International, the company acquired Prosytec SAS from a subsidiary of Goodrich Corporation.

2007 Acquisitions/Mergers/Takeovers The company‟s subsidiary, Rust-Oleum acquired Tor Coatings.

2007 Acquisitions/Mergers/Takeovers RPM‟s subsidiary Euclid Chemical acquired Tamms Industries.

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Table 291: RPM International Inc., History

2007 Acquisitions/Mergers/Takeovers The company‟s subsidiary, Rust-Oleum, acquired the UK-based Watco Group.

2006 Acquisitions/Mergers/Takeovers RPM‟s subsidiary, StonCor Group, acquired 14.99% of the outstanding shares of Kemrock Industries & Exports.

2006 Acquisitions/Mergers/Takeovers The company acquired the daylight fluorescent, phosphorescent and thermochromatic pigments business of the UK-based Dane Group.

2005 Acquisitions/Mergers/Takeovers The company‟s wholly owned subsidiary, The StonCor Group, acquired National Building Facilities Services (NBFS).

2005 Acquisitions/Mergers/Takeovers RPM's subsidiary Carboline Company acquired AD Fire Protection Systems.

2005 Acquisitions/Mergers/Takeovers The company‟s wholly owned subsidiary, Tremco, entered into an agreement to acquire the Illbruck Sealant Systems business.

2004 Acquisitions/Mergers/Takeovers The company acquired Ecoloc in Belgium and Compakta/Pactan in Germany.

2003 Acquisitions/Mergers/Takeovers The company‟s subsidiary Tremco acquired Koch Waterproofing Solutions.

2003 Acquisitions/Mergers/Takeovers RPM‟s wholly owned subsidiary, Euclid Chemical, acquired Chemical Admixture and Fiber Division of Boral Material Technologies (BMTI).

2002 Corporate Changes/Expansions The company changed its name to RPM.

2000 Business / Operations Closure The company closed 12 facilities and reduced its workforce by 5.00%.

1999 Corporate Changes/Expansions RPM implemented a restructuring and consolidation program.

1971 Corporate Changes/Expansions The company's name was changed to RPM Inc.

1947 Incorporation/Establishment The company was incorporated under the name Republic Powdered Metals.


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12.5 RPM International Inc. – SWOT Analysis

RPM manufactures and markets high-performance coatings, sealants and specialty chemicals, primarily for

maintenance and improvement applications. The company‟s main strengths are its leading market position,

broad product portfolio, impressive bottom-line performance and strong liquidity position. Meanwhile, its

main weakness is its ongoing lawsuits. The company has opportunities to grow from strategic acquisitions

and the positive outlook of the chemicals industry. However, its business operations may be threatened by

the negative outlook of non-residential construction in the US, the environmental regulations regarding

chemicals and the economic instability in Europe.

12.5.1 RPM International Inc. – strengths

Strength – leading market position

RPM‟s leading market position has enabled the company to build brand equity and establish itself as one of

the world‟s leading provider of specialty chemicals. RPM is one of the leading companies which

manufactures and markets high-performance coatings, sealants and specialty chemicals. The company

owns a strong brand portfolio which includes the Carboline, DAP, Day-Glo, Dryvit, EUCO, Flecto, Flowcrete,

illbruck, Rust-Oleum, Stonhard, Tremco, Watco and Zinsser brands. These are leading brands in their

respective product offerings. For example, Rust-Oleum is the most popular brand for small-project paints,

while DAP and Zinsser are well-recognized brands for home improvement products in North America and

the US respectively. In addition, Stonhard and Flowcrete are the leading brand for high-performance

polymer flooring worldwide, Carboline is a global leader in corrosion control and fireproofing coatings, and

Day-Glo holds the top position in fluorescent colorants. The company‟s market position helps it to attract and

retain a large customer base, which enhances its top-line performance.


RPM has diversified portfolio of specialty chemicals. The company manufactures and markets a variety of

specialty chemical products. Its product offerings include waterproofing systems, institutional roofing

systems, industrial adhesives and sealants, coating products, deck and fence restoration products, faux

finish coatings, hobby paints, cements, caulks, insulating foam, spackling, glazing, and other products used

in construction and home improvement. It also includes protection products for flooring, corrosion control,

roofing and waterproofing systems, and other specialty applications. In addition, RPM produces textured

finish coats, sealers and variegated-aggregate finishes; commercial carpet and floor cleaning solutions;

wood treatments; fuel additives; waterproofing and concrete repair products; pleasure marine coatings;

wood furniture finishes and touch-up products; and shellac-based-specialty coatings. This broad product

portfolio mitigates the risks associated with overdependence on single business area for a major share of

total revenues, and enables the company to serve a diversified customer base to generate higher revenues.

Strength – impressive bottom-line performance

RPM delivered an impressive bottom line performance during FY2011. The company‟s operating profit

increased from US$268.45 million in FY2010 to US$295.05 million in FY2011. In addition, its net income

increased from US$180.04 million in FY2010 to US$189.06 million in FY2011. The increase in profits was

principally due to the increased volume of sales by 5.30% over the previous year. It is also due to the

corporate acquisitions and operations of the particular business units. The company‟s impressive bottom-line

performance enables RPM to pursue expansion plans and improves investors' confidence in the company.

Strength – strong liquidity position

RPM's current ratio was 2.54 at the end of FY2011, which is significantly higher than its ratio of 2.23

recorded in FY2010. The company‟s current ratio was also higher than its close competitors, such as The

Valspar Corporation with a ratio of 1.05, PPG Industries Inc. with a ratio of 1.95, The Sherwin-Williams

Company with a ratio of 1.07, and Akzo Nobel NV with a ratio of 1.41 in the same year. RPM‟s higher

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current ratio than its competitors indicates that the company is in a stronger financial position than its peers.

At the end of FY2011, the company had total current assets worth US$1,867.97 million, an increase of

28.81% over previous year. Furthermore, the RPM recorded cash and cash equivalent of US$435.01 million

at the end of FY2011, compared to its short-term debt of US$2.55 million. The company‟s strong cash and

liquidity position gives it an advantage in funding any potential opportunity arising in the market.

12.5.2 RPM International Inc. – weaknesses

Weakness – ongoing legal proceedings

The various lawsuits filed against RPM and its subsidiaries may impact its bottom line performance, while

also potentially damaging its reputation. The company is currently facing various legal proceedings, claims

and governmental investigations including asbestos litigation, Exterior Insulated Finish Systems (EIFS)

Litigation and environmental proceedings. The resolution of these legal issues requires the company to incur

significant costs to defend their position. For instance, the company made payments of US$92.62 million

towards defending against asbestos related claims in FY2010. Lawsuits such as these may also generate

penalties and fines, and affect the company's reputation, which will have a negative impact on its business

operations.

12.5.3 RPM International Inc. – opportunities


RPM supports the growth of its diversified product portfolio through the acquisition and integration of firms as

well as from organic growth. In October 2011, RPM‟s performance coatings group acquired the Grupo P&V

group of companies, a leading supplier of passive fire protection and insulation products in Europe. This

acquisition is expected to expand the company‟s fireproofing and insulation capabilities. It will also enable

the company to expand its presence in the European fire protection and corrosion control market. In

September 2011, the RPM 2 group business unit acquired the Legend Brands group of companies, which

provides equipment and solutions for professional cleaning, environmental control, and water and fire

damage restoration. The purchase of Legend Brands is anticipated to extend the company‟s position in the

restoration of property. In August 2011, RPM‟s performance coatings group acquired API SpA, a producer

and installer of urethane- and polyurethane-based flooring and decking solutions for mega-yachts, cruise

ships, and naval applications. The acquisition is expected to enhance the company‟s presence in the

decorative flooring market, and will complement the strengths of the company‟s Flowcrete and Stonhard

commercial polymer flooring businesses. Furthermore in February 2011, RPM‟s subsidiary, The Euclid

Chemical Company, acquired PSI Packaging Inc. (PSI), a micro- and macro-fibers producer for the ready-

mixed and pre-cast concrete market. This acquisition improved the company‟s manufacturing and sales

capacity for fibers used in concrete reinforcement. These strategic acquisitions are expected to strengthen

the company's position in the market, and to increase its revenues.

Opportunity – positive outlook of chemical industry




chemical producer in 2015. RPM already has a strong presence in the chemical industry, especially in


increase its product sales.

12.5.4 RPM International Inc. – threats


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Threat – European regulations for chemicals production

The company is subject to national and international regulations, which are constantly changing, and every

regulation change affects how the company conducts its business operations. During the review period, the

number of regulations for producing chemicals has been increasing. Strict guidelines have been placed on

producing chemical compounds in Europe, such as REACH (registration, evaluation, authorization and

restriction of chemicals), CLP (classification, labeling and packaging) and GHS (globally harmonized system

of classification and labeling of chemicals). The cost of implementing new legislations is a huge challenge for

chemical prodders such as RPM. RPM is required to pay continuous attention to the current regulations and

to invest in altering its operations in order to comply. These increasing regulations will adversely affect the

operation margins and profitability of the company.

Threat – economic instability of the EU region

The economic instability of EU nations may pose challenges for the companies which generates significant

revenues from Europe. In 2010, the 16-member eurozone was struck by debt crisis. As such, the euro fell by

16.00% against the US dollar and the several governments, including Spain and Germany, reduced their

budget costs to decrease the deficits. The International Monetary Fund and the member nations of the EU

announced a EUR750.0 billion rescue package to bailout the debt struck countries such as Greece, Italy and

Ireland. In the second quarter of 2011, the GDP of Germany grew by only 0.10%. Germany's Federal

Statistical Office revised the growth for the first quarter of 2011, from its initial estimate of 1.50% to 1.30%.

Furthermore, France also failed to grow during the second quarter of 2011. The weak performance of

Germany and France resulted in the economic growth across the eurozone only increasing by 0.2%. The

company has significant operations in the EU region, with 52.00% of the company‟s revenue in FY2010

derived from Europe and Africa. The instable economic condition of the EU may affect the company's

profitability and sustainability in this region.

12.6 RPM International Inc. – Company Information

12.6.1 RPM International Inc. – key competitors

Akzo Nobel NV

Ferro Corporation

H.B. Fuller Company

Masco Corporation

PPG Industries Inc.

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12.6.2 RPM International Inc. – key employees

Table 292: RPM International Inc., Key Employees


Barry M. Slifstein Vice President, Controller, Principal Accounting Officer

Senior Management

Bruce A. Carbonari Director Non-Executive Board

Charles A. Ratner Director Non-Executive Board

David A. Daberko Director Non-Executive Board

Donald K. Miller Director Non-Executive Board

Edward W. Moore Chief Compliance Officer, Vice President, General Counsel, Secretary

Senior Management

Frank C. Sullivan Chairman, Chief Executive Officer Executive Board

Frederick R. Nance Director Non-Executive Board

James A. Karman Director Non-Executive Board

Janeen B. Kastner Vice President – Corporate Benefits and Risk Management

Senior Management

John F. Kramer Vice President – Corporate Development Senior Management

John P. Abizaid Director Non-Executive Board

Joseph P. Viviano Director Non-Executive Board

Keith R. Smiley Vice President, Treasurer, Assistant Secretary Senior Management

Lonny R. DiRusso Vice President – Information Technology Senior Management

Matthew T. Ratajczak Vice President – Global Taxes Senior Management

Paul G. P. Hoogenboom Chief Information Officer – Manufacturing and Operations, Senior Vice President

Senior Management

Randell McShepard Vice President – Public Affairs Senior Management

Robert L. Matejka Chief Financial Officer, Senior Vice President Senior Management

Ronald A. Rice Chief Operating Officer, President Senior Management

Russell L. Gordon Vice President – Corporate Planning Senior Management

Thomas C. Sullivan Chairman – Emeritus Executive Board

Thomas C. Sullivan, Jr. Vice President – Corporate Development Senior Management

William A. Papenbrock Director Non-Executive Board

William B. Summers Director Non-Executive Board


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13 Company Profile: The Valspar Corporation

13.1 The Valspar Corporation – Company Overview

The Valspar Corporation (Valspar) is one of the world‟s leading coatings and paints manufacturers. It

principally manufactures, and distributes various coatings, paints and paint-related products. The company

also produces and sells specialty polymers, colorants and gelcoats, as well as furniture protection plans

under the Guardsman brand. Valspar markets its products under several brands, including Cabot, Quikrete,

Valspar, De Beer, McCloskey, Goof Off, House of Kolor, Plasti-Kote, Huarun, Medallion, Zenith and Idol.

The company distributes its products through a strong distribution network including mass merchants, home

centers, hardware wholesalers, distributors and independent dealers in the US and Canada. It also supplies

products through a network of distributors and retail outlets in China. Apart from the US, the company

operates in 23 countries across European and Asian countries including China, Australia, France, Germany,

and Italy. Valspar is headquartered in Minneapolis, Minnesota, US.

Table 293: The Valspar Corporation, Key Facts

Corporate Address 901, 3rd Avenue South, Minneapolis, 55402, United States of America

Telephone + 1 612 8517000

Fax Not available

URL www.valsparglobal.com


Ticker Symbol, Exchange VAL (New York Stock Exchange)


Fiscal Year End October


Locations USA, Canada, China, Australia, France, Germany and Italy


13.2 The Valspar Corporation – Business Description

Valspar manufactures and distributes coatings, paints and paint-related products. It also manufactures

specialty polymers and colorants for internal use and external sale to other coatings manufacturers. In

addition, Valspar manufactures and sells gelcoats to boat manufacturers, shower and tub manufacturers,

and other end users. The company divides its business operations through three segments: coatings, paints

and all other.

Valspar‟s coatings segment provides decorative and protective coatings for metal, wood and plastic. This

segment offers a range of products, including inks, sprays, stains, fillers, primers, varnishes and other

coatings. These products find their application in various industries, including metal packaging, building

products, transportation, agricultural and construction equipment, furniture, metal fabrication and automotive

parts. The company distributes its products to original equipment manufacturers (OEMs) in North America,

South America, Europe and Asia.

The company‟s coatings segment also contains packaging, general industrial, coil and wood product lines.

Its packaging product line consists of coatings for both interior and exterior use in metal packaging

containers, principally food containers and beverage cans, for its customers across the globe. In addition,

the packaging product line offers coatings for aerosol and paint cans, plastic packaging, bottle closures and

crowns for glass bottles. Under the general industrial product line, Valspar manufactures powder, liquid and

electro deposition coatings technologies for a broad range of industries, such as transportation, automotive

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parts and agricultural and construction equipment. The segment‟s coil product line comprises coatings for

appliances, pre-engineered buildings, and components such as column covers, wall panels, roofs and

similar architectural products. The wood product line provides decorative and protective coatings for wood

furniture, building products, cabinets and floors. It also provides color design, manufacturing and technical

service to its customers. In FY2010, the coatings segment accounted for 56.24% of the company‟s total

revenues.

The company's paints segment sells various paints, primers, topcoats and aerosol spray paints through a

network of company-owned stores, retailers and other distributors. The paints segment includes two product

lines: consumer paints and automotive refinish. Its consumer paints product line includes interior and exterior

paints, varnishes, stains, primers, floor paints, and specialty decorative products including enamels, aerosols

and faux finishes for professionals and DIY end users. Valspar offers consumer products through home

centers, distributors, hardware wholesalers and independent dealers in the US and Canada. It also offers the

Huarun brand of consumer paints in China, and Wattyl branded consumer paints in Australia and New

Zealand. Through the automotive refinish products line, the company supplies automotive refinishing

products to automotive supply distributors and retailers, body shops and automotive refinish distributors. In

FY2010, the paints segment accounted for 36.47% of the company‟s total revenues.

Through its all other segment, the company manufactures and sells specialty polymers, gelcoats and

colorants. This segment also sells furniture protection plans under the Guardsman brand. The company

produces specialty polymers and colorants for internal use and for external sale to other coatings producers.

It sells gelcoats to boat manufacturers, shower and tub manufacturers, and others. In FY2010, the all other

segment accounted for 10.39% of the company‟s total revenues.

The company classifies its operations into three geographical regions: United States, China and other

countries. In FY2010, the United States generated 59.59% of the company‟s total revenues, while 12.95%

was generated from China, and 27.46% was generated from other countries.

In November 2011, the company introduced a new spray paint formula and spray can design, which features

a quick dry formula in a twist and lock spray can. In the same month, Valspar Automotive launched the De

Beer WaterBase 900+ series, featuring 13 additional mixing colors that have higher coverage. In May 2011,

the company commercialized Valspar Aquaguard, a water-based and zinc-free container coating technology.

In February 2011, Valspar acquired Isocoat Tintas e Vernizes Ltda. (Isocoat), a Brazil-based manufacturer of

powder coatings used in appliance, building products, transportation and other general industrial markets in

Brazil, Argentina and Colombia.

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13.3 The Valspar Corporation – Main Products and Brands

Valspar is a leading paints and coatings manufacturing and distributing company. The main products and

brands offered by the company include:

Table 294: The Valspar Corporation, Main Products and Brands

Products Brands

Industrial coatings: Anti Rust De Beer Fence & Siding

Decorative coatings Stains Goof Off

Industrial coatings Guardsman

Packaging coatings Furniture Cleaners & Finishes

Protective coatings House of Kolor

Architectural, automotive and specialty coatings: Kustom Kolor

Aerosols Lifetime McCloskey

Enamels faux finishes interior and exterior paints Perfect Sample

Primers stains varnishes PlastiKote Prep

Specialty polymers: Step Primers

Colorants composites Prep-Step

Cleaners

Valspar Refinish


13.4 The Valspar Corporation – History

Table 295: The Valspar Corporation, History


2009 New Products/Services The company launched Granite, a new polyester coating for pre-painted metal products.

2008 Acquisitions/Mergers/Takeovers The company acquired the remaining shares of Aries Coil Coatings SA de CV (Aries) in Monterrey, Mexico.

2008 New Products/Services The company launched a new family of durable, water-based finishes under the Zenith brand.

2007 Acquisitions/Mergers/Takeovers The company acquired the Brazilian coil coatings business from Tekno.

2007 Acquisitions/Mergers/Takeovers Valspar acquired Teknos Nova Coil TNC Oy, a Helsinki from Teknos Group.

2006 Acquisitions/Mergers/Takeovers The company acquired an 80.00% interest in Huarun Paints, a leading supplier of furniture, decorative wood and consumer coatings in China.

2006 Acquisitions/Mergers/Takeovers Valspar acquired H.B. Fuller Company‟s powder coatings business, providing the company its first powder manufacturing capacity in Europe.

2005 Acquisitions/Mergers/Takeovers Valspar acquired Samuel Cabot.

2004 Acquisitions/Mergers/Takeovers The company acquired De Beer Lakfabrieken, a privately-owned manufacturer and distributor of automotive refinish coatings based in the Netherlands.

2001 Acquisitions/Mergers/Takeovers The company acquired Technical Coatings, a division of Benjamin Moore, which strengthened its coil coatings business.

2000 Acquisitions/Mergers/Takeovers Valspar acquired the Valspar-Marlux joint venture and renamed it as Valspar Mexicana.

2000 Acquisitions/Mergers/Takeovers Valspar acquired Lilly Industries, a leading industrial coatings company.

1999 Acquisitions/Mergers/Takeovers The company acquired the French Industrial coatings businesses of Dexter Packaging, making Valspar the number one company in packaging coatings.

1998 Acquisitions/Mergers/Takeovers Valspar acquired Anzol, a manufacturer of packaging and industrial coatings and resins which is based in Australia.

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Table 295: The Valspar Corporation, History

1998 Acquisitions/Mergers/Takeovers The company‟s subsidiary, Engineered Polymer Solutions, acquired a majority interest in Dyflex Polymers from Bol & Plaisier Beheer.

1996 Acquisitions/Mergers/Takeovers The company acquired Coates Coatings unit of Total SA, which included packaging coatings and metal decorating inks operations in the UK, France, Norway, Germany, Spain, Australia, Hong Kong and China.

1995 Corporate Changes/Expansions The company and China Merchants Hai Hong Holdings formed a joint venture, Valspar Hai Hong Company in Hong Kong.

1993 Corporate Changes/Expansions The company formed a joint venture, Valspar-Marlux with Regio Empresas.

1992 New Products/Services The company launched a solvent-based non-vinyl beverage coating.

1988 Acquisitions/Mergers/Takeovers Valspar introduced the first coating for coil-coated beverage cans.

1987 Acquisitions/Mergers/Takeovers The company acquired Enterprise Paint Companies, a manufacturer of enterprise paint and the federal floor care line.

1984 Acquisitions/Mergers/Takeovers Valspar acquired Mobil Chemical Coatings, making it the fifth-largest coatings company in North America.

1970 Acquisitions/Mergers/Takeovers The company merged with Minnesota Paints Inc., from Minneapolis in the US.

1960 Acquisitions/Mergers/Takeovers In 1960s, the company acquired Norco Plastics, Keystone Paint and Varnish, McMurtry Manufacturing, and the trade sales division of Mobil Corporation.

1878 Corporate Changes/Expansions Valentine & Company entered the Midwest market through a Chicago branch office.

1870 Corporate Changes/Expansions The company relocated its business operations to New York City.

1862 Acquisitions/Mergers/Takeovers The company‟s paint and color and varnish production business merged to form Stimson & Valentine, which was later renamed as Valentine & Company.

1820 Corporate Changes/Expansions Two businessmen in Cambridge, Massachusetts started the first commercial production of varnishes in the US.

1806 Incorporation/Establishment Valspar was established as Paint and Color on Boston‟s Broad Street.


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13.5 The Valspar Corporation – SWOT Analysis

Valspar is a manufacturer and distributor of paints and coatings. The company‟s main strengths are its

diversified geographical operations and broad product portfolio. Meanwhile, its main weaknesses are its

overdependence on a few major customers, limited liquidity position and weak operating performance. There

are opportunities for the company to grow from strategic acquisitions, product innovations and positive

outlook of the chemical industry. However, the company‟s operations may be threatened by industry

consolidation, the negative outlook of non-residential construction in the US, and the stringent regulations

that affect its operations.

13.5.1 The Valspar Corporation – strengths

Strength – diverse geographical operations

The company‟s geographically diverse operations enable it to mitigate the various risks associated with

overdependence on a particular region. The company operates in more than 20 countries and is one of the

largest paints and coatings manufacturers in the world. It has manufacturing plants in Brazil, Australia,

Canada, France, China, India, Germany, Ireland, Mexico, Malaysia, the Netherlands, Switzerland,

Singapore, South Africa, Thailand, Vietnam and the UK, which are strategically located to serve a broad

customers base. The company also has joint ventures in Japan, China, South Africa and Vietnam, and sales

offices in other countries. Due to the company‟s increasing global presence, it has yielded large revenues

from international markets, reducing risks arising due to dependence on domestic market. The contribution

of international to the company‟s total revenues increased from 38.00% in FY2009 to 40.50% in FY2010,

while the contribution from its Chinese operations increased from 11.40% in FY2009 to 13.00% in FY2010.

As such, the company‟s diverse geographical operations enable it to build brand equity and to capitalize on

growth prospects that emerge across the globe.


Valspar also mitigates the risks of overdependence on a single business operation by offering a broad range

of different products. The company produces and distributes various coatings, paints and paint-related

products. It offers products through three segments: coatings, paints and all other. Through the coatings

segment, Valspar offers decorative and protective coatings for metal, wood and plastic products, which

include inks, sprays, stains, fillers, primers, varnishes and other coatings. The segment also includes a

packaging product line as well as general industrial, coil and wood product lines. The company‟s paints

segment produces and sells primers, topcoats and aerosol spray paints through a variety of retailers and

distribution networks. Under the all other segment, Valspar manufactures and sells specialty polymers,

gelcoats and colorants, as well as furniture protection plans under the Guardsman brand. In FY2010, the

coatings segment accounted for 56.24% of the company‟s total revenues, while the paintings segment

accounted for 36.47%, and the all other segment accounted for 10.39% of the total sales. The company‟s

diversified business operations minimize its business risks, and helps the company to serve a broad

customer base and generate higher revenues.

Strengths – product innovations

The company‟s focus on new product innovations provides it with a competitive advantage and stronger

brand equity. Innovation continues to be a cornerstone of the company‟s corporate strategy, and it places

significant efforts to develop products that are convenient and effective for its consumer demands. In

November 2011, the company introduced a new spray paint formula and spray can design, which contains a

quick dry formula in a twist and lock spray can design. The new design reduces common problems found

from using spray cans, such as finger fatigue, dripping and spitting. In the same month, Valspar Automotive

launched the De Beer WaterBase 900+ series, featuring 13 additional mixing colors that have a higher

coverage. The new series offers a 20.00% increase in coverage against current 900 system. In May 2011,

the company commercialized Valspar Aquaguard, a water-based and zinc-free container coating technology.

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The technology improved the company‟s environmental credentials, by shifting from solvent-based, zinc-

containing materials to a water-based, zinc-free coating. Furthermore in October 2010, the company

expanded its automotive refinish product platform with new line of low volatile organic compounds (VOC)

solvent-based paint products. This meets the prevailing US standards for low VOCs, including the South

Coast Air Quality Management District. It also unveiled Valspar Signature Colors with Hi-DEF Advanced

Color System. This innovative formulation covers most old colors in one coat and delivers a faster, easier

application. Its extrusion coatings group unveiled a new applicator program, which was designed to assist

architects and building owners in sourcing quality aluminum extrusions and wall panels post-painted with

Valspar coatings. Furthermore, in 2010, Valspar designed three colorful spring paint palettes to contribute to

its home products range. Innovative products such as these help the company to offer products that meet

the ever-changing consumer demands and to serve diverse markets more efficiently.

13.5.2 The Valspar Corporation – weaknesses

Weakness – overdependence on a few major customers

Valspar‟s business could be negatively impacted if any of its major customers reduce their purchases or

cancel their regular orders. Although the company has a diverse customer base across a large geographical

area, it generates the majority of its net sales from a few important customers. During FY2010, the

company‟s 10 largest customers generated 35.00% of its total revenues. Moreover, the company‟s top five

customers accounted for 60.00% of the net sales of its paints segment in FY2010. Although Valspar

maintains strong business relationships with these customers, including a few multi-year agreements, there

is no assurance that this will continue. Furthermore, the company has also registered some of its regular

customers reducing their purchases during the review period. It may become difficult for the company to find

an alternative revenue source if any of its major customers reduce their purchase from the company.

Weakness – limited liquidity position

Valspar current ratio was 1.05 at the end of FY2010. This was below the current ratio set by its close

competitors, such as PPG Industries Inc. (PPG) which had a current ratio of 1.95, RPM International Inc.

(RPM) which had a current ratio of 2.54, Akzo Nobel which had a current ratio of 1.41, and HB Fuller which

had a current ratio of 2.31. The company‟s lower current ratio than its competitors indicates its weaker

financial position and indicates its potential inability to meet short-term financial obligations. At the end of

FY2010, the company recorded a short-term debt of US$377.32 million as opposed to its cash and short-

term investments of US$178.17 million, which reflects its limited liquidity. The company‟s limited cash and

liquidity position puts it at a disadvantage in funding any potential expansion opportunity arising in the

market.

Weakness – weak operating performance

Valspar displayed poor financial growth in FY2010, during which the company recorded significant decline in

income levels although its total revenues increased by 22.51% on an annual basis. In FY2010, the company

reported operating loss of US$40.07 million in comparison to the operating income of US$376.08 million it

reported in FY2009. These losses were mainly due to the higher raw material costs, Wattyl operating

expenses and Wattyl acquisition fees. The company‟s operating margin was -1.01% in FY2010, which was

below the operating margin of its close competitors, such as PPG with its margin of 9.65%, RPM with its

margin of 8.73%, Akzo Nobel with its margin of 8.33%, and H.B. Fuller with its margin of 7.05%. The

company also reported a return on equity (ROE) of -11.43%, while its close competitors recorded higher

ROEs, such as PPG with a ROE of 21.14%, RPM with a ROE of 14.97%, Akzo Nobel with a ROE of 8.39%,

and HB Fuller with a ROE of 11.22%. The company's poor operational performance may reduce the

investors‟ confidence in the company, which could limit its financing options for future expansion.

13.5.3 The Valspar Corporation – opportunities

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Valspar supports the growth of its product portfolio through the acquisition and integration of firms as well as

through organic growth. As part of its inorganic growth strategy, the company acquired Isocoat in February

2011, which manufactures powder coatings used in building products, appliance, transportation and other

general industrial markets in Brazil, Colombia and Argentina. The Isocoat purchase is expected to

strengthen the company‟s presence in Latin America, and to broaden its range of technologies for general

industrial markets. In September 2010, the company completed the acquisition of Wattyl Limited, a paint

manufacturer which is based in Australia. Wattyl Limited distributes leading paint brands to trade customers

through a network of 140 company-owned stores and to retail customers through home improvement

centers and hardware outlets across Australia and New Zealand. Moreover, in June 2010, The Valspar

(Singapore) Corp. Pvt. Ltd acquired DIC Coatings India Ltd, which has provided the company with a

manufacturing site and business operations in India. These strategic acquisitions are expected to strengthen

the company's position in the market, generating increased revenues.

Opportunity – positive outlook of the chemical industry




chemical producer in 2015. Valspar already has a strong presence in the chemical industry, especially in


increase its sales of products that cater to the industry.

13.5.4 The Valspar Corporation – threats

Threat – industry consolidation

Consolidation in the chemicals industry presents a major threat for the company, which may impact its

profitability. The chemical industry has registered an increasing number of mergers and acquisitions (M&A)

during the review period, despite the currently unfavorable economic environment. The strong cash reserves

of leading companies in the industry has enabled these companies to take advantage of the current

environment and make strategic acquisitions at relatively low valuations. Key acquisitions in the industry

include the acquisition of Cognis by BASF in a EUR3.10 billion deal in 2010, and the proposed merger of

Nalco Holding Company with Ecolab for US$8.30 billion in 2011. M&A such as these will strengthen the

position of leading companies in the industry by expanding their geographic presence and product offerings.

The improved position of leading companies is expected to make the competition in the industry more

intense, which may force the company to alter its operations in order to remain competitive. However, any

changes to the company‟s business operations are time-consuming and costly.







decline in construction will be reported by hotel construction, which will decrease in value by 17.90%. The

main reasons for the reduced demand for non-residential construction are the cautious approach of




Threat – Stringent regulations

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Stringent environmental regulations may impact Valspar‟s operations. The company is subject to numerous

environmental laws and regulations which dictate how Valspar conducts its business operations. The

regulations dictate a variety of business practices, such as on how to discharge pollutants into the air and

water; how to handle, use, treat, store and clean-up hazardous and non-hazardous wastes; and how to

conduct the investigation and remediation of soil and groundwater affected by hazardous substances. The

laws and regulations may impose liability on the costs of, and damages resulting from, cleaning up current

chemical sites, past spills, disposals and other releases of hazardous substances. The company is currently

undertaking remedial activities in a number of its facilities and properties, and has received notices under the

Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). The company

received these notices in connection with the disposal of material from its current and former operations. Any

violation of these laws could subject the company to fines and penalties. Furthermore, the environmental

laws and regulations that govern the company‟s operations have becoming increasingly stricter during the

review period. For example, REACH regulates the products manufactured and marketed in Europe.

Implemented over a period of 11 years, REACH compells all companies to develop and submit dossiers

containing datasets about their chemical products and their potential environmental impact. This will provide

an addition challenge while launching new products as it is a time-consuming and expensive process. It may

also result in phasing out of existing chemicals from the market, which are regarded as toxic and hazardous.

REACH directly applies to over 30,000 different chemical substances that are produced or distributed in

Europe, and its implementation is expected to cost the European chemical industry US$3.00 billion. During

the forecast period, other countries are expected to model their regulations on REACH. The US has already

started implementing similar regulations with the reform of Toxic Substances Control Act. China also has its

own version of RoHS (Restriction of Hazardous Substances), which restricts the use of certain chemicals in

the market. The stringent environmental regulations are set to tighten during the forecast period, which will

cause additional operational costs for the company and will threaten its profitability.

13.6 The Valspar Corporation – Company Information

13.6.1 The Valspar Corporation – key competitors

Akzo Nobel NV

Ferro Corporation

H.B. Fuller Company

PPG Industries Inc.


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13.6.2 The Valspar Corporation – key employees

Table 296: The Valspar Corporation, Key Employees


Anthony L. Blaine Senior Vice President – Human Resources Senior Management

Cynthia A. Arnold Chief Technology Officer, Senior Vice President Senior Management

Gary E. Hendrickson Chief Operating Officer, President, Director Executive Board

Gregory R. Palen Director Non-Executive Board

Ian R. Friendly Director Non-Executive Board

Janel S. Haugarth Director Non-Executive Board

Jeffrey H. Curler Director Non-Executive Board

John S. Bode Director Non-Executive Board

Lori A. Walker Chief Financial Officer, Senior Vice President Senior Management

Mae C. Jemison Director Non-Executive Board

Roeland H. Polet Senior Vice President – Global Industrial Senior Management

Rolf Engh Executive Vice President, General Counsel, Secretary

Senior Management

Stephen D. Newlin Director Non-Executive Board

Steven L. Erdahl Executive Vice President Senior Management

William L Mansfield Chairman, Chief Executive Officer Executive Board

William M. Cook Director Non-Executive Board


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14 Company Profile: Nippon Paint Co. Ltd

14.1 Nippon Paint Co. Ltd – Company Overview

Nippon Paint Co. Ltd (Nippon) manufactures paints, coatings and chemicals. The company and its

subsidiaries offer a wide range of paints for automotives, buildings, large structures, electrical appliances

and vessels roadways. The company also provides surface treatment chemicals, electronic component

materials, chemical products, printing materials, and design and construction of industrial plants. The

company‟s broad product portfolio comprises coatings for automotives, maziora, automotive repair paints,

plastic paints, fire resistant coating, photo electronic device system, ferri sphere and flexceed plate. Nippon

primarily offers its products in China, Hong Kong, Japan, Malaysia, Korea, Singapore, Thailand, the UK and

the US. Nippon is headquartered in Osaka, Japan.

Table 297: Nippon Paint Co. Ltd, Key Facts

Corporate Address 2-1-2, Oyodo-Kita, Osaka, 531-8511,Japan

Telephone + 81 6 64559153

Fax + 81 6 64559261

URL www.nipponpaint.co.jp


Ticker Symbol, Exchange 4612, The Tokyo Stock Exchange


Fiscal Year End March


Revenue (JPY million) 227,378.00

Locations China, Hong Kong, Japan, Malaysia, South Korea, Singapore, Thailand, the UK and the US


14.2 Nippon Paint Co. Ltd – Business Description

Nippon is a manufacturer of paints and coatings,which is based Japan. The company and its subsidiaries

principally produce paints, coatings and chemicals. The company organizes its business operations into two

categories: paints and coatings, and fine chemicals. The paints and coatings segment is further organized

into four sub-categories: automotive coatings, trade-use paints, industrial coatings, and other paints.

The company‟s automotive coatings sub-category develops coatings to protect automotives from rust and to

keep surfaces aesthetically pleasing. In addition, it develops integrated paint systems for painting new

automotives, from surface treatment to undercoating, intermediate and finish coatings.

Nippon‟s trade-use paints sub-category includes paints and coatings to protect and enhance the aesthetics

of buildings. The sub-category‟s product portfolio includes the Duflon K series of coatings for office buildings,

the O-De Rewall water-based systems for condominiums, metal structures, the Jikitone series materials, and

ceramic construction materials. In addition, it develops coatings and coating systems for specialized

circumstances such as external environments and chemically resistant areas.

The company‟s industrial coating sub-category product portfolio comprises paints and coatings for metal

products, electrical machinery, building materials and adhesive agents. The company develops and markets

powder coatings and water-based paints with low volatile organic compounds; solar reflective coatings which

prevent heat and reduce surface temperature; and a new coating system enables recycling. The company‟s

product offerings also include auto refinish, marine coatings, household paints and road paints.

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Through Nippon‟s fine chemicals segment, it provides surface treatment and fine chemicals. The company

develops and markets integrated surface treatment chemical systems including surface treatment agents

and mass production systems for beverage cans. The company‟s surface treatment agents are used to

modify metal, plastic and other materials, and to improve the surface‟s rust-prevention capability and

adhesiveness, although they can also be used to give the coating hydro-philicity and other characteristics.

The surface treatment systems and products are chromium-free treatment agents for steel and aluminum,

fluorine-free de-greasing agents for aluminum beverage cans and low-temperature treatment agents that

reduce carbon dioxide emissions. The company‟s fine chemical products include electronic materials called

photo ED system, tecron adhesives, flexceed printing plates, blood serum separation polymers called PS

Gel, surface treatment chemicals and color filter materials. These products are mostly offered to IT and

telecommunications companies for meeting the requirement for nano-level control technologies and highly

functional coating materials in the office equipments, mobile phones and digital home electronics.

The company‟s research and development (R&D) activities focus on using metal nano-particles and

nanotechnology in developing paint materials and coatings. Nanotechnology and environmentally friendly

material compound technology are developed and enhanced using polymer, photochemical and mixing

design technologies. Furthermore, it develops technologies and products for the company‟s paint and

coating segment and fine chemical segment. The company owns two domestic research and development

centers in Osaka and Tokyo.

Nippon operates through 64 subsidiary companies and 20 affiliates. The company has a wide network of

sales and marketing offices spread out in various countries, including Korea, India, China, Hong Kong,

Thailand Malaysia, Singapore, Europe and North America.

14.3 Nippon Paint Co. Ltd – Main Products

The main products offered by the company include:

Table 298: Nippon Paint Co. Ltd, Main Products

Products

Coatings for automotives

Ceramic construction materials

Coil coating

Fire resistant coatings

Tough guard system

Paints for vessels

Road paints

Machinery

Metallic materials

Fine chemicals:

Surface treatment chemicals

Photo ED System

Flexceed printing plates


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14.4 Nippon Paint Co. Ltd – History

Table 299: Nippon Paint Co. Ltd, History


2008 Acquisitions/Mergers/Takeovers The company acquired a Taiwan-based company Asia Industries Ltd.

2007 Acquisitions/Mergers/Takeovers The company's subsidiary, Nippon Paint (Thailand) Co. Ltd was acquired by Nippon Paint (Shanghai) Research And Development Co. Ltd.

2006 Acquisitions/Mergers/Takeovers Nippon acquired Nippon Bee Chemical Company.

2006 Corporate Changes/Expansions Nippon established a chemical based company named Guang Li Chemicals (Shanghai) Co. Ltd

2006 Corporate Changes/Expansions The company established Nippon Paint (Chengdu) Co. Ltd, NB Coatings Inc., Tianjin Nippon Paint Shenglianda Co. Ltd and Foshan Nippon Paint Shenglianda Co. Ltd

2004 Corporate Changes/Expansions The company established Nippon Paint Anti-Corrosive Coatings Co. Ltd and Nippon Paint Hanbai Co. Ltd

2002 Corporate Changes/Expansions Nippon Fine Coatings Co. Ltd was established.

1999 Corporate Changes/Expansions The company established Nippon Paint Industrial Coating Co. Ltd

1996 Contracts/Agreements Nippon signed a joint R&D agreement with Chemetall GmbH.

1996 Corporate Changes/Expansions The company established Daihan Automotive Coatings Co. Ltd, Langfang Nippon Paint Co. Ltd, Courtaulds Nippon Paint SA, Morton Nippon Coatings and Courtaulds Nippon Paint SA.

1995 Acquisitions/Mergers/Takeovers Nippon acquired Mehnert und Veeck GmbH, Germany.

1995 Acquisitions/Mergers/Takeovers The company established Nippe Home Products Co. Ltd, Courtaulds Nippon Paint AB, NPA Coatings Inc., NP Automotive Coatings Ltd, Suzhou Nippon Paint Co. Ltd, Nippon Paint Chemicals Co. Ltd and NP Color Plaza Co. Ltd

1992 Corporate Changes/Expansions The company established Nippon Paint Otone Service Center, Supratech Systems Inc., Nippon Paint Color Design Studio (America) Inc., and Nippon Paint (China) Co. Ltd

1991 Contracts/Agreements The company signed a sales agreement with Ciba-Geigy Limited of Switzerland.

1991 Corporate Changes/Expansions Nippe Graphics Co. Ltd and Seabert Powder Coatings Inc. were established and launched by the company.

1990 Corporate Changes/Expansions Nippon established Nippon Paint Research Institute (America) Inc., Nippon Paint (Vietnam) Co. Ltd and Nippon Paint (Guangdong) Co. Ltd

1989 Corporate Changes/Expansions The company established Nippon Paint Finance Co. Ltd and Nippon Paint (Europe) Ltd.

1981 Corporate Changes/Expansions NAPP Systems was established by the company.

1977 Contracts/Agreements The company entered into business agreement with International Paint Plc of the UK.

1976 Corporate Changes/Expansions Nippon established Nippon Paint (Philippines) Inc. and Nippla Co.

1973 Corporate Changes/Expansions Marine Laboratory was established by the company in Tamano City, Okayama.

1968 Contracts/Agreements Nippon entered into technical license and sales agreement with Marque Chemical Corporation.

1968 Corporate Changes/Expansions The company‟s research center was launched in Neyagawa City, Osaka.

1940 Corporate Changes/Expansions Central Research Laboratory and Company Museum were established by the company.

1931 Corporate Changes/Expansions Nippon's headquarters was shifted to Osaka.

1927 Corporate Changes/Expansions The company changed name to Nippon.

1925 New Products/Services The company launched its trademark, Hinomaru.

1920 Corporate Changes/Expansions The company shifted its primary operations to Osaka.

1914 Corporate Changes/Expansions The company expanded its operations to China, India and South Pacific.

1908 Corporate Changes/Expansions Paint Engineering Department was established by the company.

1905 Corporate Changes/Expansions The company's Osaka Branch Plant was established in Sagisu Village.

1898 Corporate Changes/Expansions The company was incorporated and changed its name to Nippon Paint

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Table 299: Nippon Paint Co. Ltd, History

Manufacturing Co. Ltd

1896 Corporate Changes/Expansions The company established its Minami Shinagawa factory.

1881 Incorporation/Establishment The company was founded as Komyosha.


14.5 Nippon Paint Co. Ltd – SWOT Analysis

Nippon manufactures paints, coatings and chemicals. The company‟s main strengths are its broad product

applications, strong operating performance, strong liquidity position and enhanced financial leverage.

Meanwhile, its main weakness is its overdependence on a single business area. There are opportunities for

the company to grow from growth potential in emerging markets and the positive outlook of the automotive

industry. However, its operations may be threatened by the increasing raw material costs and declining

building construction starts.

14.5.1 Nippon Paint Co. Ltd – strengths

Strength – broad product applications

The company offers its products which are suitable for a broad range of applications. It offers product in two

categories: paint and coatings, and fine chemicals. In the paints and coatings category, the company offers

paint for automotives, building and construction materials, large structures, vessels or roadways or plant

engineering, and electrical appliances. In the fine chemicals category, the company offers fine chemicals

which are principally used in surface treatment. The company also offers broad range household paints. Due

to the company‟s broad product applications, Nippon can generate revenues from a large customer base

and mitigates the risks associated with overdependence on a single product or end-user market.

Strength – strong operating performance

Nippon generated an enhanced operating performance during 2011. It recorded revenues of JPY227,378.00

million during FY2011, with an annual growth of 5.00% over FY2010. The company‟s operating margin was

6.52% for FY2011, which is higher than its close competitors, such as Rock Paint Co. Ltd with its margin of

2.28% and Shinto Paint Company Ltd with its margin of 2.65%. In addition, Nippon‟s return on equity (ROE)

was 11.26% during FY2011, which is significantly higher than the returns generated by the shareholders of

Rock Paint Co. Ltd with its ROE of 1.87%, and Shinto Paint Company Ltd with its ROE of 3.15%. The

company‟s strong operating performance against its peer group improves investors‟ confidence while

enhancing its growth prospects.

Strength – strong liquidity position

Nippon's current ratio was 1.34 at the end of FY2011. This was higher than the current ratio of its close

competitors, such as Shinto Paint Company Ltd with a ratio of 9.2, and Kawakami Paint Manufacturing Co.

Ltd with a ratio of 0.94. At the end of the FY2011, the company had total current assets worth

JPY133,420.00 million, and cash and equivalents worth JPY28,346.00 million. Its total current liabilities

stood at JPY99,170.00 million, a decrease of 3.62% over 2010. The company‟s strong cash reserves and

liquidity position provides it an advantage while funding any potential opportunity arising in the market.

Strength – enhanced financial leverage

The company‟s enhanced financial leverage and solvency position improves its ability to borrow and repay

money, which can allow it to pursue expansion plans. Nippon‟s solvency position is strong due to its

significant equity funding rather than debt funding. The company recorded a debt to equity ratio of 0.36 in

FY2011, which is lower than its close competitors, such as Kawakami Paint Manufacturing Co. Ltd with a

ratio of 4.17 and Shinto Paint Company Ltd with a ratio of 0.53. Furthermore, the company‟s total debt

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valued JPY46,364.00 million, which is a reduction of 16.50% compared to its total debts in FY2010.

Moreover, the company's total equity valued JPY127,447.00 million in FY2011, an increase of 5.89% over

FY2010. The company‟s cash and short-term investment valued JPY28,346.00 million, which indicates that

the company has sufficient cash to pay its debt. Nippon‟s strong solvency position indicates its utilization of a

lower financial leverage and comparatively strong equity position, giving it a high creditworthiness.

14.5.2 Nippon Paint Co. Ltd – weaknesses

Weakness – overdependence on select region

The company‟s dependence on Japan for a large proportion of its revenues may be a cause for concern, as

its operations may be weakened by any adverse development in the political, economic or climatic

environment of the region. Although the company has presence in international markets, it generates

significant revenues from Japan. The company is at a major disadvantage as the sales from other regions

do not fully mitigate the risks it faces from the weakened performance of Nippon. The company‟s limited

geographical operations also constrain its ability to capitalize on some growth prospects occurring in areas

the company does not function in.

14.5.3 Nippon Paint Co. Ltd – opportunities

Opportunity – growth potential in emerging markets


share. The growing population and rapid urbanization in developing countries are the principal drivers for

increased demand for residential properties and home furnishing in these countries. For instance, the rapid

urbanization in China may increase the demand for building materials such as paints and coatings that are

used by the increased residential construction activities. China‟s rapid urbanization is being fueled by the

country‟s robust economic growth. According to the World Resource Institute, 1.00 billion people are

expected leave China‟s rural areas to enter its cities by 2025. China is also expected to contain 221 cities

with more than 1.00 million residents by 2025. In addition, the World Resource Institute anticipates that the

urban disposable income per head will increase to US$7,500.00 in 2025. China‟s rapid urbanization and

increased disposable income will raise the demand for housing properties across these cities and, as such,

will generate higher sales of building materials such as paints. Despite the global economic slowdown, the

emerging and developing countries have recorded a high growth rate in 2009 and 2010. According to

International Monetary Fund, the GDP growth rate of India was 10.40% in 2010, and is forecast to achieve a

growth of 8.20% in 2011 and 7.80% in 2012. Similarly, China recorded a GDP growth of 10.30% in 2010,

and projected to grow by 9.60% in 2011 and 9.50% in 2012. The economic growth of these regions will also

increase the ability of people to buy houses in developing countries. Since the company operates in

emerging markets such as China, it could sell more products that find application in the growing number of

residential construction projects.

Opportunity – positive outlook of the automotive industry


revenues. According to the Scotiabank Group‟s Global Auto Report 2011, the number of car sales in North

America rose to 53.96 million units in 2010, an increase of 6.00% over 2009. The Asian auto market size,

which includes India and China, also grew by 15.00% during 2010. According to the International Monetary

Fund, the GDP growth rate of India is projected to grow by 7.80% in 2011, while China is projected to grow

by 9.50% in 2011. These strong GDP growth rates indicate the increased economic activity across these

regions. With the robust economic growth in China, the overall demand in the Chinese automotive market is

forecast to grow by more than 16.00%, requiring more than 11.00 million units. The rise in disposable

income in Asian countries has changed the buying behavior in these regions. As a result, the light vehicle

production in China increased from 4.30 million units in 2006 to 7.70 million units in 2010. Moreover, the light

vehicle production in India increased from 1.40 million units in 2006 to 2.50 million units in 2010. The

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positive outlook for the automotive industry offers significant growth avenues to the company, since it

provides protective coating solutions to automotive manufacturers.

14.5.4 Nippon Paint Co. Ltd – threats

Threat – increasing prices of raw materials

The rising raw material prices may reduce the company‟s operating margins and profits. The company

mainly requires petroleum-based products as raw materials for its products. However, the oil and gas prices

are rising due to three main reasons: demand outweighing supply, market speculation and the increasing

expense of refining crude oil into gasoline. According to the International Energy Association (IEA), prices

rose from US$111 to US$114 per barrel for Brent crude oil and from US$86 to US$96 per barrel for WTI oil

during September – November 2011. Moreover, the prices for Brent crude oil are expected to remain around

US$110–120 in 2011. The company‟s raw material costs in 2010 were 4–5.00% higher than its raw material

costs in 2009. Nippon may attempt to compensate for the rising raw material prices by increasing the prices

of its products to customers, although doing so may reduce the demand for its products.

Threat – shortage of skilled personnel

The company‟s operations in Japan might face problems due to the shortage of skilled personnel. According

to Manpower 2011 Talent Shortage Survey Results, 80.00% of the employers in Japan find difficulty in filling

job vacancies. This number has increased from 76.00% in 2010. Japan ranks as the highest percentage of

employers who find difficulty in hiring among the 36 countries studied in the survey. Moreover, according to

the survey, it is most difficult to hire sales representatives, technicians and sales manager in that order. As

such, the company‟s operations might be disrupted due to the shortage of labor during the forecast period.

14.6 Nippon Paint Co. Ltd – Company Information

14.6.1 Nippon Paint Co. Ltd – key competitors

Chugoku Marine Paints Ltd

Kansai Paint Co. Ltd

Kawakami Paint Manufacturing Co. Ltd

Rock Paint Co. Ltd

Shinto Paint Company Ltd

Toli Corporation

14.6.2 Nippon Paint Co. Ltd – key employees

Table 300: Nippon Paint Co. Ltd,, Key Employees


Akira Ueoka General Manager – Administration Division , Head – Osaka Office Senior Management

Hidemi Yanagimura General Manager – Purchasing and Procurement Division Senior Management

Hideo Nakamura Director, General Manager – Manufacturing Division, Head – Environmental and Quality Management Division

Executive Board

Hideo Nakamura Director, General Manager – Manufacturing Division, Head – Environmental and Quality Management Division

Senior Management

Hiroaki Ueno Director, Vice President, General Manager – Automotive Coatings Division, Head – International Affairs and International Division

Executive Board

Kanji Nishijima Director, Vice President, General Manager – Human Resources Division, Head – Surface Treatment Division and Fine Products Division

Executive Board

Kei Aoki General Manager – Nippon Paint (Shanghai) Research & Development Co. Ltd

Senior Management

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Table 300: Nippon Paint Co. Ltd,, Key Employees

Kenji Sakai President, Director Executive Board

Ryoichi Baba Director, Senior Vice President, Head – Purchasing and Procurement Division, Administration Division and Corporate Planning

Executive Board

Ryoichi Murakami Chairman, Director, Vice President – Industry Unit, Nippon Paint (China) Co. Ltd

Executive Board

Ryoji Ishihara Director – Development Laboratory, Head – Research & Development and Neyagawa Office, General Manager – Research & Development Division

Executive Board

Tetsuya Toshimitsu Director Executive Board

Toya Kawabe Director – Corporate Planning Senior Management

Source: Annual report, company website, primary and secondary research © Timetric/ © Timetric

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15 Company Profile: Kansai Paint Co. Ltd

15.1 Kansai Paint Co. Ltd – Company Overview

Kansai Paint Co. Ltd (Kansai) manufactures and markets a broad range of paints. The company and its

subsidiaries also manufacture, design and sell all types of coating equipment. Kansai undertakes paint

works and designs color schemes along with the manufacturing and sales of products used for electronics

and biotechnology. Kansai sells its products under the Alesco brand in various international markets

including the US, the UK, India, China, Thailand and Malaysia. It provides marine and protective coatings,

automotive coatings, decorative coatings and industrial coatings. The company has research and

development (R&D) facilities, which focus on system and process research, and color design research.

Kansai is headquartered in Osaka, Japan.

Table 301: Kansai Paint Co. Ltd, Key Facts

Corporate Address 2-6-14 Imabashi, Osaka-shi, 541-8523,Japan

Telephone + 81 6 62035531

Fax Not available

URL www.kansai.co.jp


Ticker Symbol, Exchange 4613, The Tokyo Stock Exchange


Fiscal Year End March


Revenue (JPY million) 236,984.00

Locations Japan, USA, the UK, India, China, Thailand and Malaysia


15.2 Kansai Paint Co. Ltd – Business Description

Kansai manufactures and sells a broad range of paints for various industrial applications under the Alesco

brand. The company also designs and sells various kinds of coating equipments. Kansai organizes its

business operations under four reportable segments: automotive coatings, decorative coatings, industrial

coatings, and marine and protective coatings.

Kansai‟s automotive coatings segment provides coatings for new cars, automotive parts and automotive

refinishes. The company develops water-based coatings, such as topcoats and primers, for domestic

overseas and international markets. These coatings are used for new cars by automotive manufacturers and

as automotive refinish paints in garages and body shops. In FY2011, the automotive coatings segment

accounted for 42.00% of the company‟s total revenues.

The company‟s decorative coatings segment manufactures and sells paints for repair maintenance, as well

as coatings for new buildings. Kansai provides paints and coatings for all types of buildings, including

commercial buildings, housing and public facilities. Its product portfolio comprises coatings for interior

decorative coatings, rooftop coatings and exterior coatings. The company‟s decorative coatings are used to

protect structures, such as residential houses and other buildings, from deterioration, and are also used to

enhance the structure‟s aesthetics. In FY2011, the decorative coatings segment accounted for 20.00% of the

company‟s total revenues.

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Under the industrial coatings segment, Kansai offers paints for diverse applications such as beverage cans,

construction materials, home electronics, agricultural equipment construction and industrial machinery. This

segment's products include Electrodeposition (ED) coatings for aluminum sashes, and pre-coated metal

(PCM) coatings. In FY2011, the industrial coatings segment accounted for 29.00% of the company‟s total

revenues.

Under the marine and protective segment, the company offers paints for coatings in steel structures and

ships. These coatings provide long-term protection from corrosion for steel structures, and protective

coatings for land-based structures. Its marine structures include ships, offshore structures and marine

containers, while its land-based structures include bridges, tanks and industrial plants. During the review

period, Kansai developed resist ink materials which is used for high definition screen printing and hydrogel

sponge carriers. In FY2011, the marine and protective segment accounted for 9.00% of the company‟s total

revenues.

The company‟s R&D activities are focused on improving on the company‟s basic coatings, systems and

processes, color design, paint and coatings, and new businesses. Kansai conducts its research operations

through its five research institutes and one research center. In FY2011, the company‟s total R&D

expenditure valued JPY5,583.00 million in FY2011, as compared to JPY5,516.00 million in FY2010.

The company classifies its geographical segments into five regions: Japan, India, Asia, Europe and others.

In FY2011, the Japan region accounted for 61.94% of the company‟s revenues, while 17.05% of the

revenues came from India, 16.95% came from Asia, 3.83% came from Europe, and 0.20% came from

others.

In April 2011, the company purchased 127.92 million shares, or a 62.75% stake, in Freeworld Coatings Ltd

for ZAR1,535.00 million. In January 2011, the company established Chongqing Alesco Kansai Paint Co. Ltd

15.3 Kansai Paint Co. Ltd – Main Products and Services

Kansai is a Japanese-based paints manufacturing company. Its key products and services include:

Table 302: Kansai Paint Co. Ltd, Main Products and Services

Products Services

Coatings for new cars Painting works

Automotive refinish paints

Industrial coatings

Coatings for residential houses and buildings

Marine coatings

Paints coating equipment

Source: Annual report, company website, primary and secondary research © Timetric/

15.4 Kansai Paint Co. Ltd – History

Table 303: Kansai Paint Co. Ltd, History


2010 Acquisitions/Mergers/Takeovers The company acquired Kansai Paint (Shenyang) Co. Ltd

2010 Corporate Changes/Expansions Kansai established Kansai Paint (China) Investment Co. Ltd

2009 Corporate Changes/Expansions The company established Kanpe Ako Co. Ltd

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Table 303: Kansai Paint Co. Ltd, History

2009 Corporate Changes/Expansions The company consolidated Kansai Paint Sales Co. Ltd, Kanpe Kyohan Kyusyu Co. Ltd and Kanpe Kyohan Shikoku Co. Ltd

2007 Acquisitions/Mergers/Takeovers The company acquired Akzo Nobel‟s industrial and automotive coatings industry and Trade AS.

2007 Acquisitions/Mergers/Takeovers Kansai acquired NKM Coatings Co. Ltd and Guanzhou Kansai Paint Co. Ltd

2006 Contracts/Agreements The company entered into a contract to market the automotive refinish paints of PPG in Japan.

2002 Acquisitions/Mergers/Takeovers The company acquired Sime Kansai Paint Sdn Bhd in Malaysia.

2001 Contracts/Agreements Kansai established a joint venture with Nippon Paint named Ecosystems.

2000 Corporate Changes/Expansions The company established its subsidiary, PT Kansai Paint Indonesia.

1999 Acquisitions/Mergers/Takeovers The company acquired Goodlass Nerolac Paints Ltd in India.

1999 New Products/Services The company developed a technology for making raw materials for paint by recycling PET bottles.

1990 Contracts/Agreements The company established Du Pont-Kansai Automotive Coatings Inc., a joint venture in the US.

1990 Corporate Changes/Expansions Kansai established a European subsidiary called Kansai Paint Europe Limited.

1987 Corporate Changes/Expansions The company established Kansai Paint (America) Inc.

1985 Contracts/Agreements The company established Taiwan Kansai Paint Co. Ltd, a joint venture in Taiwan.

1974 Corporate Changes/Expansions Kansai established Kansai Paint (Hong Kong) Ltd.

1968 Contracts/Agreements The company established Thai Kansai Paint Co. Ltd in Thailand.

1965 Contracts/Agreements The company established United Paints Pvt. Ltd, a joint venture in Singapore.

1965 Research and Development Kansai established a R&D center in Hiratsuka.

1933 Corporate Changes/Expansions The company opened its Tokyo office and plant.

1918 Incorporation/Establishment Kansai was established in Amagasaki City.


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15.5 Kansai Paint Co. Ltd – SWOT Analysis

Kansai manufactures and markets paints across Japan, Asia, Americas and Europe. The company‟s main

strengths are its broad product portfolio, focus on research and development activities, strong financial

leverage and strong operating performance. Meanwhile, its main weakness is its overdependence on Japan.

The company has opportunities to grow from the positive Chinese automotive industry and growth prospects

in emerging markets. However, the company‟s operations may be threatened by the increasing prices of raw

materials and labor problems in China.

15.5.1 Kansai Paint Co. Ltd – strengths


Kansai has a broad product portfolio which mitigates the risks associated with overdependence on a single

business operation. The company functions through four reporting segments: automotive coatings, industrial

coatings, decorative coatings, and marine and protective coatings. The company‟s automotive coatings

segment focuses on providing coatings for new cars, and automotive refinishing for automotive

manufacturers and body shops. Its industrial coatings segment offers coatings services for a wide range of

industrial products, including construction vehicles, industrial machines, agricultural equipment, home

electronics, beverage cans, pre-coated metals and various other types of building materials. Moreover, the

company‟s decorative coatings segment offers coatings to protect structures, such as residential houses and

other buildings, from deterioration. It also provides coatings to enhance a structure‟s aesthetics. Meanwhile,

the company‟s marine and protective coatings segment produces coatings for marine structures in order to

provide long-term protection from corrosion, and the company provides protective coatings for land-based

structures. In FY2011, the automotive coatings segment accounted for 42.00% of the company‟s total

revenues, while 29.00% of the revenues came from industrial coatings, 20.00% came from decorative

coatings, and 9.00% came from the marine and protective coatings segment. Due to the variety of products

offered through these four segments, the company avoids overdependence on a single product that could

potentially underperform, and also increases the company‟s potential customer base allowing it to generate

higher revenues.

Strength – focus on research and development activities

Kansai‟s investment in new technologies to develop high performance, energy-efficient products is one of its

main strengths. The company conducts R&D activities through five research institutes and one research

center. Kansai‟s R&D activities mainly focuses on polymer synthesis, new cross-linking reactions, pigment

dispersion, surface and interface control, rheology control, and bio-technologies. The company promotes the

conversion to water-based paints and coatings, and is developing an environmentally friendly coating

system which is capable of reducing the number of coats required while also replacing traditional soluble

coatings with advanced high-solid coatings. The company also focuses on developing coating products with

advanced functions, such as heat shielding and anti-bacterial functions, while it also develops coatings that

provide multiple colors and patterns. The company develops evaluation technologies and evaluation

equipment required for the development of these coatings, which facilitate efficient product development

while also increasing the perfection rate for finished products. In FY2011, the company‟s total R&D

expenditure was JPY5,582.00 million, accounting for 2.36% of its total revenues. The sustained focus on

R&D helps the company to adapt to the changing market dynamics, and to offer innovative products.

Strength – strong financial leverage

The company‟s strong financial leverage or solvency position positively impacts its ability to borrow and

repay money, which can be used in expansion initiatives. Kansai‟s solvency position is strong due to

significant level of equity funding rather than debt. The company recorded a debt to equity ratio of 0.01 in

FY2011, which is significantly lower than its competitors such as Chugoku Marine Paints Ltd, with its ratio of

0.49, and Shinto Paint Company Ltd, with its ratio of 0.53. Furthermore, the company‟s total debt stood at

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JPY1,646.00 million in FY2011 compared to its total equity of JPY1,67,194.00 million. In addition, the

company‟s long-term debt reduced from JPY811.00 million in FY2010 to JPY372.00 million in FY2011.

Kansai‟s strong solvency position indicates its utilization of lower financial leverage and stronger equity

position, providing it with a relatively high creditworthiness.

Strength – strong operating performance

Kansai exhibited an enhanced operating performance during 2011. It recorded revenues of JPY236,984.00

million during FY2011, with an annual growth of 6.56% over FY2010. Furthermore, the company maintained

operating margin of 8.65% in FY2011, which was higher than its close competitors, such as Shinto Paint

Company Ltd with its margin of 2.65% and Nippon Paint Co. Ltd with its margin of 6.52%. In addition, its

return on equity (ROE) was 7.58% during FY2011. This ROE is also higher than the company‟s close

competitors, such as Shinto Paint Company Ltd which recorded a ROE of 3.15%. The company‟s strong

operating performance generates higher investors‟ confidence while enhancing its growth prospects.

15.5.2 Kansai Paint Co. Ltd – weaknesses

Weakness – overdependence on Japan

The company‟s dependence on Japan for a large proportion of its revenues may be a cause for concern

since its operations may be weakened by any adverse development in the political, economic or climatic

environment of the region. Although the company has a presence in international markets, it generates

61.94% of its revenues from Japan. The company is at a major disadvantage as the sales from other regions

do not fully mitigate the risks it faces from the weakened performance of Kansai. The company‟s limited

geographical operations also restricts its ability to capitalize on some growth prospects occurring in areas

the company does not function in.

15.5.3 Kansai Paint Co. Ltd – opportunities

Opportunity – positive growth prospects of the Chinese automotive industry

The company is expected to benefit from the positive growth prospects of the Chinese automotive industry.

China is one of the fastest-growing automotive markets in the world, and the country‟s annual automotive

sales grew from 18.06 million units in 2010 to 50.00 million units in 2011. This growth is expected to be

driven by high sales in cities like Beijing. According to the Beijing Transport Research Center, Beijing is

expected to register 7.00 million vehicles by 2015. The company may benefit from the positive Chinese

automotive industry, since it supplies high precision sealing and vibration-control solutions and coatings for

new cars in China.

Opportunity – growth potential in emerging markets

The growth prospects in emerging markets may provide opportunities for the company to improve its

profitability. The growing population and rapid urbanization in developing countries are the principal drivers

for increased demand for residential properties and home furnishing in these countries. For instance, the

rapid urbanization in China may increase the demand for building materials such as paints and coatings that

are used by the increased residential construction activities. China‟s rapid urbanization is being fueled by the

country‟s robust economic growth. According to the World Resource Institute, 1.00 billion people are

expected leave China‟s rural areas to enter its cities by 2025. China is also expected to contain 221 cities

with more than 1.00 million residents by 2025. In addition, the World Resource Institute anticipates that the

urban disposable income per head will increase to US$7,500.00 in 2025. China‟s rapid urbanization and

increased disposable income will raise the demand for housing properties across these cities and, as such,

will generate higher sales of building materials such as paints. Despite the global economic slowdown, the

emerging and developing countries have recorded a high growth rate in 2009 and 2010. According to

International Monetary Fund, the GDP growth rate of India was 10.40% in 2010, and is forecast to achieve a

growth of 8.20% in 2011 and 7.80% in 2012. Similarly, China recorded a GDP growth of 10.30% in 2010,

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and projected to grow by 9.60% in 2011 and 9.50% in 2012. The economic growth of these regions will also

increase the ability of people to buy houses in developing countries. The company‟s Asia-Pacific region

accounted for 16.95% of the company‟s total revenues. Kansai manufactures and supplies all kinds of paints

commercial and residential uses, and the growth of residential construction should increase the demand for

its products in these regions.

15.5.4 Kansai Paint Co. Ltd – threats

Threat – increasing prices of raw materials

The rising raw material prices may reduce the company‟s operating margins and profits. The company

mainly requires petroleum-based products as raw materials for its products. However, the oil and gas prices

are rising due to three main reasons: demand outweighing supply, market speculation and the increasing

expense of refining crude oil into gasoline. According to the International Energy Association (IEA), prices

rose from US$111 to US$114 per barrel for Brent crude oil and from US$86 to US$96 per barrel for WTI oil

during September – November 2011. Moreover, the prices for Brent crude oil are expected to remain around

US$110–120 in 2011. The company‟s raw material costs in 2010 were 4–5.00% higher than its raw material

costs in 2009. Kansai may attempt to compensate for the rising raw material prices by increasing the prices

of its products to customers, although doing so may reduce the demand for its products.

Threat – labor problems in Chinese market

The outbreak of strikes in foreign-invested enterprises in China during the summer of 2010 raised significant

questions regarding the future of China‟s industrial work force. These questions regard how the different

strata of Chinese society, such as the Chinese government, the state-controlled labor union, the All-China

Federation of Trade Unions (ACFTU) and the general work force, relate to one another. The situation has

been further complicated by the central government‟s support for union activity, which is in conflict with the

local governments‟ concern to increase investments in their regions. The government and the ACFTU are

also considering implementing the collective bargaining system. The Guangdong provincial government has

formulated draft regulations for forming employee representative councils in enterprises, and procedures for

collective wage bargaining. The Shenzhen Economic Zone has also circulated draft regulations on collective

bargaining. The increased union activities around China could be detrimental to Kansai as it could increase

the bargaining power of employees and lead to additional operational costs for the company.

15.6 Kansai Paint Co. Ltd – Company Information

15.6.1 Kansai Paint Co. Ltd – key competitors

Chugoku Marine Paints Ltd

Nippon Paint Co. Ltd

Shinto Paint Co. Ltd

SK Kaken Co. Ltd

TOLI Corporation

15.6.2 Kansai Paint Co. Ltd – key employees

Table 304: Kansai Paint Co. Ltd, Key Employees


Hiroshi Ishino Director Non-Executive Board

Hiroshi Sakamoto Director Non-Executive Board

Koichi Imada Director, Executive Vice President Executive Board

Masanobu Ota Director Non-Executive Board

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Mitsuhiro Fukuda Director Non-Executive Board

Shigeru Nakamura Director Non-Executive Board

Yuzo Kawamori President, Director Executive Board


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16 Company Profile: Benjamin Moore & Co.

16.1 Benjamin Moore & Co. – Company Overview

Benjamin Moore & Co. (Benjamin Moore) is a manufacturer and distributor of paints and coatings, which is

based in the US. It provides paints, stains, finishes and primers under the brand names Aura and Natura.

The company operates six plants and 22 distribution facilities and sells its products through a network of

4000 retailers. It also has operations in the US, Canada and Puerto Rico. Benjamin Moore is headquartered

at Montvale, New Jersey, the US.

Table 305: Benjamin Moore & Co., Key Facts

Corporate Address 101 Paragon Drive, Montvale, 07645, United States of America

Telephone + 1 201 5739600

Fax + 1 201 5730046

URL www.benjaminmoore.com


Ticker Symbol, Exchange Not available

No. of Employees Not available


Revenue (US$ Million) Not available

Locations USA, Canada and Puerto Rico


16.2 Benjamin Moore & Co. – Main Products

Benjamin Moore is a paints and coatings manufacturer. The company's key products include:

Table 306: Benjamin Moore & Co., Main Products

Products

Paints

Stains

Primers

Wood stain and clear finishes

Specialty coatings

Metal coatings


16.3 Benjamin Moore & Co. – Company Information

16.3.1 Benjamin Moore & Co. – key competitors

Johnson Paint Company

Nelson Paint Company

O‟Leary Paint

Rodda Paint Company

U.S. Paint Corporation

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16.3.2 Benjamin Moore & Co. – key employees

Table 307: Benjamin Moore & Co., Key Employees


Carl Minchew Director – Product Development Senior Management

Denis Abrams President, Chief Executive Officer Senior Management

Doty Horn Director – Design and Color Senior Management

Eileen McComb Director – Communications Senior Management


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17 Company Profile: Kelly-Moore Paint Company Inc.

17.1 Kelly-Moore Paint Company Inc. – Company Overview

Kelly-Moore Paint Company Inc. (Kelly-Moore) is a paint manufacturing company which is based in the US.

The company produces and distributes paints, such as architectural paints, industrial coatings, clear

coatings, eCoat recycled paint and specialty coatings. Kelly-Moore‟s product portfolio includes 400 types of

paints, finishes and sundries to professional contractors and painters. The company operates through 157

store locations in the US. Kelly-Moore is headquartered in San Carlos, California, the US.

Table 308: Kelly-Moore Paint Company Inc., Key Facts

Corporate Address 987 Commercial Street, San Carlos, 94070, United States of America

Telephone + 1 650 5928337

Fax Not available

URL www.kellymoore.com






Locations USA


17.2 Kelly-Moore Paint Company Inc. – Main Products

Kelly-Moore manufactures paints and paint related products. The main products offered by the company

include:

Table 309: Kelly-Moore Paint Company Inc., Main Products

Products

Architectural paints

Industrial coatings

Clear coatings

eCoat recycled paint

Specialty coatings


17.3 Kelly-Moore Paint Company Inc. – Company Information

17.3.1 Kelly-Moore Paint Company Inc. – key competitors


Columbia Paint & Coatings

Coronado Paint Company

Solvay Solexis

17.3.2 Kelly-Moore Paint Company Inc. – key employees

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Table 310: Kelly-Moore Paint Company Inc., Key Employees


Dan Stritmatter Chief Financial Officer Senior Management

Desiree Moore Chairwoman Executive Board

Steven DeVoe President Senior Management


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18 Company Profile: Duron Paints & Wallcoverings

18.1 Duron Paints & Wallcoverings – Company Overview

Duron Paints & Wallcoverings (DPW) is a manufacturer of paints and coatings, which is based in the US.

The company's product portfolio includes paints, stains, varnishes, primers, caulks, sealants, adhesives and

specialty wall coatings. It offers its products to contractors, builders, architects and designers for

commercial, institutional and residential applications. The company operates as a business unit of The

Sherwin-Williams Company. DPW is headquartered in Beltsville, Maryland, the US.

Table 311: Duron Paints & Wallcoverings, Key Facts

Corporate Address 10406 Tucker Street, Beltsville, 20705, United States of America

Telephone + 1 800 7238766

Fax + 1 301 5950429

URL www.duron.com



No. of Employees Not available



Locations USA


18.2 Duron Paints & Wallcoverings – Main Products and Brands

DPW is a manufacturer of paints and coatings. The company's key products and brands include:

Table 312: Duron Paints & Wallcoverings, Main Products and Brands

Products Brands

Stains Signature Select

Varnishes Genesis Odor-Free

Primers Plastic Kote

Caulks Design Accents

Sealants Everlast

Adhesives Ultra Deluxe

Specialty wall coatings Supreme Max33 Interior Latex

Porch & Floor

Pro Kote Supreme

Impressions Plus


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18.3 Duron Paints & Wallcoverings – Company Information

18.3.1 Duron Paints & Wallcoverings – key competitors


ICI Paints Inc.

Johnson Paint Company

Nelson Paint Company

18.3.2 Duron Paints & Wallcoverings – key employees

Table 313: Duron Paints & Wallcoverings, Key Employees


Robert Feinberg Chief Executive Officer Senior Management

Tom Schwartzbeck Chief Operating Officer, President Senior Management


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19 Appendix

19.1 Methodology

Timetric‟s dedicated research and analysis teams consist of experienced professionals with an

industry background in marketing, market research, consulting and advanced statistical expertise.

Timetric adheres to the Codes of Practice of the Market Research Society (www.mrs.org.uk) and the

Society of Competitive Intelligence Professionals (www.scip.org).

All Timetric databases are continuously updated and revised.

19.2 Contact us

If you have any queries about this report, or would like any further information, please contact

[email protected]

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emerging economies and key global industries. The company offers detailed economic and sector

intelligence, business insights and independent and authoritative commentary.

Underpinning all Timetric‟s research services is a belief that data – if gained following the right

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Each year, Timetric produces hundreds of high quality research reports across countries, industries

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APPENDIX



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The most timely and frequently updated data sets

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