1.The Economical Growth of the Country Drives the Industry Moving Forward

World GDP is expected to bounce back with a growth rate of 5.9% in 2021, the fastest in nearly 5 decades, and 4.9% in 2022. Even as the pandemic persists, Asia is forecast to sustain strong rebound with an anticipated growth rate of 6.3% in 2022. International Monetary Fund's report projects India to be the world's fastest-growing major economy in 2022, with a growth rate of 8.5%, while China is projected to grow at 5.6%.

2.Asia Pacific Continues to Dominate Global Coatings Market

Asia Pacific is the world's largest coatings market, accounting for 55% in 2020. China is the world's largest coatings producer and consumer, accounting for 60% and 28% of Asia Pacific and global markets respectively, and is also the country with largest increase in demand. Asia Pacific's per capita demand for coatings still has significant room for growth—even in China, with only 7.2kg per capita coatings consumption per year as compared to industrialized countries like Germany, which is around 18kg per capita per year.