Korean coatings market bursting with potential demand

Jens Kastner provides an insight into why the South Korean coatings segment is full of promise this year

South Korea’s paint and coatings market is preparing itself for a sustained rebound after 2021 saw it recover from declining sales in 2020 prompted by the COVID-19 pandemic. UKbased market research fi rm Euromonitor International’s Paints and Varnishes in South Korea report published in December 2021 showed that the country’s paints and varnishes production value declined by 0.9% yr-on-yr in 2020, to US$ 6.8bn, but Euromonitor predicts the industry’s turnover will have fully recovered in 2021 to 2019 levels or beyond. Also in the UK, IHS Markit put the 2020 drop at 2%, and is also expecting a recovery in 2021 – but in terms of value, not volume, due to increased paint prices that have risen in tandem with increasing raw material prices.

Read the full report here: Korea 2022