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