China's Coatings and Pigments Industry Sees Mixed Results in 2024

In 2024, China's coatings industry has been actively implementing new development concepts, accelerating the construction of a new development pattern, and steadily enhancing its production capabilities. The sector is experiencing a solid push towards high-quality development, with a notable acceleration in green and low-carbon transformations, alongside rapid digital upgrades. Overall, the economic performance has remained stable, with signs of progress and breakthroughs.

According to statistics from the China Coatings Industry Association, the total output of the coatings industry in 2024 reached 35.34 million tons, reflecting a 1.60% decrease compared to the previous year. However, the total revenue from main business operations amounted to 408.90 billion yuan, marking a 1.56% increase year-on-year, while total profits rose to 26.29 billion yuan, a 9.34% increase from the prior year.

In Guangdong Province, the total output of coatings was 5.41 million tons, down 3.4% year-over-year, significantly impacted by the real estate market. Both architectural and wood coatings saw declines, though industrial coatings experienced growth. As a major coatings province, Guangdong is witnessing stable overall development, but challenges persist, particularly related to structural imbalances.

In the inorganic pigments sector, the total production of titanium dioxide reached 4.81 million tons, a 13.79% increase from last year, while the total output of iron oxide pigments was 625,900 tons, up 6.21% year-on-year.

Regarding import and export performance, the total export volume of coatings in 2024 was 334,800 tons, reflecting a 27.72% increase compared to the previous year, with total export revenue reaching $1.065 billion, up 18.65% year-on-year. Titanium dioxide exports totaled 1.902 million tons, representing a 15.88% increase, while iron oxide pigments exported reached 339,300 tons, a 21.33% increase.

On the import side, the total import volume of coatings was 164,000 tons, a 7.23% increase, with total import value at $1.809 billion, up 12.73%. For titanium dioxide, imports were 91,900 tons, increasing by 8.84%, while iron oxide pigment imports rose significantly, totaling 198,400 tons, a 26.13% increase.

Overall, while the Chinese coatings industry maintains relative stability in 2024, noticeable changes in supply-demand dynamics, growth rates in specific sectors, and import-export characteristics require heightened awareness and attention from the industry and stakeholders.