According to The Asian Coatings Study, a new 500-page study by Kusumgar, Nerlfi & Growney, Inc., Asian coating consumption surged to 7.9 MM metric tons (MT) with a sales value of $20.5 billion in 2004. An 8% annual rate of growth (AGR) is forecast for the region through 2009, which is significantly higher than the mature growth rates found in the U.S. and Europe. As discussed in the study, China and India are the fastest-growing countries for coatings in Asia, with both expanding at double-digit rates. China recently surpassed Japan to become the largest coating market in Asia. In 2004, China accounted for 42% of the coating volume and one-third of the dollars in the region. Coating demand in China is being propelled by a strong housing market, infrastructure building, the increased domestic consumption of goods and a growing export market. Indian coating usage is also expanding because of a strong housing market and infrastructure building, however India is significantly behind China in the manufacture of most goods utilizing paint.

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