Philippine Coatings Market Grows At An Average Annual Rate Of 6%

- Oct 21, 2019-

C9 Resin suppliers told us that The Philippines is primarily considered a newly industrialized country whose economy is transitioning from an agricultural-based country to a manufacturing- and service-based country.

Although the domestic paint and coatings producers in the Philippines have been meeting market demand so far, the country is transforming into high value-added products and multinational coatings producers.

The Philippine paint and coatings industry, comprised of more than 20 paint and coatings producers, has maintained steady growth of more than 6% each year for the past five years.

Most of the 25 producers have production facilities in the metropolitan area of Manila and nearby provinces, as most of the country's architectural and industrial activities are concentrated in the area.

C9 Resin manufacturers mentioned that Pacific Paint (Boysen) Philippines, Inc., Davies, Charter Chemical and Coating, United Paints Inc., Asian Coatings Philippines, Nippon and Jordan Philippines are the country's major coatings producers.

Century Chemical Corp., FH Colors and Coatings, Globesco, H-Chem Industries, Mayon Industrial, Roosevelt Chemical Industries, Super Globe, Sycwin Coating and Wires, Times Both Paint and Treasure Island Industries are producers of medium-sized coatings and coatings in the Philippines.

PETROLEUM RESIN suppliers said that By the end of 2018, the Philippines had a population of more than 108 million, making it one of the fastest growing economies in Southeast Asia.

Titania factory mentioned that In recent years, paint and coatings producers have received substantial dividends from stable economic growth. Gross domestic product (GDP) grew by 6.2% in 2018, the lowest in three years, due to high base commodity prices and a slowdown in agricultural expansion that inhibited growth.

However, the World Bank predicts that the Philippines' GDP will grow by 6.5% this year and by 6.6% by 2020 and 2021.

China TiO2 For Paints factory told us that The average age of the Philippines is 23 years old and the degree of urbanization is high. It is expected that in the next few years, the Philippines will remain an attractive market for domestic and international coating companies in the country.

The Philippines is made up of 7,200 islands and is geographically divided into three main divisions depending on the concentration of paint and coatings producers.

Luzon is home to the largest and northernmost group, the capital of Manila, and most of the paint and paint production facilities.

The Visayas in the central region has a thriving city of Cebu, the next target area for paint and coatings producers in the country. Located in the southwestern part of the Philippines, Mindanao is the agricultural center of the Philippines. The area lacks many paint and paint production facilities.

The paint and coatings industry in the Philippines also has some weaknesses. The cost structure of the country in terms of logistics, energy and raw materials is prohibitive and not available in the country.

Compared with other neighboring countries, Philippine paint producers have lower capacity utilization rates, and the country's coatings industry also has lower investment in technology upgrades.