Report on the Economic Operation of China's Coatings Industry in 2024

1 Overview of Production and Operation in the Coatings Industry

1.1 Overview of the Development of China's Coatings Industry in 2024

In 2024, the overall development of China's coatings industry closely follows the trend of macroeconomic development, with excellent performance in the growth of major economic operating data in the petrochemical industry. The overall operation is stable, showing a trend of steady progress. In 2024, the total production of coatings in China was 36.885 million tons, a year-on-year increase of 3.1%. (See Figure 1).

Figure 1: China's coatings production and year-on-year growth rate from 2019 to 2024

From the perspective of main business revenue, the revenue of China's coatings industry in 2024 was 404 billion yuan, a year-on-year decrease of 0.1% (see Figure 2).

Figure 2 :Main business revenue and year-on-year growth rate of China's coatings industry

In terms of profit, the total profit of China's coatings industry in 2024 was 25.1 billion yuan, a year-on-year increase of 5.7% (see Figure 3).

Figure 3: Total profit and year-on-year growth rate of China's coatings industry from 2019 to 2024

1.2 Double Index Analysis of China's Coatings Industry in 2024

In 2024, the raw material procurement cost index of China's coatings industry showed a trend of high in the beginning and low in the end. In the first half of the year, the raw material procurement cost index of the coatings industry fluctuated upwards, but showed a downward trend in the second half of the year.

Compared to 2023, the finished product price index has decreased. Although there was a slight rebound in the first half of 2024, there was a slight decline in the second half.

Figure 4: Double Index of Raw Material Procurement and Coatings Products in China from 2023 to 2024