Differences in demand structure ‌
‌China: Industrial sector leads growth ‌
‌Architectural coatings ‌: Affected by the downturn in the real estate market, the output decreased by 1.60% year-on-year, but the penetration rate of silicone coatings in green building renovation increased due to its energy-saving properties (such as reducing building energy consumption).
‌Industrial coatings ‌: Strong demand in the automotive (new energy vehicles surged 87%), shipbuilding, and container sectors has driven the growth of high-performance silicone protective coatings, contributing the main incremental growth.
‌Emerging sectors ‌: The demand for photovoltaic backplane coatings (transmittance ≥ 90%) has risen rapidly with the expansion of the new energy industry.
‌India: The construction market drags down overall demand ‌
‌Architectural coatings ‌: Decorative coatings demand will shrink in 2024, resulting in a 2% year-on-year decline in overall coatings revenue, and silicone coatings will have limited penetration in new buildings.
‌Industrial coatings ‌: Stable demand in the automotive, machinery and other fields partially offsets the decline in the construction market, but has not formed a significant growth engine.
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