Summary：
China's painting industry saw stable Q1
2025 growth: output +0.14%, profit +26.5%, exports surged 30.35%. Europe's
sales fell 0.5% but value rose 0.4%; U.S. tariffs hit imports. Leading firms
like AkzoNobel and Jotun showed mixed results. PPG innovated with smart paints;
raw material costs and terminal prices fluctuated.
I. Import-Export Dynamics
(A) China Market Performance
Data from the China National Painting
Industry Association shows that the painting industry's total output reached
7.576 million tons in Q1 2025, a slight 0.14% year-on-year increase; main
business revenue was ¥88.59 billion (+4.2% YoY), and total profit reached ¥5.17
billion (+26.5% YoY). In exports, paintings saw a sharp 30.35% YoY increase in
cumulative exports (89,400 tons) and a 25.10% rise in export value ($279
million) in Q1. Titanium dioxide exports rose 2.21% YoY to 499,900 tons but
fell 6.22% in value to $1.019 billion; iron oxide pigments exports dropped
11.42% YoY to 74,100 tons, with a 17.25% decline in value to $69 million.
(B) Global Market Trends
Europe's painting sales are projected to
decline 0.5% in Q1 2025 due to weak construction and manufacturing sectors,
though sales value grew 0.4%. Decorative painting sales fell 1%, with flat
sales value. As the world's largest painting importer, the U.S. tariff policies
have significantly impacted supply chains—companies like Benjamin Moore
suspended Chinese imports due to surging costs.
II. Sales and Market Trends
(A) Leading Enterprise Performance
-
AkzoNobel: Q1 2025 sales reached
€2.613 billion (-1% YoY), but adjusted EBITDA stood at €357 million (13.7%
margin), flat with last year. The company offset market weakness and
inflation via price hikes and cost cuts, particularly relying on localized
production in North America to withstand tariffs.
-
BASF: Q1 sales were €17.402 billion
(-0.9% YoY), with EBITDA excluding special items at €2.625 billion (-3.2%
YoY). Despite global economic weakness, its regional resilience maintained
market position, with 80% of U.S. sales from local production.
-
Jotun: Q1 sales reached 8.571
billion Norwegian kroner (≈¥5.765 billion), up 6.4% YoY. China's marine
paintings became the core growth driver due to a new shipbuilding boom,
with operating profit up 3.9% YoY.
(B) Market Innovation and Consumer
Trends
-
Eco-Friendly and Color Trends:
PPG's "Misty Gray-Green" series, integrating ecological
restoration concepts, became a bestseller in North America; Skshu's
"Celadon White" combines Song Dynasty aesthetics with anti-stain
technology, exceeding penetration expectations in Yangtze River Delta new
communities.
-
Smart Painting Development: PPG
partnered with MIT to develop "climate-responsive color"
photosensitive paintings that dynamically change color with temperature
and humidity, signaling future technological directions.
III. Price Trends
(A) Raw Material Cost Volatility
Brent crude oil experienced sharp
volatility in April 2025, plunging to $60/barrel before rebounding to
$67/barrel, driven by OPEC+ production hikes and geopolitical tensions. Petrochemical
byproducts like resins fluctuated accordingly—Wacker Chemie announced a price
increase of up to 5% for emulsions and redispersible polymer powders in Europe
and the U.S. from May 1.
(B) Terminal Product Price Adjustments
Henkel raised prices for general industrial
manufacturing and maintenance paintings from May 1 due to raw material and
logistics costs. Wind power paintings rose 5.93% QoQ in Q1, and container
paintings rebounded 9.77% YoY, though some dark-colored eco-paintings still
face fading issues.
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