Analysis on market status and development prospect of China's coating industry in 2020
1. Analysis on industrial chain of coating industry
The upstream industries of the coating industry include the manufacturing of chemical raw materials such as resin, solvent, pigment, filler and additives, while the upstream of chemical raw materials such as resin and solvent is the petrochemical industry. The downstream of the coating industry is mainly construction, furniture, automobile, household appliances and other production enterprises and home decoration market.
The impact of upstream raw materials on the industry is mainly reflected in two aspects: first, the stability of output scale affects the stability of raw material supply in the coating industry; Second, the price of raw materials affects the production cost of coatings. The impact of downstream product market on the coating industry is mainly reflected in the market scale and development trend of coatings.
2. China's paint output exceeds 24 million tons
The output and operating rate of coatings in China have rebounded in recent years, with great market development potential. From the perspective of supply, the output of China's coating industry increased year by year from 2014 to 2019, reaching 24.388 million tons in 2019, a slight increase over 2018, a year-on-year increase of 2.60%; The compound annual growth rate was 9.27%.
3. Analysis on market competition pattern of China's coating industry
There are many enterprises participating in the market competition in the coating industry, and the industry competition is fierce. Under the full market competition, the market share of the industry is gradually concentrated to well-known brand enterprises, and presents a more obvious echelon level.
The first echelon enterprise: covering all products of the coating industry, it has a strong leading position in the field of functional coatings and special coatings, such as PPG, Xuanwei, Nippon, AkzoNobel and other multinational coating groups.
The second echelon enterprise: it has strong competitive advantages in some subdivided fields of the coating industry, such as Jiabaoli, sankeshu, Yashi Chuang Neng, China Resources coating, Dongfang Yuhong and other enterprises. Among them, sankeshu's wall coating has strong competitive advantages, and it ranked among the top 10 global coating listed companies in terms of market value in 2020.
Third echelon Enterprises: they make profits by producing products with low quality and low price, and are at a disadvantage in terms of technical strength, production scale, R & D and so on; A large number of small domestic coating production enterprises are in the third echelon.
4. Performance analysis of Chinese local coating listed enterprises
In the first half of 2020, among China's local coating listed enterprises, Dongfang Yuhong had the highest operating income, reaching 8.783 billion yuan, far ahead of other enterprises; Followed by Keshun shares and sankeshu, with operating revenue of 2.659 billion yuan and 2.595 billion yuan respectively.
In the first half of 2020, among the top 5 revenue of China's local coating listed enterprises, the operating revenue of Keshun Co., Ltd. increased the most year-on-year, reaching 34.70%; However, China electric power research achieved negative growth, with an operating revenue of 1.086 billion yuan in the first half of the year, a year-on-year decrease of 21.76%.
In the first half of 2020, the net profit trend of coating listed enterprises was basically consistent with the operating revenue. The top three were Dongfang Yuhong, Keshun shares and China electric power research, with a net profit of 1.097 billion yuan, 290 million yuan and 129 million yuan respectively. Asichuang energy ranked fourth with a net profit of 111 million yuan in the first half of the year, and FeiKai materials ranked fifth with a net profit of 110 million yuan in the first half of the year, slightly exceeding 109 million yuan of the three trees.
5. Analysis on the development prospect of China's coating industry
The 13th five year plan of China's coating industry points out that benefiting from the demand pull of industry and civil use, the total economic output of the whole industry maintained steady growth during the 13th Five Year Plan period, and the bottom line of the average annual growth of the total output value was about 6.5%. By 2023, the total output value of the coating industry is expected to increase to about 690 billion yuan; Based on an average annual growth rate of 5%, the total output of the coating industry is expected to increase to about 27 million tons by 2020.
Considering that the growth rate of China's coating production in 2019 is only 2.60%, and the plant operating rate will be greatly affected by the continuous impact of the new coronavirus pneumonia epidemic in 2020, it is expected that the annual coating production will decline to about 23 million tons in 2020. In the future, China's coating output will increase at a compound growth rate of 2.6%. By 2025, the national coating output will be close to 27 million tons.
