The paints and varnishes market in the BRIC (Brazil, Russia, India and China) countries was valued over US$29 billion in 2011, representing an increase of 56.3 percent from the value recorded in 2007, according to a new report released by Re-portlinker.com. The market recorded positive annual growth rates every year during the review period (2007-2011), apart from in 2009 when it declined by 3.2 percent due to the adverse impact of the global economic crisis. Water-based paints and varnishes accounted for the largest share of the BRIC paints and varnishes market in 2011 with a market share of 46.4 percent. The second largest category in the market was solvent-based paints and varnishes, which recorded a market share of 26.6 percent. China was the largest paints and varnishes market among the BRIC countries during the review period. The Chinese paints and varnishes market grew rapidly and recorded a CAGR of 16.90 percent during the review period.
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