建材非金属行业深度报告：日美为鉴，重涂支撑需求韧性，品牌与渠道铸就龙头壁垒

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The demand for architectural coatings in the US and Japan demonstrates high resilience amid fluctuations in the real estate cycle, driven by factors such as wall repainting, housing shortages, and aging housing stock [2][5][26]. - The leading companies in the architectural coatings sector in both countries have established competitive barriers through brand strength and distribution channels, with Sherwin-Williams in the US and SKK in Japan showing significant market share growth [2][41][57]. Summary by Sections Section 1: Resilience of Architectural Coatings Demand - The US architectural coatings demand has shown strong resilience, with production levels surpassing previous highs since the 2010 recovery from the subprime mortgage crisis [5][7]. - Key drivers of this resilience include the small investment-high return nature of repainting projects, a significant increase in home sales post-crisis, and the rising median age of existing homes [2][12][18]. Section 2: Competitive Landscape - The US architectural coatings market is characterized by a favorable competitive landscape, with Sherwin-Williams' market share increasing from 26.3% in 2000 to approximately 51% in 2021 [42][46]. - The market is increasingly concentrated, with the top five companies holding over 90% of the market share, driven by the rise of professional contractors and strategic acquisitions [42][54]. Section 3: Insights for China - The Chinese architectural coatings market is fragmented, with a CR3 of only 22.28% in 2021, indicating significant potential for market concentration [2][57]. - The shift towards a stock housing era in China is expected to increase repainting demand, projected to reach 50.16% in 2023, highlighting opportunities for companies that can effectively refine their distribution channels and enhance brand positioning [2][57].