ASEAN: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in ASEAN

The ASEAN market for oil and water paints and varnishes soared to $X in 2021, with an increase of 20% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Oil And Water Paints And Varnishes in ASEAN

In value terms, production of oil and water paints and varnishes soared to $X in 2021 estimated in export price. Overall, production, however, saw a pronounced slump. The growth pace was the most rapid in 2019 with an increase of 30% against the previous year. Over the period under review, production of reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports in ASEAN

In 2021, shipments abroad of oil and water paints and varnishes decreased by -9.3% to X tons, falling for the seventh year in a row after three years of growth. Overall, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2013 when exports increased by 27% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of oil and water paints and varnishes fell modestly to $X in 2021. Over the period under review, exports saw a deep reduction. The most prominent rate of growth was recorded in 2013 when exports increased by 47%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

In 2021, Vietnam (X tons) was the largest exporter of oil and water paints and varnishes, constituting 40% of total exports. Malaysia (X tons) held the second position in the ranking, followed by Singapore (X tons) and Thailand (X tons). All these countries together took near 56% share of total exports. Indonesia (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +36.7%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Vietnam ($X), Singapore ($X) and Malaysia ($X) constituted the countries with the highest levels of exports in 2021, with a combined 79% share of total exports.

Vietnam, with a CAGR of +26.7%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, increasing by 9.2% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2018 when the export price increased by 22% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+5.9%), while the other leaders experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports in ASEAN

After three years of decline, purchases abroad of oil and water paints and varnishes increased by 4.8% to X tons in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 28%. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of oil and water paints and varnishes soared to $X in 2021. In general, imports recorded a relatively flat trend pattern. Over the period under review, imports of reached the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Vietnam (X tons), Singapore (X tons), Thailand (X tons), Indonesia (X tons), Malaysia (X tons) and the Philippines (X tons) represented the key importer of oil and water paints and varnishes in ASEAN, achieving 90% of total import. Cambodia (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +6.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest oil and water paints and varnishes importing markets in ASEAN were Thailand ($X), Singapore ($X) and Vietnam ($X), with a combined 66% share of total imports.

In terms of the main importing countries, Singapore, with a CAGR of +5.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, rising by 20% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform