ASEAN: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in ASEAN

The ASEAN aqueous paint and varnish market expanded modestly to $X in 2021, growing by 3.2% against the previous year. The market value increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the market attained the peak level in 2021 and is likely to continue growth in years to come.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in ASEAN

In value terms, aqueous paint and varnish production reached $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 12% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports in ASEAN

For the fourth year in a row, ASEAN recorded growth in shipments abroad of paints and varnishes dispersed or dissolved in an aqueous medium, which increased by 9.3% to X tons in 2021. The total export volume increased at an average annual rate of +5.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when exports increased by 15%. Over the period under review, the exports attained the peak figure in 2021 and are likely to continue growth in years to come.

In value terms, aqueous paint and varnish exports soared to $X in 2021. The total export value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X tons), Thailand (X tons) and Malaysia (X tons) represented roughly 90% of total exports in 2021. The following exporters - Indonesia (X tons) and Vietnam (X tons) - each recorded a 7.7% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Vietnam (with a CAGR of +14.7%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest aqueous paint and varnish supplier in ASEAN, comprising 49% of total exports. The second position in the ranking was taken by Thailand ($X), with a 22% share of total exports. It was followed by Malaysia, with a 20% share.

In Singapore, aqueous paint and varnish exports increased at an average annual rate of +2.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+9.4% per year) and Malaysia (+0.1% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, surging by 13% against the previous year. In general, the export price, however, recorded a noticeable decline. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Vietnam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+4.7%), while the other leaders experienced a decline in the export price figures.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports in ASEAN

In 2021, overseas purchases of paints and varnishes dispersed or dissolved in an aqueous medium were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, aqueous paint and varnish imports soared to $X in 2021. The total import value increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Vietnam (X tons), distantly followed by Thailand (X tons), Singapore (X tons), Cambodia (X tons), Indonesia (X tons), Malaysia (X tons), the Philippines (X tons) and Myanmar (X tons) represented the major importers of paints and varnishes dispersed or dissolved in an aqueous medium, together making up 97% of total imports.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +33.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest aqueous paint and varnish importing markets in ASEAN were Vietnam ($X), Thailand ($X) and Indonesia ($X), with a combined 60% share of total imports. These countries were followed by Singapore, Malaysia, the Philippines, Cambodia and Myanmar, which together accounted for a further 38%.

In terms of the main importing countries, Cambodia, with a CAGR of +26.1%, recorded the highest rates of growth with regard to 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, flattening at the previous year. Over the period under review, the import price, however, saw a perceptible contraction. The most prominent rate of growth was recorded in 2020 when the import price increased by 2.4% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Thailand ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform