ASEAN: Paint And Varnish Market 2024

Paint And Varnish Market Size in ASEAN

The ASEAN paint and varnish market declined modestly to $X in 2022, which is down by -1.5% against the previous year. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, the market hit record highs at $X in 2021, and then declined slightly in the following year.

Paint And Varnish Production in ASEAN

In value terms, paint and varnish production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 9.7%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Paint And Varnish Exports

Exports in ASEAN

In 2022, after two years of growth, there was significant decline in shipments abroad of paints and varnishes, when their volume decreased by -5.1% to X tons. The total export volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 with an increase of 7.5% against the previous year. As a result, the exports attained the peak of X tons, and then fell in the following year.

In value terms, paint and varnish exports dropped to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 18% against the previous year. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

The shipments of the three major exporters of paints and varnishes, namely Malaysia, Thailand and Singapore, represented more than two-thirds of total export. It was distantly followed by Indonesia (X tons) and Vietnam (X tons), together constituting a 10% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +12.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish supplying countries in ASEAN were Singapore ($X), Malaysia ($X) and Thailand ($X), with a combined 86% share of total exports. Vietnam and Indonesia lagged somewhat behind, together comprising a further 13%.

Vietnam, with a CAGR of +16.5%, recorded 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 mixed trends in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, reducing by -2.4% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 9.3%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.3%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in ASEAN

In 2022, the amount of paints and varnishes imported in ASEAN dropped sharply to X tons, shrinking by -21.3% against the previous year's figure. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 12%. The volume of import peaked at X tons in 2021, and then reduced dramatically in the following year.

In value terms, paint and varnish imports shrank modestly to $X in 2022. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2021 with an increase of 17%. As a result, imports attained the peak of $X, and then fell modestly in the following year.

Imports by Country

The purchases of the four major importers of paints and varnishes, namely Thailand, Singapore, Vietnam and Indonesia, represented more than two-thirds of total import. The Philippines (X tons) held a 9.6% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (8.3%). Myanmar (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Myanmar (with a CAGR of +30.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Indonesia ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2022, together accounting for 62% of total imports. Singapore, Malaysia, the Philippines and Myanmar lagged somewhat behind, together accounting for a further 35%.

Among the main importing countries, Myanmar, with a CAGR of +16.7%, 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 2022, jumping by 24% against the previous year. Over the period under review, the import price recorded 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 by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform