Asia: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Asia

The Asian market for oil and water paints and varnishes was estimated at $X in 2021, rising by 4.9% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Oil And Water Paints And Varnishes in Asia

In value terms, production of oil and water paints and varnishes amounted to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 12% against the previous year. Over the period under review, production of attained the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports in Asia

In 2021, overseas shipments of oil and water paints and varnishes decreased by -4% to X tons, falling for the fourth year in a row after two years of growth. Overall, exports continue to indicate a noticeable setback. The most prominent rate of growth was recorded in 2016 when exports increased by 42%. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of oil and water paints and varnishes reached $X in 2021. In general, exports saw a pronounced downturn. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Taiwan (Chinese) (X tons), distantly followed by Turkey (X tons), India (X tons), the United Arab Emirates (X tons), China (X tons), South Korea (X tons), Vietnam (X tons) and Japan (X tons) represented the key exporters of oil and water paints and varnishes, together mixing up 85% 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 more modest paces of growth.

In value terms, the largest oil and water paints and varnishes supplying countries in Asia were Taiwan (Chinese) ($X), South Korea ($X) and Japan ($X), with a combined 59% share of total exports. These countries were followed by China, Turkey, Vietnam, the United Arab Emirates and India, which together accounted for a further 28%.

Among the main exporting countries, Vietnam, with a CAGR of +26.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, surging by 19% against the previous year. Export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for oil and water paints and varnishes increased by +113.3% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the export price increased by 53%. Over the period under review, the export prices attained the peak figure in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.6%), while the other leaders experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports in Asia

In 2021, purchases abroad of oil and water paints and varnishes increased by 11% to X tons for the first time since 2016, thus ending a four-year declining trend. Overall, imports, however, continue to indicate a noticeable contraction. The pace of growth was the most pronounced in 2016 when imports increased by 13%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of oil and water paints and varnishes skyrocketed to $X in 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons), Turkey (X tons), Taiwan (Chinese) (X tons), Vietnam (X tons), Singapore (X tons), Thailand (X tons), Indonesia (X tons), India (X tons), Macao SAR (X tons), Malaysia (X tons), the Philippines (X tons) and Nepal (X tons) was the largest importer of oil and water paints and varnishes in Asia, generating 73% of total import. The United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Nepal (with a CAGR of +26.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported oil and water paints and varnishes in Asia, comprising 28% of total imports. The second position in the ranking was taken by Turkey ($X), with an 8.7% share of total imports. It was followed by Thailand, with a 7.9% share.

In China, imports of oil and water paints and varnishes remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (+7.6% per year) and Thailand (-0.5% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, surging by 13% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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