Asia-Pacific: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Asia-Pacific

The Asia-Pacific market for oil and water paints and varnishes rose to $X in 2021, surging by 4.8% against the previous year. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Production of Oil And Water Paints And Varnishes in Asia-Pacific

In value terms, production of oil and water paints and varnishes totaled $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 13% against the previous year. Over the period under review, production of attained the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Oil And Water Paints And Varnishes

Exports in Asia-Pacific

In 2021, shipments abroad of oil and water paints and varnishes decreased by -6.4% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 55%. 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 soared to $X in 2021. Overall, exports showed a noticeable downturn. The growth pace was the most rapid in 2017 when exports increased by 19% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Taiwan (Chinese) (X tons), distantly followed by India (X tons), China (X tons), South Korea (X tons), Vietnam (X tons) and Japan (X tons) were the key exporters of oil and water paints and varnishes, together committing 84% of total exports. Malaysia (X tons) held a minor 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 +36.7%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest oil and water paints and varnishes supplying countries in Asia-Pacific were Taiwan (Chinese) ($X), South Korea ($X) and Japan ($X), with a combined 66% share of total exports. These countries were followed by China, Vietnam, Malaysia and India, which together accounted for a further 21%.

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

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, picking up by 25% against the previous year. Export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +3.2% 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 +142.3% against 2017 indices. The growth pace was the most rapid in 2018 an increase of 58%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of origin: 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-Pacific

In 2021, purchases abroad of oil and water paints and varnishes increased by 10% to X tons for the first time since 2016, thus ending a four-year declining trend. Overall, imports, however, continue to indicate a mild shrinkage. The pace of growth was the most pronounced in 2016 when imports increased by 15%. 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 soared to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports of hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons), distantly followed by Taiwan (Chinese) (X tons), Vietnam (X tons), Singapore (X tons), Thailand (X tons), Indonesia (X tons), India (X tons) and Macao SAR (X tons) were the major importers of oil and water paints and varnishes, together making up 70% of total imports. Malaysia (X tons), the Philippines (X tons), Nepal (X tons), Japan (X tons) and South Korea (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to oil and water paints and varnishes imports into China stood at -5.7%. At the same time, Nepal (+26.7%), Singapore (+6.4%), Indonesia (+2.8%), Macao SAR (+1.8%) and Vietnam (+1.6%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +26.7% from 2012-2021. Japan, the Philippines and India experienced a relatively flat trend pattern. By contrast, Malaysia (-2.1%), Thailand (-2.7%), Taiwan (Chinese) (-3.9%) and South Korea (-4.5%) illustrated a downward trend over the same period. Singapore (+4.7 p.p.), Nepal (+3.4 p.p.), Vietnam (+2.4 p.p.) and Indonesia (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese) and China saw its share reduced by -2.1% and -8.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported oil and water paints and varnishes in Asia-Pacific, comprising 33% of total imports. The second position in the ranking was taken by Thailand ($X), with a 9.2% share of total imports. It was followed by Taiwan (Chinese), with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-0.5% per year) and Taiwan (Chinese) (-3.7% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, rising by 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. As a result, import price attained 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 Japan ($X per ton), while Nepal ($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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