Asia: Paint And Varnish Market 2025

Paint And Varnish Market Size in Asia

The Asian paint and varnish market dropped to $X in 2022, waning by -1.7% against the previous year. The market value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Paint And Varnish Production in Asia

In value terms, paint and varnish production declined slightly to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.7% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 20% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Paint And Varnish Exports

Exports in Asia

In 2022, paint and varnish exports in Asia contracted to X tons, dropping by -7.8% compared with 2021 figures. Overall, exports, however, continue to indicate a slight expansion. The most prominent rate of growth was recorded in 2017 with an increase of 8.8%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, paint and varnish exports fell to $X in 2022. The total export value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 11% against the previous year. As a result, the exports attained the peak of $X, and then reduced in the following year.

Exports by Country

In 2022, China (X tons), distantly followed by Turkey (X tons), Japan (X tons), South Korea (X tons), Malaysia (X tons), Taiwan (Chinese) (X tons), Thailand (X tons) and Singapore (X tons) represented the main exporters of paints and varnishes, together constituting 82% of total exports. The following exporters - India (X tons) and Oman (X tons) - each recorded a 4.7% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by India (with a CAGR of +8.5%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the largest paint and varnish supplier in Asia, comprising 35% of total exports. The second position in the ranking was held by China ($X), with a 15% share of total exports. It was followed by South Korea, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Japan was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: China (+4.3% per year) and South Korea (+1.9% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, growing by 3.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 5.6% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Oman ($X per ton) was amongst the lowest.

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

Paint And Varnish Imports

Imports in Asia

In 2022, imports of paints and varnishes in Asia declined to X tons, which is down by -12.8% against the year before. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 9.2% against the previous year. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, paint and varnish imports reduced slightly to $X in 2022. The total import value increased at an average annual rate of +3.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 18% against the previous year. As a result, imports attained the peak of $X, and then reduced slightly in the following year.

Imports by Country

China (X tons) and Turkey (X tons) represented roughly 24% of total imports in 2022. India (X tons) held a 5.8% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (4.9%) and Singapore (4.7%). Vietnam (X tons), South Korea (X tons), Kazakhstan (X tons), Saudi Arabia (X tons), Indonesia (X tons), the United Arab Emirates (X tons), Iraq (X tons) and Hong Kong SAR (X tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +8.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported paints and varnishes in Asia, comprising 22% of total imports. The second position in the ranking was taken by South Korea ($X), with a 9.1% share of total imports. It was followed by Turkey, with an 8.8% share.

In China, paint and varnish imports expanded at an average annual rate of +5.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+0.3% per year) and Turkey (+5.4% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, surging by 13% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. 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 South Korea ($X per ton), while Iraq ($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

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