Azerbaijan: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Azerbaijan

For the third consecutive year, the Azerbaijani non-aqueous paint and varnish market recorded growth in sales value, which increased by 0.8% to $X in 2022. In general, consumption saw a buoyant expansion. 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.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Azerbaijan

In value terms, non-aqueous paint and varnish production dropped slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a deep reduction. The growth pace was the most rapid in 2014 when the production volume increased by 47%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports from Azerbaijan

In 2022, overseas shipments of paints and varnishes dispersed or dissolved in a non-aqueous medium were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports enjoyed resilient growth. The pace of growth appeared the most rapid in 2017 with an increase of 76% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-aqueous paint and varnish exports surged to $X in 2022. In general, exports showed prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 116%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Uzbekistan (X tons), Kyrgyzstan (X tons) and Georgia (X tons) were the main destinations of non-aqueous paint and varnish exports from Azerbaijan, with a combined 89% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kyrgyzstan (with a CAGR of +44.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for non-aqueous paint and varnish exported from Azerbaijan were Uzbekistan ($X), Kyrgyzstan ($X) and Georgia ($X), together comprising 87% of total exports.

Among the main countries of destination, Kyrgyzstan, with a CAGR of +31.4%, 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 average non-aqueous paint and varnish export price stood at $X per ton in 2022, growing by 10% against the previous year. Over the period under review, export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-aqueous paint and varnish export price increased by +12.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 22% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+11.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports into Azerbaijan

In 2022, non-aqueous paint and varnish imports into Azerbaijan rose rapidly to X tons, growing by 8.9% against 2021. Overall, imports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 95% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, non-aqueous paint and varnish imports expanded modestly to $X in 2022. In general, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2016 when imports increased by 118%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest non-aqueous paint and varnish supplier to Azerbaijan, with a 73% share of total imports. Moreover, non-aqueous paint and varnish imports from Turkey exceeded the figures recorded by the second-largest supplier, Iran (X tons), more than tenfold. The third position in this ranking was taken by China (X tons), with a 4% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey amounted to +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+26.4% per year) and China (-4.2% per year).

In value terms, Turkey ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in a non-aqueous medium to Azerbaijan, comprising 67% of total imports. The second position in the ranking was held by Poland ($X), with a 6.2% share of total imports. It was followed by Russia, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value from Turkey totaled +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+27.6% per year) and Russia (+8.8% per year).

Import Prices by Country

In 2022, the average non-aqueous paint and varnish import price amounted to $X per ton, with a decrease of -5.1% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 26%. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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