Azerbaijan: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Azerbaijan

In 2021, the Azerbaijani aqueous paint and varnish market increased by 7.1% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Aqueous paint and varnish consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Azerbaijan

In value terms, aqueous paint and varnish production declined slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 26% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then dropped modestly in the following year.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports from Azerbaijan

In 2021, exports of paints and varnishes dispersed or dissolved in an aqueous medium from Azerbaijan soared to X tons, growing by 21% on the previous year's figure. In general, exports saw a strong increase. The pace of growth appeared the most rapid in 2016 when exports increased by 220%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, aqueous paint and varnish exports soared to $X in 2021. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 301% against the previous year. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Georgia (X tons), Iraq (X tons) and Russia (X tons) were the main destinations of aqueous paint and varnish exports from Azerbaijan, together comprising 98% of total exports.

From 2012 to 2021, the biggest increases were recorded for Georgia (with a CAGR of +114.6%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for aqueous paint and varnish exported from Azerbaijan were Georgia ($X), Iraq ($X) and Russia ($X), together accounting for 97% of total exports.

Among the main countries of destination, Georgia, with a CAGR of +96.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average aqueous paint and varnish export price amounted to $X per ton, surging by 2.3% against the previous year. Over the period under review, export price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 an increase of 38%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Russia ($X per ton), while the average price for exports to Georgia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+9.1%), while the prices for the other major destinations experienced a decline.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports into Azerbaijan

In 2021, after two years of decline, there was significant growth in purchases abroad of paints and varnishes dispersed or dissolved in an aqueous medium, when their volume increased by 39% to X tons. In general, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 91%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, aqueous paint and varnish imports skyrocketed to $X in 2021. Overall, imports recorded resilient growth. The most prominent rate of growth was recorded in 2016 when imports increased by 66% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons) constituted the largest supplier of aqueous paint and varnish to Azerbaijan, with a 70% share of total imports. Moreover, aqueous paint and varnish imports from Turkey exceeded the figures recorded by the second-largest supplier, Russia (X tons), more than tenfold. The United Arab Emirates (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey totaled +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+34.7% per year) and the United Arab Emirates (+27.7% per year).

In value terms, Turkey ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in an aqueous medium to Azerbaijan, comprising 53% of total imports. The second position in the ranking was held by Germany ($X), with an 8.1% share of total imports. It was followed by the United Arab Emirates, with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value from Turkey totaled +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+11.7% per year) and the United Arab Emirates (+21.9% per year).

Import Prices by Country

In 2021, the average aqueous paint and varnish import price amounted to $X per ton, waning by -4% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 46%. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+20.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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