Azerbaijan: Paint And Varnish Market 2024

Paint And Varnish Market Size in Azerbaijan

The Azerbaijani paint and varnish market contracted to $X in 2022, dropping by -1.7% against the previous year. In general, consumption, however, recorded a buoyant increase. 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 Azerbaijan

In value terms, paint and varnish production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 24%. Paint and varnish production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Paint And Varnish Exports

Exports from Azerbaijan

In 2022, the amount of paints and varnishes exported from Azerbaijan surged to X tons, jumping by 26% on the year before. In general, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 83% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, paint and varnish exports soared to $X in 2022. Over the period under review, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2013 when exports increased by 110% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

Georgia (X tons), Uzbekistan (X tons) and Kyrgyzstan (X tons) were the main destinations of paint and varnish exports from Azerbaijan, together comprising 81% of total exports. Russia, Iraq and Kazakhstan lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iraq (with a CAGR of +174.2%), while the other leaders experienced more modest paces of growth.

In value terms, Georgia ($X), Uzbekistan ($X) and Kyrgyzstan ($X) were the largest markets for paint and varnish exported from Azerbaijan worldwide, with a combined 79% share of total exports. Russia, Iraq and Kazakhstan lagged somewhat behind, together accounting for a further 20%.

Iraq, with a CAGR of +194.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average paint and varnish export price amounted to $X per ton, with an increase of 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.9%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external 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 (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Azerbaijan

In 2022, approx. X tons of paints and varnishes were imported into Azerbaijan; picking up by 4.7% against the year before. In general, imports saw a strong increase. The pace of growth was the most pronounced in 2016 with an increase of 85%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, paint and varnish imports totaled $X in 2022. Over the period under review, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2016 when imports increased by 113%. 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 supplier of paint and varnish to Azerbaijan, with a 72% share of total imports. Moreover, paint and varnish imports from Turkey exceeded the figures recorded by the second-largest supplier, Iran (X tons), more than tenfold. Russia (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey totaled +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+26.9% per year) and Russia (+11.1% per year).

In value terms, Turkey ($X) constituted the largest supplier of paints and varnishes to Azerbaijan, comprising 64% of total imports. The second position in the ranking was held by Russia ($X), with a 5.3% share of total imports. It was followed by Poland, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey totaled +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+12.3% per year) and Poland (+28.2% per year).

Import Prices by Country

The average paint and varnish import price stood at $X per ton in 2022, remaining constant against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 30%. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a 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 Poland ($X per ton), while the price for Iran ($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 (+15.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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