Bahrain: Paint And Varnish Market 2024

Paint And Varnish Market Size in Bahrain

For the third year in a row, the Bahraini paint and varnish market recorded growth in sales value, which increased by 46% to $X in 2022. Over the period under review, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +112.1% against 2019 indices. Paint and varnish consumption peaked in 2022 and is expected to retain growth in the immediate term.

Paint And Varnish Exports

Exports from Bahrain

In 2022, overseas shipments of paints and varnishes decreased by -61.5% to X tons, falling for the fifth consecutive year after two years of growth. Overall, exports, however, continue to indicate a measured expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 248% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports shrank rapidly to $X in 2022. Over the period under review, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2016 when exports increased by 208%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons), the United States (X tons) and Saudi Arabia (X tons) were the main destinations of paint and varnish exports from Bahrain, together accounting for 19% of total exports. Cyprus, Singapore, India and Kuwait lagged somewhat behind, together accounting for a further 6.2%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +51.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for paints and varnishes exports from Bahrain, comprising 8.8% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 3.8% share of total exports. It was followed by Saudi Arabia, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +41.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+7.3% per year) and Saudi Arabia (-19.5% per year).

Export Prices by Country

The average paint and varnish export price stood at $X per ton in 2022, rising by 41% against the previous year. Over the period under review, the export price recorded resilient growth. As a result, the export 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 suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to India ($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 Cyprus (+40.5%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Bahrain

In 2022, the amount of paints and varnishes imported into Bahrain amounted to X tons, with an increase of 7.6% against 2021. Over the period under review, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +9.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 24%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, paint and varnish imports surged to $X in 2022. The total import value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of paint and varnish to Bahrain, accounting for a 73% share of total imports. Moreover, paint and varnish imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), sixfold. The third position in this ranking was taken by Free Zones (X tons), with a 3.1% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates stood at +23.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-8.5% per year) and Free Zones (+44.7% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of paints and varnishes to Bahrain, comprising 69% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with an 8.5% share of total imports. It was followed by Germany, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates stood at +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-8.7% per year) and Germany (-10.4% per year).

Import Prices by Country

The average paint and varnish import price stood at $X per ton in 2022, growing by 10% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 11% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 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 Germany ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform