Costa Rica: Paint And Varnish Market 2024

Paint And Varnish Market Size in Costa Rica

The Costa Rican paint and varnish market expanded sharply to $X in 2022, with an increase of 11% against the previous year. Overall, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.0% against 2020 indices. Paint and varnish consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Paint And Varnish Production in Costa Rica

In value terms, paint and varnish production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 10% against the previous year. Paint and varnish production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Paint And Varnish Exports

Exports from Costa Rica

Paint and varnish exports from Costa Rica declined rapidly to X tons in 2022, which is down by -23.8% on 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 28%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, paint and varnish exports fell to $X in 2022. The total export value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 31% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Panama (X tons), Honduras (X tons) and Guatemala (X tons) were the main destinations of paint and varnish exports from Costa Rica, together accounting for 68% of total exports. Nicaragua, El Salvador, Chile and the United States lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Chile (with a CAGR of +28.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for paint and varnish exported from Costa Rica were Panama ($X), Honduras ($X) and Guatemala ($X), with a combined 67% share of total exports. Nicaragua, El Salvador, Chile and the United States lagged somewhat behind, together comprising a further 33%.

Among the main countries of destination, Chile, with a CAGR of +23.4%, 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 more modest paces of growth.

Export Prices by Country

In 2022, the average paint and varnish export price amounted to $X per ton, picking up by 20% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. As a result, the export price attained 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 ($X per ton), while the average price for exports to Chile ($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 the United States (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Costa Rica

In 2022, after five years of growth, there was significant decline in purchases abroad of paints and varnishes, when their volume decreased by -16.2% to X tons. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 12%. Imports peaked at X tons in 2021, and then reduced rapidly in the following year.

In value terms, paint and varnish imports rose notably to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +83.2% against 2013 indices. The growth pace was the most rapid in 2014 when imports increased by 21% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Mexico (X tons), the United States (X tons) and Guatemala (X tons) were the main suppliers of paint and varnish imports to Costa Rica, together accounting for 55% of total imports. El Salvador, China, Spain, Panama, Colombia, Thailand and the Netherlands lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +20.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and Spain ($X) appeared to be the largest paint and varnish suppliers to Costa Rica, with a combined 62% share of total imports. El Salvador, China, Guatemala, Colombia, the Netherlands, Panama and Thailand lagged somewhat behind, together accounting for a further 31%.

China, with a CAGR of +27.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average paint and varnish import price stood at $X per ton in 2022, growing by 29% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. 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 origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform