Eastern Asia: 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 Eastern Asia

The East Asian non-aqueous paint and varnish market shrank slightly to $X in 2022, flattening at the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption attained 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 Eastern Asia

In value terms, non-aqueous paint and varnish production fell slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 19% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

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

Exports in Eastern Asia

Non-aqueous paint and varnish exports reduced slightly to X tons in 2022, dropping by -5% compared with 2021 figures. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 12% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, non-aqueous paint and varnish exports declined modestly to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 10%. The level of export peaked at $X in 2021, and then shrank in the following year.

Exports by Country

The biggest shipments were from China (X tons), Japan (X tons) and South Korea (X tons), together amounting to 90% of total export. It was distantly followed by Taiwan (Chinese) (X tons), making up an 8.9% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +2.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the largest non-aqueous paint and varnish supplier in Eastern Asia, comprising 55% of total exports. The second position in the ranking was taken by China ($X), with a 21% share of total exports. It was followed by South Korea, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan was relatively modest. In the other countries, the average annual rates were as follows: China (+4.5% per year) and South Korea (+2.0% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, remaining stable against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 13% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.9%), while the other leaders experienced more modest paces of growth.

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

Imports in Eastern Asia

In 2022, imports of paints and varnishes dispersed or dissolved in a non-aqueous medium in Eastern Asia fell sharply to X tons, reducing by -15.5% on the previous year's figure. In general, imports showed a mild slump. The growth pace was the most rapid in 2014 with an increase of 10% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, non-aqueous paint and varnish imports reduced to $X in 2022. The total import value increased at an average annual rate of +2.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 17% against the previous year. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

China represented the key importer of paints and varnishes dispersed or dissolved in a non-aqueous medium in Eastern Asia, with the volume of imports finishing at X tons, which was approx. 56% of total imports in 2022. South Korea (X tons) took the second position in the ranking, distantly followed by Japan (X tons), Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons). All these countries together took approx. 44% share of total imports.

Imports into China decreased at an average annual rate of -1.3% from 2012 to 2022. At the same time, Taiwan (Chinese) (+5.6%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +5.6% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Japan (-1.1%) and Hong Kong SAR (-8.9%) illustrated a downward trend over the same period. While the share of Taiwan (Chinese) (+3.8 p.p.) and South Korea (+2.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (-7.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported paints and varnishes dispersed or dissolved in a non-aqueous medium in Eastern Asia, comprising 52% of total imports. The second position in the ranking was taken by South Korea ($X), with a 25% share of total imports. It was followed by Japan, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +5.9%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+0.3% per year) and Japan (+2.9% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, with an increase of 8.1% against the previous year. Import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% 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 import price increased by +84.5% against 2015 indices. The growth pace was the most rapid in 2018 when the import price increased by 16%. Over the period under review, import prices reached the peak figure in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Hong Kong SAR ($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 (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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