Eastern Asia: Paint And Varnish Market 2024

Paint And Varnish Market Size in Eastern Asia

After two years of growth, the East Asian paint and varnish market decreased by -0.2% to $X in 2022. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Paint And Varnish Production in Eastern Asia

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 +2.8% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 18% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Paint And Varnish Exports

Exports in Eastern Asia

In 2022, approx. X tons of paints and varnishes were exported in Eastern Asia; standing approx. at the previous year's figure. The total export volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 15%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports reduced slightly to $X in 2022. Overall, exports continue to indicate a slight expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 9.8%. Over the period under review, the exports attained the maximum at $X in 2021, and then contracted in the following year.

Exports by Country

In 2022, China (X tons) was the key exporter of paints and varnishes, mixing up 41% of total exports. Japan (X tons) took a 23% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (21%) and Taiwan (Chinese) (14%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by China (with a CAGR of +2.8%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the largest paint and varnish supplier in Eastern Asia, comprising 50% of total exports. The second position in the ranking was taken by China ($X), with a 22% share of total exports. It was followed by South Korea, with an 18% share.

From 2012 to 2022, the average annual growth rate of value in Japan was relatively modest. In the other countries, the average annual rates were as follows: China (+4.3% per year) and South Korea (+1.9% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, shrinking by -3% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 11% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2021, and then shrank in the following year.

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 ($X per ton), while China ($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 (+3.3%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in Eastern Asia

In 2022, the amount of paints and varnishes imported in Eastern Asia dropped to X tons, with a decrease of -9.1% on 2021 figures. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 15%. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, paint and varnish imports shrank to $X in 2022. The total import value increased at an average annual rate of +2.7% 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 19% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

China was the key importing country with an import of around X tons, which resulted at 56% of total imports. South Korea (X tons) held the second position in the ranking, followed by Hong Kong SAR (X tons), Taiwan (Chinese) (X tons) and Japan (X tons). All these countries together held approx. 43% share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of paints and varnishes. At the same time, Taiwan (Chinese) (+6.3%) and South Korea (+1.5%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +6.3% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-3.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Taiwan (Chinese) and South Korea increased by +4.4 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported paints and varnishes in Eastern Asia, comprising 53% of total imports. The second position in the ranking was held by South Korea ($X), with a 22% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

In China, paint and varnish imports increased at an average annual rate of +5.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+0.3% per year) and Taiwan (Chinese) (+2.2% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 5.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2018 when the import price increased by 14%. The level of import peaked in 2022 and is likely to continue growth in years to come.

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 (+4.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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