Ecuador: Paint And Varnish Market 2024

Paint And Varnish Market Size in Ecuador

The Ecuadorian paint and varnish market rose modestly to $X in 2022, growing by 4.6% against the previous year. The market value increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Paint And Varnish Production in Ecuador

In value terms, paint and varnish production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when the production volume increased by 11%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Paint And Varnish Exports

Exports from Ecuador

In 2022, approx. X tons of paints and varnishes were exported from Ecuador; declining by -16.8% compared with the previous year's figure. In general, exports continue to indicate a pronounced setback. The most prominent rate of growth was recorded in 2021 when exports increased by 48% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports declined dramatically to $X in 2022. Overall, exports saw a perceptible descent. The most prominent rate of growth was recorded in 2021 with an increase of 49%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Peru (X tons) was the main destination for paint and varnish exports from Ecuador, with a 65% share of total exports. Moreover, paint and varnish exports to Peru exceeded the volume sent to the second major destination, Colombia (X tons), fourfold. The third position in this ranking was held by Chile (X tons), with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume to Peru totaled +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-5.0% per year) and Chile (+19.2% per year).

In value terms, Peru ($X) remains the key foreign market for paints and varnishes exports from Ecuador, comprising 62% of total exports. The second position in the ranking was taken by Colombia ($X), with a 16% share of total exports. It was followed by Chile, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Peru was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-5.6% per year) and Chile (+15.3% per year).

Export Prices by Country

The average paint and varnish export price stood at $X per ton in 2022, which is down by -2.7% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 31% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Colombia ($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 Panama (+23.4%), while the prices for the other major destinations experienced a decline.

Paint And Varnish Imports

Imports into Ecuador

In 2022, paint and varnish imports into Ecuador skyrocketed to X tons, increasing by 16% compared with the previous year. Over the period under review, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 64% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, paint and varnish imports skyrocketed to $X in 2022. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 34%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Spain (X tons), China (X tons) and Colombia (X tons) were the main suppliers of paint and varnish imports to Ecuador, together comprising 58% of total imports. Peru, the United States, Brazil, Italy, Germany, Portugal, Mexico, France and Panama lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +68.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish suppliers to Ecuador were Spain ($X), Colombia ($X) and China ($X), with a combined 51% share of total imports. The United States, Brazil, Italy, Peru, Germany, France, Portugal, Mexico and Panama lagged somewhat behind, together comprising a further 41%.

In terms of the main suppliers, France, with a CAGR of +67.4%, saw the highest rates of growth with regard to the value of imports, 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, picking up by 9.4% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 9.9%. The import price peaked in 2022 and is expected to retain growth in the near future.

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 France ($X per ton), while the price for Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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