GCC: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in GCC

In 2021, after two years of growth, there was significant decline in the GCC market for oil and water paints and varnishes, when its value decreased by -9.8% to $X. The total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +28.0% against 2018 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Oil And Water Paints And Varnishes in GCC

In value terms, production of oil and water paints and varnishes fell to $X in 2021 estimated in export price. In general, production, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 54%. The level of production peaked at $X in 2020, and then fell in the following year.

Exports of Oil And Water Paints And Varnishes

Exports in GCC

In 2021, shipments abroad of oil and water paints and varnishes was finally on the rise to reach X tons after four years of decline. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 40% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, exports of oil and water paints and varnishes expanded significantly to $X in 2021. Total exports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +8.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 47% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the key exporter of oil and water paints and varnishes, achieving 73% of total exports. It was distantly followed by Saudi Arabia (X tons), committing a 25% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the oil and water paints and varnishes exports, with a CAGR of +2.1% from 2012 to 2021. Saudi Arabia (-4.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+12 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-12.7 p.p.) displayed negative dynamics.

In value terms, the largest oil and water paints and varnishes supplying countries in GCC were the United Arab Emirates ($X) and Saudi Arabia ($X).

Saudi Arabia, with a CAGR of +6.4%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, approximately reflecting the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.4%. The pace of growth appeared the most rapid in 2018 an increase of 28%. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2021.

Prices varied noticeably country of origin: the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+11.2%).

Imports of Oil And Water Paints And Varnishes

Imports in GCC

In 2021, purchases abroad of oil and water paints and varnishes increased by 34% to X tons, rising for the third consecutive year after three years of decline. Overall, imports continue to indicate a modest expansion. The growth pace was the most rapid in 2013 with an increase of 112% against the previous year. Over the period under review, imports of attained the maximum at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, imports of oil and water paints and varnishes surged to $X in 2021. In general, imports, however, showed a pronounced contraction. The pace of growth appeared the most rapid in 2013 when imports increased by 63% against the previous year. Over the period under review, imports of attained the maximum at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) represented the largest importer of oil and water paints and varnishes, constituting 51% of total imports. Oman (X tons) held the second position in the ranking, distantly followed by Kuwait (X tons) and Bahrain (X tons). All these countries together held near 45% share of total imports. Qatar (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the United Arab Emirates (with a CAGR of +8.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported oil and water paints and varnishes in GCC, comprising 57% of total imports. The second position in the ranking was taken by Oman ($X), with a 14% share of total imports. It was followed by Kuwait, with a 13% share.

In the United Arab Emirates, imports of oil and water paints and varnishes increased at an average annual rate of +2.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (-4.1% per year) and Kuwait (+6.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, increasing by 6.4% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable setback. The pace of growth appeared the most rapid in 2018 an increase of 102%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+12.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform