GCC: Market for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium 2024

Market Size for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in GCC

The GCC market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium reduced modestly to $X in 2022, remaining relatively unchanged against the previous year. The total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% 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 -3.6% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in GCC

In value terms, production of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium declined modestly to $X in 2022 estimated in export price. The total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.3% against 2019 indices. The growth pace was the most rapid in 2019 when the production volume increased by 25% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production of growth remained at a lower figure.

Exports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Exports in GCC

In 2022, the amount of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium exported in GCC declined remarkably to X tons, shrinking by -15.3% on 2021 figures. In general, exports recorded a mild shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 26% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium declined to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +18.7% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 40%. Over the period under review, the exports of hit record highs at $X in 2021, and then declined in the following year.

Exports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) dominates medium structure, together making up 88% of total exports. It was distantly followed by Oman (X tons), creating a 7.5% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +42.9%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Saudi Arabia ($X) remains the largest paints and varnishes, based on acrylic or vinyl polymers, aqueous medium supplier in GCC, comprising 65% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 21% share of total exports. It was followed by Oman, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia amounted to +3.2%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+4.9% per year) and Oman (+15.1% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, approximately equating the previous year. Export price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium increased by +88.7% against 2012 indices. The most prominent rate of growth was recorded in 2014 an increase of 21% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

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 Oman ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+7.3%), while the other leaders experienced more modest paces of growth.

Imports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Imports in GCC

In 2022, purchases abroad of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium increased by 3.2% to X tons, rising for the second consecutive year after four years of decline. In general, imports, however, saw a slight reduction. The pace of growth was the most pronounced in 2015 with an increase of 21% against the previous year. Over the period under review, imports of reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium reduced slightly to $X in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 when imports increased by 32%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports of remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the main importer of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium in GCC, with the volume of imports reaching X tons, which was approx. 44% of total imports in 2022. Saudi Arabia (X tons) ranks second in terms of the total imports with a 26% share, followed by Kuwait (11%), Qatar (7.2%), Oman (5.9%) and Bahrain (5.4%).

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +18.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported paints and varnishes, based on acrylic or vinyl polymers, aqueous medium in GCC, comprising 51% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 23% share of total imports. It was followed by Qatar, with a 9.4% share.

In the United Arab Emirates, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium expanded at an average annual rate of +1.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-1.6% per year) and Qatar (+4.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, dropping by -6.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The growth pace was the most rapid in 2019 when the import price increased by 16%. The level of import peaked at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform