GCC: 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 GCC

The GCC non-aqueous paint and varnish market contracted to $X in 2022, reducing by -2.3% against the previous year. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2021, and then declined modestly in the following year.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in GCC

In value terms, non-aqueous paint and varnish production amounted to $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 -6.6% against 2018 indices. The growth pace was the most rapid in 2016 when the production volume increased by 20% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

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

Exports in GCC

Non-aqueous paint and varnish exports fell to X tons in 2022, shrinking by -7.2% compared with the year before. Total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -19.4% against 2017 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 65% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, non-aqueous paint and varnish exports dropped to $X in 2022. Total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +8.2% 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 +4.0% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by 53% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then dropped in the following year.

Exports by Country

The United Arab Emirates prevails in exports structure, reaching X tons, which was approx. 83% of total exports in 2022. Oman (X tons) took an 8% share (based on physical terms) of total exports, which put it in second place, followed by Saudi Arabia (6%). Bahrain (X tons) held a relatively small share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +6.2% from 2012 to 2022. At the same time, Oman (+15.9%) and Bahrain (+5.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +15.9% from 2012-2022. By contrast, Saudi Arabia (-4.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Oman increased by +5.6 and +4.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest non-aqueous paint and varnish supplier in GCC, comprising 82% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 7.2% share of total exports. It was followed by Oman, with a 5.8% share.

In the United Arab Emirates, non-aqueous paint and varnish exports expanded at an average annual rate of +8.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+3.7% per year) and Oman (+10.9% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, shrinking by -2.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2018 an increase of 14% against the previous year. Over the period under review, the export prices attained the maximum 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 Bahrain ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.2%), 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 GCC

In 2022, the amount of paints and varnishes dispersed or dissolved in a non-aqueous medium imported in GCC fell slightly to X tons, declining by -4.2% compared with the previous year. The total import volume increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 22% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, non-aqueous paint and varnish imports dropped to $X in 2022. Total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +42.6% against 2016 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 17%. The level of import peaked at $X in 2021, and then reduced in the following year.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) were the largest importers of paints and varnishes dispersed or dissolved in a non-aqueous medium in 2022, finishing at near 28% and 25% of total imports, respectively. Kuwait (X tons) took the next position in the ranking, followed by Bahrain (X tons), Oman (X tons) and Qatar (X tons). All these countries together held near 47% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Saudi Arabia (with a CAGR of +8.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 74% share of total imports.

In terms of the main importing countries, Saudi Arabia, with a CAGR of +7.4%, recorded the highest growth rate of 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

In 2022, the import price in GCC amounted to $X per ton, dropping by -1.8% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 12%. Over the period under review, import prices hit record highs at $X per ton in 2021, and then fell slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform