GCC: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in GCC

In 2021, after two years of growth, there was decline in the GCC aqueous paint and varnish market, when its value decreased by -3.5% to $X. The total consumption indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +2.9% against 2017 indices. Over the period under review, the market attained the peak level at $X in 2020, and then contracted modestly in the following year.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in GCC

In value terms, aqueous paint and varnish production contracted modestly to $X in 2021 estimated in export price. The total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +2.7% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 36% against the previous year. The level of production peaked at $X in 2020, and then declined slightly in the following year.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports in GCC

Aqueous paint and varnish exports fell modestly to X tons in 2021, declining by -4.4% on the year before. The total export volume increased at an average annual rate of +5.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 41%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, aqueous paint and varnish exports totaled $X in 2021. Total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 23% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Oman (X tons) and the United Arab Emirates (X tons) were the major exporters of paints and varnishes dispersed or dissolved in an aqueous medium in 2021, reaching approx. 46% and 37% of total exports, respectively. It was distantly followed by Saudi Arabia (X tons), comprising a 15% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of +13.9%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest aqueous paint and varnish supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), with a combined 98% share of total exports.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +6.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, rising by 10% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 38%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports in GCC

In 2021, approx. X tons of paints and varnishes dispersed or dissolved in an aqueous medium were imported in GCC; falling by -2% compared with the year before. Total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +76.6% against 2013 indices. The pace of growth was the most pronounced in 2017 when imports increased by 20%. Over the period under review, imports reached the maximum at X tons in 2020, and then dropped in the following year.

In value terms, aqueous paint and varnish imports rose significantly to $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 28%. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Qatar (X tons) and the United Arab Emirates (X tons) represented the main importers of paints and varnishes dispersed or dissolved in an aqueous medium in 2021, amounting to near 40% and 27% of total imports, respectively. Oman (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (11%) and Kuwait (5.2%). Bahrain (X tons) took a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +24.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Qatar ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 79% share of total imports. These countries were followed by Oman, Kuwait and Bahrain, which together accounted for a further 21%.

Among the main importing countries, Oman, with a CAGR of +17.4%, recorded 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

In 2021, the import price in GCC amounted to $X per ton, with an increase of 14% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform