GCC: Paint And Varnish Market 2025

Paint And Varnish Market Size in GCC

The GCC paint and varnish market expanded sharply to $X in 2022, with an increase of 13% against the previous year. The total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 -2.9% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Paint And Varnish Production in GCC

In value terms, paint and varnish production amounted to $X in 2022 estimated in export price. The total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 -7.5% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 43% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Paint And Varnish Exports

Exports in GCC

In 2022, approx. X tons of paints and varnishes were exported in GCC; waning by -59.8% on the previous year. Over the period under review, exports recorded a pronounced setback. The pace of growth was the most pronounced in 2013 when exports increased by 30%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, paint and varnish exports shrank sharply to $X in 2022. Overall, exports continue to indicate a slight reduction. The most prominent rate of growth was recorded in 2013 with an increase of 24%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Oman (X tons), the United Arab Emirates (X tons) and Saudi Arabia (X tons), together recording 96% of total export. The following exporters - Bahrain (X tons) and Kuwait (X tons) - each recorded a 4.1% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Bahrain (with a CAGR of +3.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) were the countries with the highest levels of exports in 2022, with a combined 94% share of total exports. Bahrain and Kuwait lagged somewhat behind, together accounting for a further 6.2%.

Among the main exporting countries, Bahrain, with a CAGR of +10.2%, saw the highest rates of growth with regard to 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 2022, the export price in GCC amounted to $X per ton, jumping by 22% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 the United Arab Emirates (+7.3%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in GCC

In 2022, purchases abroad of paints and varnishes decreased by -28.4% to X tons, falling for the third consecutive year after three years of growth. Total imports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -32.7% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 22% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, paint and varnish imports contracted to $X in 2022. The total import value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 14% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons) and Qatar (X tons) represented roughly 78% of total imports in 2022. It was distantly followed by Bahrain (X tons) and Oman (X tons), together comprising an 18% share of total imports. Kuwait (X tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Qatar (with a CAGR of +5.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 82% of total imports.

Among the main importing countries, Qatar, with a CAGR of +5.5%, 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

The import price in GCC stood at $X per ton in 2022, with an increase of 21% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+6.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform