Greece: 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 Greece

After five years of growth, the Greek aqueous paint and varnish market decreased by -3.6% to $X in 2021. The market value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2020, and then contracted slightly in the following year.

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

In value terms, aqueous paint and varnish production shrank modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% 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 2019 when the production volume increased by 14% against the previous year. Aqueous paint and varnish production peaked at $X in 2020, and then dropped modestly in the following year.

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

Exports from Greece

Aqueous paint and varnish exports from Greece rose rapidly to X tons in 2021, increasing by 11% compared with 2020. In general, exports saw strong growth. The growth pace was the most rapid in 2018 when exports increased by 16%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, aqueous paint and varnish exports soared to $X in 2021. Overall, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +80.1% against 2016 indices. The pace of growth was the most pronounced in 2014 when exports increased by 21% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Cyprus (X tons), Albania (X tons) and Bulgaria (X tons) were the main destinations of aqueous paint and varnish exports from Greece, with a combined 70% share of total exports. These countries were followed by Romania, Kosovo, Serbia, North Macedonia, Malta and Georgia, which together accounted for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by North Macedonia (with a CAGR of +35.2%), while the other leaders experienced more modest paces of growth.

In value terms, Cyprus ($X), Albania ($X) and Bulgaria ($X) were the largest markets for aqueous paint and varnish exported from Greece worldwide, with a combined 67% share of total exports. Romania, Kosovo, Serbia, Malta, Georgia and North Macedonia lagged somewhat behind, together accounting for a further 15%.

Among the main countries of destination, Kosovo, with a CAGR of +60.7%, saw 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 average aqueous paint and varnish export price amounted to $X per ton, picking up by 3.4% against the previous year. Over the period under review, the export price, however, showed a mild slump. The pace of growth appeared the most rapid in 2014 an increase of 23% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Cyprus ($X per ton), while the average price for exports to North Macedonia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kosovo (+37.7%), while the prices for the other major destinations experienced mixed trend patterns.

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

Imports into Greece

In 2021, the amount of paints and varnishes dispersed or dissolved in an aqueous medium imported into Greece rose notably to X tons, picking up by 13% on the year before. In general, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +76.5% against 2012 indices. The pace of growth appeared the most rapid in 2018 with an increase of 19% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

In value terms, aqueous paint and varnish imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Italy (X tons) constituted the largest supplier of aqueous paint and varnish to Greece, accounting for a 35% share of total imports. Moreover, aqueous paint and varnish imports from Italy exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Romania (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy stood at +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.1% per year) and Romania (+41.9% per year).

In value terms, Italy ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in an aqueous medium to Greece, comprising 42% of total imports. The second position in the ranking was held by Germany ($X), with a 17% share of total imports. It was followed by the UK, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy amounted to +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.4% per year) and the UK (+27.0% per year).

Import Prices by Country

The average aqueous paint and varnish import price stood at $X per ton in 2021, surging by 13% against the previous year. In general, the import price, however, recorded a pronounced descent. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for Romania ($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 UK (+3.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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