Greece: Paint And Varnish Market 2024

Paint And Varnish Market Size in Greece

The Greek paint and varnish market was finally on the rise to reach $X in 2022, after two years of decline. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Paint And Varnish Production in Greece

In value terms, paint and varnish production soared to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Paint And Varnish Exports

Exports from Greece

In 2022, overseas shipments of paints and varnishes increased by 4.2% to X tons, rising for the eighth year in a row after two years of decline. In general, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +78.9% against 2014 indices. The growth pace was the most rapid in 2018 when exports increased by 19% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, paint and varnish exports expanded slightly to $X in 2022. Over the period under review, total exports indicated a temperate expansion 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 +70.0% against 2016 indices. The pace of growth appeared the most rapid in 2018 with an increase of 18%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

Cyprus (X tons), Bulgaria (X tons) and Albania (X tons) were the main destinations of paint and varnish exports from Greece, with a combined 38% share of total exports. Serbia, Turkey, Israel, Romania, India, Marshall Islands, Malta, Panama, Georgia and Spain lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +107.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for paint and varnish exported from Greece were Cyprus ($X), Bulgaria ($X) and Turkey ($X), with a combined 26% share of total exports. Albania, Marshall Islands, Serbia, Israel, Panama, Romania, Malta, India, Spain and Georgia lagged somewhat behind, together comprising a further 38%.

Among the main countries of destination, Panama, with a CAGR of +110.6%, recorded 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

The average paint and varnish export price stood at $X per ton in 2022, approximately equating the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 9.9%. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Marshall Islands ($X per ton), while the average price for exports to Albania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Marshall Islands (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Greece

For the eleventh consecutive year, Greece recorded growth in overseas purchases of paints and varnishes, which increased by 0.6% to X tons in 2022. In general, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +69.5% against 2012 indices. The pace of growth was the most pronounced in 2016 when imports increased by 9.8%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, paint and varnish imports rose notably to $X in 2022. Overall, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +77.3% against 2015 indices. The pace of growth appeared the most rapid in 2021 with an increase of 17%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

Italy (X tons), France (X tons) and the Netherlands (X tons) were the main suppliers of paint and varnish imports to Greece, with a combined 55% share of total imports. The UK, Germany, Spain, Poland and Portugal lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +25.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), France ($X) and the UK ($X) were the largest paint and varnish suppliers to Greece, together comprising 57% of total imports. The Netherlands, Germany, Spain, Poland and Portugal lagged somewhat behind, together comprising a further 34%.

Poland, with a CAGR of +18.5%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average paint and varnish import price stood at $X per ton in 2022, with an increase of 9.2% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Poland ($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 UK (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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