Guatemala: Paint And Varnish Market 2024

Paint And Varnish Market Size in Guatemala

The Guatemalan paint and varnish market reduced slightly to $X in 2022, which is down by -4.1% against the previous year. In general, consumption, however, recorded prominent growth. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Paint And Varnish Production in Guatemala

In value terms, paint and varnish production shrank slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2019 when the production volume increased by 32% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Paint And Varnish Exports

Exports from Guatemala

In 2022, approx. X tons of paints and varnishes were exported from Guatemala; increasing by 2.2% against 2021. In general, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.9% 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 +41.3% against 2018 indices. The pace of growth was the most pronounced in 2015 with an increase of 19%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, paint and varnish exports skyrocketed to $X in 2022. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +73.9% against 2018 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 26% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Nicaragua (X tons), El Salvador (X tons) and Honduras (X tons) were the main destinations of paint and varnish exports from Guatemala, together accounting for 75% of total exports. Panama, Costa Rica and the Dominican Republic lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of +27.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for paint and varnish exported from Guatemala were Nicaragua ($X), Honduras ($X) and El Salvador ($X), together comprising 76% of total exports. Panama, the Dominican Republic and Costa Rica lagged somewhat behind, together comprising a further 22%.

Among the main countries of destination, the Dominican Republic, with a CAGR of +27.0%, 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

The average paint and varnish export price stood at $X per ton in 2022, with an increase of 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. 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 for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Panama ($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 Panama (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Guatemala

After two years of growth, overseas purchases of paints and varnishes decreased by -5.9% to X tons in 2022. Overall, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.2% 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 +11.5% against 2018 indices. The growth pace was the most rapid in 2021 when imports increased by 22%. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, paint and varnish imports expanded sharply to $X in 2022. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 +49.2% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 32% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

El Salvador (X tons), Costa Rica (X tons) and the United States (X tons) were the main suppliers of paint and varnish imports to Guatemala, together comprising 69% of total imports. Mexico, China, Panama, Nicaragua and Honduras lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Nicaragua (with a CAGR of +102.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish suppliers to Guatemala were El Salvador ($X), Costa Rica ($X) and the United States ($X), together comprising 65% of total imports. Mexico, China, Panama, Nicaragua and Honduras lagged somewhat behind, together comprising a further 25%.

Among the main suppliers, Nicaragua, with a CAGR of +76.2%, saw 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

The average paint and varnish import price stood at $X per ton in 2022, jumping by 20% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. As a result, import 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 supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform