Hong Kong SAR, China: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Hong Kong SAR, China

For the fifth consecutive year, the Hong Kong market for oil and water paints and varnishes recorded growth in sales value, which increased by 3.9% to $X in 2021. The market value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Consumption of peaked in 2021 and is expected to retain growth in years to come.

Production of Oil And Water Paints And Varnishes in Hong Kong SAR, China

In value terms, production of oil and water paints and varnishes contracted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 599% against the previous year. Production of peaked at $X in 2020, and then contracted in the following year.

Exports of Oil And Water Paints And Varnishes

Exports from Hong Kong SAR, China

In 2021, the amount of oil and water paints and varnishes exported from Hong Kong SAR plummeted to X tons, with a decrease of -20.5% against the previous year. Over the period under review, exports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2013 with an increase of 19%. Over the period under review, the exports of hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, exports of oil and water paints and varnishes dropped markedly to $X in 2021. Overall, exports saw a abrupt decline. The pace of growth was the most pronounced in 2013 with an increase of 25% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for exports of oil and water paints and varnishes from Hong Kong SAR, accounting for a 73% share of total exports. Moreover, exports of oil and water paints and varnishes to China exceeded the volume sent to the second major destination, Malaysia (X tons), sixfold. Vietnam (X tons) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to -14.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+136.3% per year) and Vietnam (-16.2% per year).

In value terms, China ($X) remains the key foreign market for oil and water paints and varnishes exports from Hong Kong SAR, comprising 80% of total exports. The second position in the ranking was taken by Cambodia ($X), with a 7.1% share of total exports. It was followed by Vietnam, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to -9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+69.4% per year) and Vietnam (-21.9% per year).

Export Prices by Country

In 2021, the average export price for oil and water paints and varnishes amounted to $X per ton, waning by -14.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2020 an increase of 11% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while the average price for exports to Malaysia ($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 Cambodia (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports into Hong Kong SAR, China

After three years of decline, supplies from abroad of oil and water paints and varnishes increased by 42% to X tons in 2021. Overall, imports, however, recorded a abrupt decline. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of oil and water paints and varnishes expanded significantly to $X in 2021. In general, imports, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 71%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of oil and water paints and varnishes to Hong Kong SAR, accounting for a 45% share of total imports. Moreover, imports of oil and water paints and varnishes from the United States exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. China (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+51.6% per year) and China (-17.5% per year).

In value terms, Japan ($X), the United States ($X) and China ($X) constituted the largest oil and water paints and varnishes suppliers to Hong Kong SAR, together accounting for 79% of total imports.

In terms of the main suppliers, Japan, with a CAGR of +37.0%, saw 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 average import price for oil and water paints and varnishes amounted to $X per ton, falling by -23.5% against the previous year. Overall, the import price, however, posted a temperate increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 32%. The import price peaked at $X per ton in 2020, and then dropped notably in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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