India: Market for Oil And Water Paints And Varnishes 2025

Market Size for Oil And Water Paints And Varnishes in India

The Indian market for oil and water paints and varnishes stood at $X in 2021, increasing by 3% against the previous year. Overall, consumption, however, saw a mild downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Oil And Water Paints And Varnishes in India

In value terms, production of oil and water paints and varnishes rose to $X in 2021 estimated in export price. Over the period under review, production, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2016 when the production volume increased by 16% against the previous year. Over the period under review, production of hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports from India

In 2021, overseas shipments of oil and water paints and varnishes decreased by -16.9% to X tons, falling for the fourth year in a row after three years of growth. Overall, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2016 with an increase of 646% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of oil and water paints and varnishes contracted modestly to $X in 2021. Over the period under review, exports saw a slight setback. The growth pace was the most rapid in 2016 when exports increased by 179%. Over the period under review, the exports of hit record highs at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for exports of oil and water paints and varnishes from India, accounting for a 90% share of total exports. It was followed by Bangladesh (X tons), with a 2.3% share of total exports. The third position in this ranking was taken by Nepal (X tons), with a 1.9% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +71.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+37.0% per year) and Nepal (-6.4% per year).

In value terms, China ($X) remains the key foreign market for oil and water paints and varnishes exports from India, comprising 43% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 12% share of total exports. It was followed by Nepal, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+31.0% per year) and Nepal (-12.2% per year).

Export Prices by Country

In 2021, the average export price for oil and water paints and varnishes amounted to $X per ton, surging by 19% against the previous year. Overall, the export price, however, continues to indicate a precipitous decline. The pace of growth appeared the most rapid in 2014 when the average export price increased by 22% 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 failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to China ($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 the United Arab Emirates (+0.3%), while the prices for the other major destinations experienced a decline.

Imports of Oil And Water Paints And Varnishes

Imports into India

In 2021, the amount of oil and water paints and varnishes imported into India rose rapidly to X tons, increasing by 14% compared with 2020 figures. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 25%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of oil and water paints and varnishes surged to $X in 2021. In general, imports, however, continue to indicate a perceptible contraction. The pace of growth was the most pronounced in 2017 with an increase of 25%. Over the period under review, imports of attained the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), the United States (X tons) and Italy (X tons) were the main suppliers of imports of oil and water paints and varnishes to India, with a combined 53% share of total imports. Taiwan (Chinese), Belgium, Germany, the UK, Singapore, the Netherlands, Sweden, Spain, Switzerland and the United Arab Emirates lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +43.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest oil and water paints and varnishes suppliers to India were China ($X), Germany ($X) and the United States ($X), together accounting for 40% of total imports. Taiwan (Chinese), Belgium, Italy, the UK, Singapore, Switzerland, the Netherlands, Sweden, Spain and the United Arab Emirates lagged somewhat behind, together comprising a further 50%.

Belgium, with a CAGR of +41.3%, 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

In 2021, the average import price for oil and water paints and varnishes amounted to $X per ton, surging by 7.5% against the previous year. In general, the import price, however, saw a slight downturn. The most prominent rate of growth was recorded in 2018 an increase of 15% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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