India: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in India

The Indian non-aqueous paint and varnish market reached $X in 2022, stabilizing at the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Non-aqueous paint and varnish consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in India

In value terms, non-aqueous paint and varnish production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by 6.7% against the previous year. Non-aqueous paint and varnish production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports from India

In 2022, non-aqueous paint and varnish exports from India declined slightly to X tons, standing approx. at the year before. Over the period under review, exports, however, showed a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of 39%. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped modestly in the following year.

In value terms, non-aqueous paint and varnish exports expanded notably to $X in 2022. In general, exports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by 36% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Bangladesh (X tons), the United Arab Emirates (X tons) and Nepal (X tons) were the main destinations of non-aqueous paint and varnish exports from India, with a combined 33% share of total exports. Qatar, Kenya, Thailand, Russia, Bhutan, Indonesia, Australia, Sri Lanka, Germany and Nigeria lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bhutan (with a CAGR of +155.5%), while the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X), the United Arab Emirates ($X) and Qatar ($X) appeared to be the largest markets for non-aqueous paint and varnish exported from India worldwide, together comprising 31% of total exports. Thailand, Kenya, Nepal, Australia, Indonesia, Russia, Bhutan, Germany, Sri Lanka and Nigeria lagged somewhat behind, together accounting for a further 45%.

Bhutan, with a CAGR of +132.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average non-aqueous paint and varnish export price amounted to $X per ton, rising by 12% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2013 an increase of 12%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Nepal ($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 Australia (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports into India

Non-aqueous paint and varnish imports into India totaled X tons in 2022, picking up by 4.5% on 2021 figures. Over the period under review, imports recorded a prominent expansion. The pace of growth was the most pronounced in 2021 when imports increased by 45%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, non-aqueous paint and varnish imports stood at $X in 2022. Overall, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +8.2% 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 +55.4% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 36%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

Italy (X tons), China (X tons) and the United States (X tons) were the main suppliers of non-aqueous paint and varnish imports to India, with a combined 41% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +19.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Germany ($X) and South Korea ($X) constituted the largest non-aqueous paint and varnish suppliers to India, with a combined 38% share of total imports. China, the United States, Japan, Belgium, Thailand, the United Arab Emirates, the UK, Taiwan (Chinese), France and Indonesia lagged somewhat behind, together comprising a further 49%.

The United Arab Emirates, with a CAGR of +21.4%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 non-aqueous paint and varnish import price stood at $X per ton in 2022, rising by 9.5% against the previous year. Over the period under review, the import price, however, continues to indicate a slight curtailment. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Germany ($X per ton), while the price for Taiwan (Chinese) ($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 United Arab Emirates (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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