India: Polishes For Coachwork Market 2024

Polishes For Coachwork Market Size in India

In 2022, the Indian polishes for coachwork market increased by 32% to $X, rising for the second year in a row after two years of decline. Overall, consumption posted a perceptible expansion. Polishes for coachwork consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Polishes For Coachwork Exports

Exports from India

In 2022, the amount of polishes for coachwork exported from India declined notably to X tons, with a decrease of -61.1% compared with the year before. Overall, exports saw a deep reduction. The growth pace was the most rapid in 2019 with an increase of 355%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, polishes for coachwork exports fell markedly to $X in 2022. In general, exports recorded a mild decrease. The most prominent rate of growth was recorded in 2019 when exports increased by 820%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Nepal (X tons) was the main destination for polishes for coachwork exports from India, with a 56% share of total exports. Moreover, polishes for coachwork exports to Nepal exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was held by Sri Lanka (X kg), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Nepal totaled +19.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+118.7% per year) and Sri Lanka (-5.8% per year).

In value terms, the largest markets for polishes for coachwork exported from India were Nepal ($X), the United States ($X) and Sri Lanka ($X), together accounting for 70% of total exports. Bhutan, Papua New Guinea and Bangladesh lagged somewhat behind, together accounting for a further 14%.

Papua New Guinea, with a CAGR of +337.2%, recorded the highest rates of growth with regard to the value of exports, among 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 polishes for coachwork export price amounted to $X per ton, which is down by -55.1% against the previous year. In general, the export price, however, continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2018 an increase of 113%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Sri Lanka ($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 Bangladesh (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Polishes For Coachwork Imports

Imports into India

In 2022, supplies from abroad of polishes for coachwork increased by 31% to X tons, rising for the second consecutive year after two years of decline. In general, imports posted a noticeable increase. The most prominent rate of growth was recorded in 2018 with an increase of 50%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, polishes for coachwork imports soared to $X in 2022. Overall, imports showed a perceptible expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 60%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Germany (X tons) and the UK (X tons) were the main suppliers of polishes for coachwork imports to India, with a combined 60% share of total imports. The United States, South Korea, Italy and the Netherlands lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +27.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the UK ($X) and Italy ($X) appeared to be the largest polishes for coachwork suppliers to India, together comprising 53% of total imports. China, South Korea, the United States and the Netherlands lagged somewhat behind, together comprising a further 37%.

Among the main suppliers, South Korea, with a CAGR of +30.5%, 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

The average polishes for coachwork import price stood at $X per ton in 2022, falling by -3.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2014 when the average import price increased by 21% against the previous year. The import price peaked at $X per ton in 2021, and then contracted slightly in the following year.

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 Italy ($X per ton), while the price for China ($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 Netherlands (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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