Indonesia: Paint And Varnish Market 2024

Paint And Varnish Market Size in Indonesia

The Indonesian paint and varnish market soared to $X in 2022, with an increase of 58% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed strong growth. Paint and varnish consumption peaked in 2022 and is expected to retain growth in the near future.

Paint And Varnish Exports

Exports from Indonesia

In 2022, the amount of paints and varnishes exported from Indonesia contracted notably to X tons, shrinking by -45.7% on 2021 figures. Overall, exports showed a pronounced contraction. The pace of growth was the most pronounced in 2014 with an increase of 13%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports reduced notably to $X in 2022. Over the period under review, exports recorded a perceptible curtailment. The pace of growth was the most pronounced in 2021 when exports increased by 20% against the previous year. As a result, the exports reached the peak of $X, and then fell remarkably in the following year.

Exports by Country

Singapore (X tons), Vietnam (X tons) and Malaysia (X tons) were the main destinations of paint and varnish exports from Indonesia, together comprising 40% of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +12.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Vietnam ($X) and the Philippines ($X) constituted the largest markets for paint and varnish exported from Indonesia worldwide, with a combined 40% share of total exports.

Vietnam, with a CAGR of +13.0%, recorded 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

The average paint and varnish export price stood at $X per ton in 2022, increasing by 34% against the previous year. Overall, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, paint and varnish export price increased by +59.1% against 2020 indices. 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 foreign markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Ghana ($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 Taiwan (Chinese) (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Indonesia

Paint and varnish imports into Indonesia dropped remarkably to X tons in 2022, falling by -16.1% against 2021 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 27% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, paint and varnish imports soared to $X in 2022. Overall, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +78.9% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore (X tons), Malaysia (X tons) and Thailand (X tons) were the main suppliers of paint and varnish imports to Indonesia, together accounting for 39% of total imports. China, South Korea, Belgium, Vietnam, Taiwan (Chinese), Japan, the United States, Italy, Germany and the Netherlands lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +31.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Singapore ($X) and China ($X) were the largest paint and varnish suppliers to Indonesia, with a combined 37% share of total imports.

Among the main suppliers, Belgium, with a CAGR of +43.5%, recorded 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

In 2022, the average paint and varnish import price amounted to $X per ton, surging by 66% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, paint and varnish import price increased by +67.3% against 2020 indices. As a result, import price attained 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 Belgium ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :