Iran: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Iran

In 2021, after three years of growth, there was decline in the Iranian market for oil and water paints and varnishes, when its value decreased by -3.5% to $X. In general, consumption saw a pronounced decrease. Consumption of peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Oil And Water Paints And Varnishes in Iran

In value terms, production of oil and water paints and varnishes reduced to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 50% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production of growth failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports from Iran

In 2021, the amount of oil and water paints and varnishes exported from Iran declined to X tons, waning by -5.7% compared with 2020 figures. Overall, exports, however, recorded a temperate increase. The pace of growth appeared the most rapid in 2017 when exports increased by 130%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of oil and water paints and varnishes shrank slightly to $X in 2021. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 88% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Armenia (X tons), Kazakhstan (X tons) and Georgia (X tons) were the main destinations of exports of oil and water paints and varnishes from Iran, with a combined 79% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Georgia (with a CAGR of +112.5%), while the other leaders experienced more modest paces of growth.

In value terms, Armenia ($X) remains the key foreign market for oil and water paints and varnishes exports from Iran, comprising 49% of total exports. The second position in the ranking was taken by Georgia ($X), with an 18% share of total exports. It was followed by Kazakhstan, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Armenia amounted to +4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Georgia (+94.1% per year) and Kazakhstan (-13.1% per year).

Export Prices by Country

In 2021, the average export price for oil and water paints and varnishes amounted to $X per ton, picking up by 5% against the previous year. In general, the export price, however, recorded a pronounced reduction. The pace of growth was the most pronounced in 2013 an increase of 59%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Armenia ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Armenia (-1.5%), while the prices for the other major destinations experienced a decline.

Imports of Oil And Water Paints And Varnishes

Imports into Iran

In 2021, supplies from abroad of oil and water paints and varnishes was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, continue to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 61%. Over the period under review, imports of hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of oil and water paints and varnishes soared to $X in 2021. Over the period under review, imports, however, recorded a deep downturn. Over the period under review, imports of attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Turkey (X tons) constituted the largest oil and water paints and varnishes supplier to Iran, with a 80% share of total imports. Moreover, imports of oil and water paints and varnishes from Turkey exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), more than tenfold. The United Arab Emirates (X tons) ranked third in terms of total imports with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey totaled -20.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-11.9% per year) and the United Arab Emirates (-39.4% per year).

In value terms, Turkey ($X) constituted the largest supplier of oil and water paints and varnishes to Iran, comprising 77% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 6% share of total imports. It was followed by Taiwan (Chinese), with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey stood at -9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-20.7% per year) and Taiwan (Chinese) (-12.5% per year).

Import Prices by Country

The average import price for oil and water paints and varnishes stood at $X per ton in 2021, increasing by 22% against the previous year. Over the period under review, the import price enjoyed a resilient increase. The growth pace was the most rapid in 2013 when the average import price increased by 82%. Over the period under review, average import prices attained the peak figure in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+30.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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