Iran: Paint And Varnish Market 2024

Paint And Varnish Market Size in Iran

The Iranian paint and varnish market reduced slightly to $X in 2022, which is down by -3% against the previous year. Over the period under review, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +3.0% against 2020 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Paint And Varnish Production in Iran

In value terms, paint and varnish production shrank slightly to $X in 2022 estimated in export price. In general, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.1% against 2020 indices. The growth pace was the most rapid in 2018 when the production volume increased by 32%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Paint And Varnish Exports

Exports from Iran

In 2022, approx. X tons of paints and varnishes were exported from Iran; declining by -11.8% against 2021 figures. Overall, exports, however, continue to indicate a slight increase. The pace of growth appeared the most rapid in 2015 with an increase of 352%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports declined modestly to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 414%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Kazakhstan (X tons), Kyrgyzstan (X tons) and Armenia (X tons) were the main destinations of paint and varnish exports from Iran, with a combined 86% share of total exports. Azerbaijan, Turkey and Georgia lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Azerbaijan (with a CAGR of +25.2%), while the other leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($X) remains the key foreign market for paints and varnishes exports from Iran, comprising 57% of total exports. The second position in the ranking was taken by Armenia ($X), with a 15% share of total exports. It was followed by Kyrgyzstan, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Kazakhstan stood at +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Armenia (+9.5% per year) and Kyrgyzstan (+6.0% per year).

Export Prices by Country

The average paint and varnish export price stood at $X per ton in 2022, increasing by 12% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 15%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Armenia ($X per ton), while the average price for exports to Kyrgyzstan ($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 Armenia (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Iran

In 2022, imports of paints and varnishes into Iran contracted to X tons, with a decrease of -7.3% compared with 2021. Over the period under review, imports continue to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2016 when imports increased by 53%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, paint and varnish imports expanded notably to $X in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 29% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Turkey (X tons), China (X tons) and Germany (X tons) were the main suppliers of paint and varnish imports to Iran, together comprising 79% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +13.4%), while purchases for the other leaders experienced a decline.

In value terms, Turkey ($X) constituted the largest supplier of paints and varnishes to Iran, comprising 45% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Germany, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey totaled -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.6% per year) and Germany (+1.8% per year).

Import Prices by Country

In 2022, the average paint and varnish import price amounted to $X per ton, increasing by 20% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. As a result, import price reached 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 Spain ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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