Iraq: 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 Iraq

The Iraqi non-aqueous paint and varnish market declined slightly to $X in 2022, reducing by -2.6% against the previous year. Over the period under review, consumption, however, showed buoyant growth. Non-aqueous paint and varnish consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

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

In value terms, non-aqueous paint and varnish production totaled $X in 2022 estimated in export price. Overall, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +10.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.6% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 57%. Non-aqueous paint and varnish production peaked at $X in 2020; afterwards, it flattened through to 2022.

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

Exports from Iraq

In 2022, non-aqueous paint and varnish exports from Iraq shrank remarkably to X tons, which is down by -22.1% compared with the year before. Over the period under review, exports continue to indicate a dramatic contraction. The most prominent rate of growth was recorded in 2021 with an increase of 76%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-aqueous paint and varnish exports fell markedly to $X in 2022. Overall, exports recorded a drastic downturn. The growth pace was the most rapid in 2021 with an increase of 43%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey (X tons) was the main destination for non-aqueous paint and varnish exports from Iraq, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey totaled -21.8%.

In value terms, Turkey ($X) also remains the key foreign market for paints and varnishes dispersed or dissolved in a non-aqueous medium exports from Iraq.

From 2012 to 2022, the average annual growth rate of value to Turkey totaled -14.4%.

Export Prices by Country

The average non-aqueous paint and varnish export price stood at $X per ton in 2022, increasing by 9% against the previous year. Overall, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 86% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to +9.4% per year.

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

Imports into Iraq

In 2022, approx. X tons of paints and varnishes dispersed or dissolved in a non-aqueous medium were imported into Iraq; declining by -2.9% compared with the year before. Over the period under review, imports, however, saw a resilient increase. The pace of growth was the most pronounced in 2018 with an increase of 52%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, non-aqueous paint and varnish imports contracted to $X in 2022. In general, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 66%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of non-aqueous paint and varnish to Iraq, accounting for a 70% share of total imports. Moreover, non-aqueous paint and varnish imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fivefold. Iran (X tons) ranked third in terms of total imports with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +49.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-4.7% per year) and Iran (-0.8% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in a non-aqueous medium to Iraq, comprising 53% of total imports. The second position in the ranking was held by Turkey ($X), with a 21% share of total imports. It was followed by Egypt, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates totaled +48.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-1.8% per year) and Egypt (-8.3% per year).

Import Prices by Country

In 2022, the average non-aqueous paint and varnish import price amounted to $X per ton, approximately reflecting the previous year. Overall, the import price saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 9.2% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Egypt ($X per ton), while the price for Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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