Jordan: Paint And Varnish Market 2024

Paint And Varnish Market Size in Jordan

The Jordanian paint and varnish market rose modestly to $X in 2022, increasing by 2.1% against the previous year. Overall, consumption, however, recorded a resilient increase. Paint and varnish consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Paint And Varnish Production in Jordan

In value terms, paint and varnish production expanded significantly to $X in 2022 estimated in export price. In general, production, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 64% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Paint And Varnish Exports

Exports from Jordan

Paint and varnish exports from Jordan dropped significantly to X tons in 2022, reducing by -17.9% compared with the year before. Over the period under review, exports continue to indicate a deep slump. The growth pace was the most rapid in 2016 with an increase of 22% against the previous year. The exports peaked 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 to $X in 2022. The total export value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 26%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Palestine (X tons), Saudi Arabia (X tons) and Egypt (X tons) were the main destinations of paint and varnish exports from Jordan, with a combined 58% share of total exports. Yemen, Qatar, the United Arab Emirates, Iraq, Lebanon, Kuwait and Sudan lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of +20.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for paint and varnish exported from Jordan were Palestine ($X), Saudi Arabia ($X) and Egypt ($X), with a combined 60% share of total exports. Yemen, the United Arab Emirates, Qatar, Kuwait, Lebanon, Iraq and Sudan lagged somewhat behind, together comprising a further 30%.

Qatar, with a CAGR of +38.9%, recorded the highest rates of growth with regard to 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, with an increase of 9.8% against the previous year. Over the period under review, the export price saw buoyant growth. The pace of growth was the most pronounced in 2020 an increase of 86% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain 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 Egypt ($X per ton), while the average price for exports to Iraq ($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 Palestine (+20.4%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Jordan

Paint and varnish imports into Jordan declined remarkably to X tons in 2022, shrinking by -31% compared with the previous year's figure. In general, imports continue to indicate a noticeable slump. The growth pace was the most rapid in 2019 with an increase of 19% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, paint and varnish imports reduced to $X in 2022. The total import value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 34%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of paint and varnish to Jordan, accounting for a 35% share of total imports. Moreover, paint and varnish imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates amounted to +23.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.5% per year) and Germany (-4.6% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of paints and varnishes to Jordan, comprising 38% of total imports. The second position in the ranking was taken by Italy ($X), with an 11% share of total imports. It was followed by Egypt, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates stood at +30.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.6% per year) and Egypt (+5.0% per year).

Import Prices by Country

The average paint and varnish import price stood at $X per ton in 2022, rising by 24% against the previous year. Over the period under review, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.9% 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 +102.2% against 2016 indices. The growth pace was the most rapid in 2020 when the average import price increased by 32% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+15.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform