Kuwait: Paint And Varnish Market 2024

Paint And Varnish Market Size in Kuwait

The Kuwaiti paint and varnish market declined dramatically to $X in 2022, reducing by -77.6% against the previous year. In general, consumption recorded a deep downturn. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Paint And Varnish Production in Kuwait

In value terms, paint and varnish production rose to $X in 2022 estimated in export price. In general, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 -2.7% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 45% against the previous year. Paint and varnish production peaked at $X in 2020; afterwards, it flattened through to 2022.

Paint And Varnish Exports

Exports from Kuwait

In 2022, after two years of growth, there was significant decline in shipments abroad of paints and varnishes, when their volume decreased by -24.6% to X tons. Over the period under review, exports, however, showed a measured increase. The pace of growth appeared the most rapid in 2020 when exports increased by 265%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports fell markedly to $X in 2022. Overall, exports, however, posted prominent growth. The growth pace was the most rapid in 2020 when exports increased by 277%. The exports peaked at $X in 2021, and then shrank significantly in the following year.

Exports by Country

Saudi Arabia (X tons) was the main destination for paint and varnish exports from Kuwait, with a 52% share of total exports. Moreover, paint and varnish exports to Saudi Arabia exceeded the volume sent to the second major destination, Iraq (X tons), threefold. The third position in this ranking was held by Qatar (X tons), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia totaled +40.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (-3.6% per year) and Qatar (+63.0% per year).

In value terms, Qatar ($X), Saudi Arabia ($X) and Iraq ($X) constituted the largest markets for paint and varnish exported from Kuwait worldwide, together accounting for 79% of total exports.

Qatar, with a CAGR of +79.7%, saw 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, picking up by 3.4% against the previous year. Over the last decade, it increased at an average annual rate of +4.0%. The most prominent rate of growth was recorded in 2019 an increase of 34% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Saudi Arabia ($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 Qatar (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Kuwait

In 2022, approx. X tons of paints and varnishes were imported into Kuwait; shrinking by -82.4% against 2021. Overall, imports faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 94% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, paint and varnish imports declined remarkably to $X in 2022. In general, imports showed a pronounced decline. The most prominent rate of growth was recorded in 2017 when imports increased by 83% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest paint and varnish supplier to Kuwait, accounting for a 76% share of total imports. Moreover, paint and varnish imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), tenfold. Italy (X tons) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to -12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-11.2% per year) and Italy (-16.0% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of paints and varnishes to Kuwait, comprising 65% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 6.8% share of total imports. It was followed by Italy, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates totaled -8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-4.9% per year) and Italy (-9.7% per year).

Import Prices by Country

In 2022, the average paint and varnish import price amounted to $X per ton, rising by 88% 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 +6.8% 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 import price increased by +95.5% 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 the United States ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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