Latin America and the Caribbean: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Latin America and the Caribbean

The Latin American market for oil and water paints and varnishes reached $X in 2021, increasing by 8.8% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Oil And Water Paints And Varnishes in Latin America and the Caribbean

In value terms, production of oil and water paints and varnishes reduced slightly to $X in 2021 estimated in export price. Overall, production continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2020 with an increase of 9.2%. Over the period under review, production of hit record highs at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports in Latin America and the Caribbean

In 2021, the amount of oil and water paints and varnishes exported in Latin America and the Caribbean rose significantly to X tons, with an increase of 14% on the previous year's figure. In general, exports, however, continue to indicate a slight contraction. The pace of growth was the most pronounced in 2019 when exports increased by 25%. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of oil and water paints and varnishes soared to $X in 2021. Overall, exports, however, recorded a mild decline. Over the period under review, the exports of reached the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Trinidad and Tobago (X tons), distantly followed by Argentina (X tons), Jamaica (X tons), the Dominican Republic (X tons) and Brazil (X tons) were the main exporters of oil and water paints and varnishes, together generating 82% of total exports. The following exporters - Honduras (X tons) and Peru (X tons) - each accounted for a 4.7% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Peru (with a CAGR of +6.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest oil and water paints and varnishes supplying countries in Latin America and the Caribbean were Trinidad and Tobago ($X), Argentina ($X) and Brazil ($X), together comprising 63% of total exports. These countries were followed by Jamaica, Peru, the Dominican Republic and Honduras, which together accounted for a further 19%.

Peru, with a CAGR of +6.5%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 3.8% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 12% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Peru ($X per ton), while Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+3.4%), while the other leaders experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports in Latin America and the Caribbean

In 2021, overseas purchases of oil and water paints and varnishes increased by 24% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 84%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of oil and water paints and varnishes surged to $X in 2021. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 36%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

In 2021, Mexico (X tons), followed by Chile (X tons), Guyana (X tons), Colombia (X tons), Brazil (X tons) and Belize (X tons) represented the key importers of oil and water paints and varnishes, together making up 52% of total imports. The following importers - Saint Vincent and the Grenadines (X tons), Jamaica (X tons), Aruba (X tons), the Dominican Republic (X tons), Costa Rica (X tons), Honduras (X tons) and Antigua and Barbuda (X tons) - together made up 22% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Aruba (with a CAGR of +40.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported oil and water paints and varnishes in Latin America and the Caribbean, comprising 27% of total imports. The second position in the ranking was taken by Brazil ($X), with an 11% share of total imports. It was followed by Chile, with a 6.5% share.

From 2012 to 2021, the average annual growth rate of value in Mexico was relatively modest. In the other countries, the average annual rates were as follows: Brazil (-1.3% per year) and Chile (+3.4% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, approximately equating the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the import price increased by 24%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Mexico ($X per ton), while Belize ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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