Latin America and the Caribbean: Paint And Varnish Market 2024

Paint And Varnish Market Size in Latin America and the Caribbean

The Latin American paint and varnish market amounted to $X in 2022, stabilizing at the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Paint And Varnish Production in Latin America and the Caribbean

In value terms, paint and varnish production fell modestly to $X in 2022 estimated in export price. In general, production, however, saw a mild contraction. The pace of growth was the most pronounced in 2018 with an increase of 9.2%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Paint And Varnish Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of paints and varnishes were exported in Latin America and the Caribbean; remaining stable against 2021. The total export volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 27% against the previous year. As a result, the exports attained the peak of X tons, leveling off in the following year.

In value terms, paint and varnish exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 34%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

In 2022, Brazil (X tons), distantly followed by Mexico (X tons), Guatemala (X tons), Costa Rica (X tons) and El Salvador (X tons) represented the key exporters of paints and varnishes, together comprising 85% of total exports. The following exporters - Argentina (X tons) and the Dominican Republic (X tons) - each recorded a 6.1% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the Dominican Republic (with a CAGR of +12.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish supplying countries in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Costa Rica ($X), together accounting for 68% of total exports. El Salvador, Guatemala, Argentina and the Dominican Republic lagged somewhat behind, together accounting for a further 23%.

El Salvador, with a CAGR of +8.2%, recorded the highest growth rate of the value of exports, in terms of 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

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 17% against the previous year. In general, the export price recorded a relatively flat trend pattern. As a result, the export 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 exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+3.6%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in Latin America and the Caribbean

In 2022, imports of paints and varnishes in Latin America and the Caribbean reduced slightly to X tons, falling by -3.5% against the previous year's figure. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 20% against the previous year. As a result, imports attained the peak of X tons, and then reduced modestly in the following year.

In value terms, paint and varnish imports stood at $X in 2022. The total import value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 24%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Mexico was the key importer of paints and varnishes in Latin America and the Caribbean, with the volume of imports reaching X tons, which was approx. 33% of total imports in 2022. Panama (X tons) took the second position in the ranking, followed by Brazil (X tons), Guatemala (X tons), Argentina (X tons) and Chile (X tons). All these countries together took near 26% share of total imports. Honduras (X tons), Paraguay (X tons), Colombia (X tons), Nicaragua (X tons), El Salvador (X tons), Bolivia (X tons) and Cuba (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to paint and varnish imports into Mexico stood at +3.8%. At the same time, Panama (+39.0%), Paraguay (+4.8%), Nicaragua (+4.4%), Chile (+4.2%), Guatemala (+4.2%), Bolivia (+3.8%), Argentina (+3.0%), Colombia (+2.5%), El Salvador (+1.2%) and Honduras (+1.1%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +39.0% from 2012-2022. By contrast, Brazil (-1.2%) and Cuba (-2.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Panama and Mexico increased by +5 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported paints and varnishes in Latin America and the Caribbean, comprising 41% of total imports. The second position in the ranking was taken by Brazil ($X), with an 8.8% share of total imports. It was followed by Argentina, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value in Mexico stood at +5.0%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+1.5% per year) and Argentina (+2.8% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 16% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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