Latvia: Market for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium 2024

Market Size for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in Latvia

After five years of growth, the Latvian market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium decreased by -9.1% to $X in 2022. Overall, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +89.5% against 2016 indices. Consumption of peaked at $X in 2021, and then contracted in the following year.

Production of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in Latvia

In value terms, production of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium stood at $X in 2022 estimated in export price. Overall, production continues to indicate resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 78%. As a result, production attained the peak level of $X. From 2019 to 2022, production of growth remained at a lower figure.

Exports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Exports from Latvia

In 2022, shipments abroad of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium increased by 8.7% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports showed a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 62% against the previous year. Over the period under review, the exports of attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium surged to $X in 2022. Overall, exports saw prominent growth. The growth pace was the most rapid in 2021 with an increase of 52%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Lithuania (X tons) was the main destination for exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from Latvia, with a 62% share of total exports. Moreover, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to Lithuania exceeded the volume sent to the second major destination, Estonia (X tons), twofold. The third position in this ranking was taken by Belarus (X tons), with a 6.9% share.

From 2012 to 2022, the average annual growth rate of volume to Lithuania totaled +20.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+2.7% per year) and Belarus (+38.4% per year).

In value terms, Lithuania ($X) remains the key foreign market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium exports from Latvia, comprising 59% of total exports. The second position in the ranking was held by Estonia ($X), with a 25% share of total exports. It was followed by Belarus, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania totaled +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+2.8% per year) and Belarus (+34.9% per year).

Export Prices by Country

The average export price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium stood at $X per ton in 2022, increasing by 7.3% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium increased by +103.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 24%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Estonia ($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 Russia (+30.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Imports into Latvia

After three years of growth, supplies from abroad of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium decreased by -3.1% to X tons in 2022. The total import volume increased at an average annual rate of +5.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 19%. Imports peaked at X tons in 2021, and then shrank slightly in the following year.

In value terms, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium reduced to $X in 2022. In general, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +75.3% against 2015 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 30% against the previous year. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Estonia (X tons) constituted the largest paints and varnishes, based on acrylic or vinyl polymers, aqueous medium supplier to Latvia, accounting for a 45% share of total imports. Moreover, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from Estonia exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Estonia totaled +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+27.3% per year) and Germany (-3.5% per year).

In value terms, Estonia ($X) constituted the largest supplier of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to Latvia, comprising 45% of total imports. The second position in the ranking was held by Poland ($X), with a 12% share of total imports. It was followed by Finland, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Estonia amounted to +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+16.8% per year) and Finland (+10.8% per year).

Import Prices by Country

The average import price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium stood at $X per ton in 2022, reducing by -2.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2021 an increase of 21%. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform