Latvia: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Latvia

In 2022, after two years of growth, there was significant decline in the Latvian non-aqueous paint and varnish market, when its value decreased by -11.5% to $X. Overall, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +88.1% against 2015 indices. Non-aqueous paint and varnish consumption peaked at $X in 2021, and then fell in the following year.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports from Latvia

In 2022, shipments abroad of paints and varnishes dispersed or dissolved in a non-aqueous medium decreased by -44.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports showed a mild decline. The pace of growth was the most pronounced in 2018 when exports increased by 27%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then dropped sharply in the following year.

In value terms, non-aqueous paint and varnish exports shrank significantly to $X in 2022. Over the period under review, exports, however, saw measured growth. The pace of growth appeared the most rapid in 2018 when exports increased by 34%. The exports peaked at $X in 2021, and then dropped markedly in the following year.

Exports by Country

Lithuania (X tons) was the main destination for non-aqueous paint and varnish exports from Latvia, with a 54% share of total exports. Moreover, non-aqueous paint and varnish exports to Lithuania exceeded the volume sent to the second major destination, Russia (X tons), fivefold. The third position in this ranking was held by Estonia (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania amounted to -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+14.3% per year) and Estonia (-9.8% per year).

In value terms, Lithuania ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in a non-aqueous medium exports from Latvia, comprising 42% of total exports. The second position in the ranking was held by Russia ($X), with a 14% share of total exports. It was followed by Estonia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+19.6% per year) and Estonia (-7.6% per year).

Export Prices by Country

The average non-aqueous paint and varnish export price stood at $X per ton in 2022, growing by 20% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Lithuania ($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 (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports into Latvia

In 2022, after two years of growth, there was significant decline in overseas purchases of paints and varnishes dispersed or dissolved in a non-aqueous medium, when their volume decreased by -30.6% to X tons. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 16%. Imports peaked at X tons in 2021, and then dropped markedly in the following year.

In value terms, non-aqueous paint and varnish imports contracted markedly to $X in 2022. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 24% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then reduced remarkably in the following year.

Imports by Country

Poland (X tons), Lithuania (X tons) and Finland (X tons) were the main suppliers of non-aqueous paint and varnish imports to Latvia, with a combined 51% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lithuania (with a CAGR of +6.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish suppliers to Latvia were Germany ($X), Lithuania ($X) and Poland ($X), together accounting for 50% of total imports.

Among the main suppliers, Germany, with a CAGR of +8.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average non-aqueous paint and varnish import price stood at $X per ton in 2022, rising by 10% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform