MENA: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in MENA

In 2021, the MENA's market for oil and water paints and varnishes decreased by -6.2% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption continues to indicate a slight shrinkage. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Oil And Water Paints And Varnishes in MENA

In value terms, production of oil and water paints and varnishes dropped to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2020 with an increase of 21% against the previous year. Over the period under review, production of reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Oil And Water Paints And Varnishes

Exports in MENA

In 2021, shipments abroad of oil and water paints and varnishes was finally on the rise to reach X tons after four years of decline. In general, exports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 12%. Over the period under review, the exports of hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of oil and water paints and varnishes stood at $X in 2021. Over the period under review, exports, however, saw a abrupt decrease. Over the period under review, the exports of reached the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Turkey (X tons) and the United Arab Emirates (X tons) represented the key exporters of oil and water paints and varnishes in MENA, together committing 81% of total exports. It was distantly followed by Saudi Arabia (X tons), committing a 13% share of total exports. Iran (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Iran (with a CAGR of +2.6%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Turkey ($X) remains the largest oil and water paints and varnishes supplier in MENA, comprising 65% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total exports. It was followed by Saudi Arabia, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at -6.6%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+2.6% per year) and Saudi Arabia (+6.4% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, picking up by 4.1% against the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 11% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+11.2%), while the other leaders experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports in MENA

In 2021, overseas purchases of oil and water paints and varnishes were finally on the rise to reach X tons after five years of decline. Over the period under review, imports, however, showed a perceptible descent. The pace of growth appeared the most rapid in 2015 with an increase of 34%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of oil and water paints and varnishes skyrocketed to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Turkey (X tons) was the main importer of oil and water paints and varnishes, making up 45% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 13% share, followed by Iraq (7.2%) and Oman (7%). Iran (X tons), Israel (X tons), Libya (X tons), Djibouti (X tons), Kuwait (X tons), Syrian Arab Republic (X tons), Algeria (X tons), Morocco (X tons) and Bahrain (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +9.6% from 2012 to 2021. At the same time, Libya (+19.7%), the United Arab Emirates (+8.3%), Oman (+5.3%) and Kuwait (+4.2%) displayed positive paces of growth. Moreover, Libya emerged as the fastest-growing importer imported in MENA, with a CAGR of +19.7% from 2012-2021. Algeria experienced a relatively flat trend pattern. By contrast, Morocco (-2.8%), Syrian Arab Republic (-3.1%), Israel (-3.2%), Djibouti (-5.2%), Bahrain (-7.7%), Iraq (-7.9%) and Iran (-22.4%) illustrated a downward trend over the same period. While the share of Turkey (+29 p.p.), the United Arab Emirates (+7.4 p.p.), Oman (+3.3 p.p.) and Libya (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Iraq (-5.4 p.p.) and Iran (-27.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported oil and water paints and varnishes in MENA, comprising 51% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 12% share of total imports. It was followed by Israel, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at +7.6%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+2.3% per year) and Israel (-1.5% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, growing by 8.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2018 an increase of 41%. The level of import peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Algeria ($X per ton), while Djibouti ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Algeria (+17.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform