Mexico: Paint And Varnish Market 2025

Paint And Varnish Market Size in Mexico

The Mexican paint and varnish market was estimated at $X in 2022, rising by 8.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +16.6% against 2020 indices. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Paint And Varnish Exports

Exports from Mexico

In 2022, exports of paints and varnishes from Mexico soared to X tons, growing by 27% compared with 2021 figures. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 35%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports soared to $X in 2022. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for paint and varnish exports from Mexico, with a 75% share of total exports. Moreover, paint and varnish exports to the United States exceeded the volume sent to the second major destination, Guatemala (X tons), eightfold. Costa Rica (X tons) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+3.0% per year) and Costa Rica (+3.2% per year).

In value terms, the United States ($X) remains the key foreign market for paints and varnishes exports from Mexico, comprising 77% of total exports. The second position in the ranking was held by Guatemala ($X), with a 7.1% share of total exports. It was followed by Costa Rica, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+5.6% per year) and Costa Rica (+6.8% per year).

Export Prices by Country

The average paint and varnish export price stood at $X per ton in 2022, growing by 3.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 24%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Cuba ($X per ton), while the average price for exports to Panama ($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 Cuba (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Mexico

In 2022, the amount of paints and varnishes imported into Mexico was estimated at X tons, almost unchanged from the previous year's figure. The total import volume increased at an average annual rate of +3.8% 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 2018 when imports increased by 14% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, paint and varnish imports surged to $X in 2022. The total import value increased at an average annual rate of +5.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of paint and varnish to Mexico, accounting for a 85% share of total imports. Moreover, paint and varnish imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. The third position in this ranking was held by Germany (X tons), with a 3% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.3% per year) and Germany (+8.0% per year).

In value terms, the United States ($X) constituted the largest supplier of paints and varnishes to Mexico, comprising 81% of total imports. The second position in the ranking was taken by Germany ($X), with a 5.7% share of total imports. It was followed by Italy, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.4% per year) and Italy (+12.4% per year).

Import Prices by Country

In 2022, the average paint and varnish import price amounted to $X per ton, increasing by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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