Middle East: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in the Middle East

In 2021, the Middle Eastern market for oil and water paints and varnishes decreased by -6.3% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption continues to indicate a mild curtailment. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Production of Oil And Water Paints And Varnishes in the Middle East

In value terms, production of oil and water paints and varnishes declined to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 19% against the previous year. Over the period under review, production of hit record highs at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports in the Middle East

After four years of decline, overseas shipments of oil and water paints and varnishes increased by 5.6% to X tons in 2021. In general, exports, however, continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 12%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of oil and water paints and varnishes expanded markedly to $X in 2021. Overall, exports, however, recorded a noticeable setback. The pace of growth was the most pronounced in 2014 when exports increased by 11%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Turkey (X tons) and the United Arab Emirates (X tons) were the major exporters of oil and water paints and varnishes in 2021, recording approx. 42% and 39% of total exports, respectively. It was distantly followed by Saudi Arabia (X tons), making up a 13% share of total exports. Iran (X tons) took a minor share of total exports.

From 2012 to 2021, the biggest increases were recorded for Iran (with a CAGR of +2.6%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Turkey ($X) remains the largest oil and water paints and varnishes supplier in the Middle East, comprising 66% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 16% share of total exports. It was followed by Saudi Arabia, with a 13% share.

In Turkey, exports of oil and water paints and varnishes plunged by an average annual rate of -6.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+2.6% per year) and Saudi Arabia (+6.4% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, increasing by 3.5% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the export price increased by 15% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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 the Middle East

In 2021, purchases abroad of oil and water paints and varnishes was finally on the rise to reach X tons for the first time since 2015, thus ending a five-year declining trend. Over the period under review, imports, however, recorded a slight descent. The most prominent rate of growth was recorded in 2015 when imports increased by 37%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports of remained at a somewhat lower figure.

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

Imports by Country

Turkey was the key importing country with an import of around X tons, which reached 50% of total imports. It was distantly followed by the United Arab Emirates (X tons), Iraq (X tons) and Oman (X tons), together achieving a 30% share of total imports. The following importers - Iran (X tons), Israel (X tons) and Kuwait (X tons) - together made up 11% of total imports.

Turkey was also the fastest-growing in terms of the oil and water paints and varnishes imports, with a CAGR of +9.6% from 2012 to 2021. At the same time, the United Arab Emirates (+8.3%), Oman (+5.3%) and Kuwait (+4.2%) displayed positive paces of growth. By contrast, Israel (-3.2%), Iraq (-7.9%) and Iran (-22.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey, the United Arab Emirates and Oman increased by +32, +8.3 and +3.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported oil and water paints and varnishes in the Middle East, comprising 58% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 13% share of total imports. It was followed by Israel, with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value in Turkey amounted to +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

The import price in the Middle East stood at $X per ton in 2021, picking up by 8.6% against the previous year. Over the last nine years, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2018 when the import price increased by 45% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Israel ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+15.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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