Middle East: 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 the Middle East

The Middle Eastern non-aqueous paint and varnish market reduced to $X in 2022, shrinking by -9.3% against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in the Middle East

In value terms, non-aqueous paint and varnish production fell rapidly to $X in 2022 estimated in export price. Overall, production, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 51% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

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

Exports in the Middle East

In 2022, overseas shipments of paints and varnishes dispersed or dissolved in a non-aqueous medium increased by 2.7% to X tons, rising for the second consecutive year after three years of decline. The total export volume increased at an average annual rate of +5.3% over the period 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 when exports increased by 34% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, non-aqueous paint and varnish exports rose notably to $X in 2022. Total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +33.5% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 30% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Turkey (X tons) and the United Arab Emirates (X tons) dominates exports structure, together committing 85% of total exports. The following exporters - Oman (X tons), Saudi Arabia (X tons), Lebanon (X tons) and Iran (X tons) - together made up 12% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Oman (with a CAGR of +15.9%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Lebanon ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 88% of total exports. Saudi Arabia, Oman and Iran lagged somewhat behind, together comprising a further 6.7%.

Oman, with a CAGR of +10.9%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, growing by 7.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2018 when the export price increased by 15% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Lebanon ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.2%), while the other leaders experienced more modest paces of growth.

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

Imports in the Middle East

Non-aqueous paint and varnish imports stood at X tons in 2022, remaining relatively unchanged against the year before. The total import volume increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 16%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, non-aqueous paint and varnish imports totaled $X in 2022. The total import value increased at an average annual rate of +4.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 14%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Turkey was the major importer of paints and varnishes dispersed or dissolved in a non-aqueous medium in the Middle East, with the volume of imports recording X tons, which was near 32% of total imports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 13% share, followed by Saudi Arabia (12%), Kuwait (7.7%), Iraq (7.4%), Bahrain (5.4%), Israel (5.1%) and Oman (5.1%).

From 2012 to 2022, average annual rates of growth with regard to non-aqueous paint and varnish imports into Turkey stood at +5.4%. At the same time, Saudi Arabia (+8.9%), Iraq (+7.9%), the United Arab Emirates (+5.6%), Kuwait (+5.1%), Bahrain (+2.5%) and Israel (+1.4%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +8.9% from 2012-2022. Oman experienced a relatively flat trend pattern. Saudi Arabia (+4 p.p.), Turkey (+2.6 p.p.) and Iraq (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Israel and Oman saw its share reduced by -1.8% and -2.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported paints and varnishes dispersed or dissolved in a non-aqueous medium in the Middle East, comprising 41% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total imports. It was followed by Saudi Arabia, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value in Turkey totaled +6.0%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+5.1% per year) and Saudi Arabia (+7.4% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, with an increase of 3.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 12%. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+1.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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