Middle East: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in the Middle East

After two years of growth, the Middle Eastern aqueous paint and varnish market decreased by -6.1% to $X in 2021. Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in the Middle East

In value terms, aqueous paint and varnish production contracted modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2016 with an increase of 14% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports in the Middle East

In 2021, aqueous paint and varnish exports in the Middle East soared to X tons, jumping by 38% on 2020. Total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +36.6% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, aqueous paint and varnish exports soared to $X in 2021. The total export value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the major exporting country with an export of about X tons, which resulted at 54% of total exports. It was distantly followed by Oman (X tons), the United Arab Emirates (X tons) and Saudi Arabia (X tons), together making up a 42% share of total exports.

Exports from Turkey increased at an average annual rate of +5.9% from 2012 to 2021. At the same time, Oman (+13.9%) and the United Arab Emirates (+3.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +13.9% from 2012-2021. By contrast, Saudi Arabia (-4.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Oman and Turkey increased by +10 and +4.2 percentage points, respectively.

In value terms, Turkey ($X) remains the largest aqueous paint and varnish supplier in the Middle East, comprising 54% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 14% share of total exports. It was followed by the United Arab Emirates, with a 14% share.

In Turkey, aqueous paint and varnish exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+3.1% per year) and the United Arab Emirates (+6.5% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, picking up by 4.5% against the previous year. In general, the export price, however, recorded a pronounced decrease. The growth pace was the most rapid in 2015 when the export price increased by 12% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Saudi Arabia ($X per ton), while Oman ($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 (+8.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports in the Middle East

In 2021, approx. X tons of paints and varnishes dispersed or dissolved in an aqueous medium were imported in the Middle East; with an increase of 3.8% against the previous year's figure. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when imports increased by 15% against the previous year. The volume of import peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, aqueous paint and varnish imports surged to $X in 2021. The total import value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons), Qatar (X tons), the United Arab Emirates (X tons) and Iraq (X tons) was the main importer of paints and varnishes dispersed or dissolved in an aqueous medium in the Middle East, committing 71% of total import. Oman (X tons) held a 7.5% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (6%). Iran (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Oman (with a CAGR of +24.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest aqueous paint and varnish importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Qatar ($X), together comprising 61% of total imports. Saudi Arabia, Iraq, Oman and Iran lagged somewhat behind, together accounting for a further 25%.

Oman, with a CAGR of +17.4%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, rising by 12% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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