Middle East: Paint And Varnish Market 2024

Paint And Varnish Market Size in the Middle East

The Middle Eastern paint and varnish market dropped to $X in 2022, declining by -7.1% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Paint And Varnish Production in the Middle East

In value terms, paint and varnish production fell to $X in 2022 estimated in export price. Over the period under review, production, however, posted buoyant growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 55%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Paint And Varnish Exports

Exports in the Middle East

In 2022, paint and varnish exports in the Middle East dropped markedly to X tons, waning by -29.8% compared with the previous year. Over the period under review, exports showed a slight reduction. The pace of growth appeared the most rapid in 2013 when exports increased by 14%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports dropped to $X in 2022. The total export value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 17%. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

Turkey represented the largest exporting country with an export of about X tons, which recorded 60% of total exports. Oman (X tons) ranks second in terms of the total exports with a 12% share, followed by the United Arab Emirates (11%) and Saudi Arabia (7.9%). Iran (X tons) and Lebanon (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the paints and varnishes exports, with a CAGR of +2.0% from 2012 to 2022. At the same time, Lebanon (+1.4%) and Iran (+1.3%) displayed positive paces of growth. Oman experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-4.1%) and the United Arab Emirates (-8.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by +17 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest paint and varnish supplier in the Middle East, comprising 61% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 14% share of total exports. It was followed by Saudi Arabia, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey totaled +2.7%. In the other countries, the average annual rates were as follows: the United Arab Emirates (-2.1% per year) and Saudi Arabia (+2.6% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, surging by 23% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.3%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in the Middle East

In 2022, the amount of paints and varnishes imported in the Middle East shrank markedly to X tons, waning by -17% compared with the previous year. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 16%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, paint and varnish imports contracted modestly to $X in 2022. The total import value increased at an average annual rate of +3.7% 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 2021 when imports increased by 14% against the previous year. As a result, imports reached the peak of $X, and then reduced slightly in the following year.

Imports by Country

Turkey represented the main importer of paints and varnishes in the Middle East, with the volume of imports recording X tons, which was approx. 35% of total imports in 2022. It was distantly followed by Saudi Arabia (X tons), the United Arab Emirates (X tons), Iraq (X tons), Qatar (X tons) and Israel (X tons), together committing a 48% share of total imports. Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to paint and varnish imports into Turkey stood at +5.0%. At the same time, Qatar (+5.1%), Saudi Arabia (+5.0%), Israel (+2.5%) and Bahrain (+2.4%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +5.1% from 2012-2022. Iraq and the United Arab Emirates experienced a relatively flat trend pattern. While the share of Turkey (+9 p.p.), Saudi Arabia (+3.2 p.p.) and Qatar (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Iraq (-1.9 p.p.) and the United Arab Emirates (-2.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported paints and varnishes in the Middle East, comprising 42% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 17% share of total imports. It was followed by Saudi Arabia, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +5.4%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+4.7% per year) and Saudi Arabia (+5.1% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, picking up by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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