Myanmar: Paint And Varnish Market 2024

Paint And Varnish Market Size in Myanmar

The Myanmar's paint and varnish market reached $X in 2022, growing by 3.7% against the previous year. Over the period under review, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.2% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Paint And Varnish Production in Myanmar

In value terms, paint and varnish production rose slightly to $X in 2022 estimated in export price. Overall, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.1% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 37%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Paint And Varnish Exports

Exports from Myanmar

In 2022, overseas shipments of paints and varnishes were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 617%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, paint and varnish exports soared to $X in 2022. In general, exports showed significant growth. The growth pace was the most rapid in 2018 with an increase of 766% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons), Singapore (X tons) and Thailand (X tons) were the main destinations of paint and varnish exports from Myanmar, together comprising 82% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +365.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for paint and varnish exported from Myanmar were Malaysia ($X), Singapore ($X) and Thailand ($X), together comprising 79% of total exports.

Among the main countries of destination, Thailand, with a CAGR of +179.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average paint and varnish export price amounted to $X per ton, rising by 17% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2021 an increase of 40%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were the Philippines ($X per ton) and Thailand ($X per ton), while the average price for exports to Singapore ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.6%), while the prices for the other major destinations experienced a decline.

Paint And Varnish Imports

Imports into Myanmar

In 2022, purchases abroad of paints and varnishes increased by 22% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports posted a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 146% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, paint and varnish imports soared to $X in 2022. Over the period under review, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 64% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of paint and varnish to Myanmar, accounting for a 49% share of total imports. Moreover, paint and varnish imports from Thailand exceeded the figures recorded by the second-largest supplier, Singapore (X tons), threefold. The third position in this ranking was taken by Malaysia (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled +37.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+23.8% per year) and Malaysia (+30.3% per year).

In value terms, the largest paint and varnish suppliers to Myanmar were Thailand ($X), Singapore ($X) and Malaysia ($X), with a combined 84% share of total imports. China, Vietnam and Indonesia lagged somewhat behind, together accounting for a further 12%.

Among the main suppliers, Indonesia, with a CAGR of +45.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average paint and varnish import price amounted to $X per ton, approximately equating the previous year. Over the period under review, the import price, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2018 an increase of 31% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-6.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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