Northern America: Paint And Varnish Market 2024

Paint And Varnish Market Size in Northern America

In 2022, the North American paint and varnish market increased by 0.9% to $X, rising for the fourth consecutive year after two years of decline. The market value increased at an average annual rate of +4.0% 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 in 2022 and is likely to see gradual growth in years to come.

Paint And Varnish Production in Northern America

In value terms, paint and varnish production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 12% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Paint And Varnish Exports

Exports in Northern America

For the fourth consecutive year, Northern America recorded decline in shipments abroad of paints and varnishes, which decreased by -7.2% to X tons in 2022. In general, exports recorded a deep slump. The most prominent rate of growth was recorded in 2014 with an increase of 3.7%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, paint and varnish exports soared to $X in 2022. The total export value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States was the main exporting country with an export of about X tons, which finished at 67% of total exports. It was distantly followed by Canada (X tons), creating a 33% share of total exports.

Exports from the United States decreased at an average annual rate of -10.8% from 2012 to 2022. Canada (-1.1%) illustrated a downward trend over the same period. While the share of Canada (+18 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United States (-18 p.p.) displayed negative dynamics.

In value terms, the United States ($X) remains the largest paint and varnish supplier in Northern America, comprising 86% of total exports. The second position in the ranking was held by Canada ($X), with a 14% share of total exports.

In the United States, paint and varnish exports increased at an average annual rate of +3.3% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, picking up by 26% against the previous year. In general, the export price enjoyed a prominent expansion. The pace of growth was the most pronounced in 2020 an increase of 80% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+15.8%).

Paint And Varnish Imports

Imports in Northern America

In 2022, purchases abroad of paints and varnishes increased by 2.2% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 25% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, paint and varnish imports stood at $X in 2022. The total import value increased at an average annual rate of +4.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 15%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Canada represented the major importer of paints and varnishes in Northern America, with the volume of imports recording X tons, which was approx. 73% of total imports in 2022. It was distantly followed by the United States (X tons), making up a 26% share of total imports.

Canada experienced a relatively flat trend pattern with regard to volume of imports of paints and varnishes. The United States (-2.3%) illustrated a downward trend over the same period. While the share of Canada (+5.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United States (-5.9 p.p.) displayed negative dynamics.

In value terms, the largest paint and varnish importing markets in Northern America were Canada ($X) and the United States ($X).

The United States, with a CAGR of +5.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, with an increase of 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.4%. The most prominent rate of growth was recorded in 2017 an increase of 21%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.4%).

Source: IndexBox Platform

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