Oman: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Oman

In 2021, after two years of growth, there was significant decline in the Omani market for oil and water paints and varnishes, when its value decreased by -35% to $X. Over the period under review, consumption recorded a pronounced curtailment. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Production of Oil And Water Paints And Varnishes in Oman

In value terms, production of oil and water paints and varnishes shrank markedly to $X in 2021 estimated in export price. Overall, production continues to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2020 when the production volume increased by 437% against the previous year. As a result, production reached the peak level of $X, and then contracted sharply in the following year.

Exports of Oil And Water Paints And Varnishes

Exports from Oman

In 2021, shipments abroad of oil and water paints and varnishes decreased by -39.8% to X tons for the first time since 2017, thus ending a three-year rising trend. Overall, exports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2015 when exports increased by 353%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of oil and water paints and varnishes dropped rapidly to $X in 2021. Over the period under review, exports, however, showed a strong increase. The pace of growth was the most pronounced in 2015 with an increase of 431% against the previous year. The exports peaked at $X in 2020, and then dropped dramatically in the following year.

Exports by Country

The United Arab Emirates (X tons) was the main destination for exports of oil and water paints and varnishes from Oman, with a 48% share of total exports. Moreover, exports of oil and water paints and varnishes to the United Arab Emirates exceeded the volume sent to the second major destination, Somalia (X tons), twofold. The third position in this ranking was held by Jordan (X tons), with a 16% share.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Somalia (+22.9% per year) and Jordan (+110.7% per year).

In value terms, the United Arab Emirates ($X), Qatar ($X) and Somalia ($X) appeared to be the largest markets for oil and water paints and varnishes exported from Oman worldwide, with a combined 82% share of total exports. These countries were followed by Jordan and Iran, which together accounted for a further 14%.

In terms of the main countries of destination, Jordan, with a CAGR of +216.9%, 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 2021, the average export price for oil and water paints and varnishes amounted to $X per ton, with an increase of 34% against the previous year. Overall, the export price showed a strong increase. The pace of growth appeared the most rapid in 2017 an increase of 52%. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Qatar ($X per ton), while the average price for exports to Jordan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Jordan (+50.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports into Oman

In 2021, supplies from abroad of oil and water paints and varnishes decreased by -28.2% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 211% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of oil and water paints and varnishes contracted dramatically to $X in 2021. Over the period under review, imports continue to indicate a perceptible decrease. The pace of growth was the most pronounced in 2015 when imports increased by 105% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of oil and water paints and varnishes to Oman, accounting for a 86% share of total imports. Moreover, imports of oil and water paints and varnishes from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates totaled +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+39.1% per year) and India (+24.5% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of oil and water paints and varnishes to Oman, comprising 72% of total imports. The second position in the ranking was held by Thailand ($X), with a 7.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates stood at -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+16.4% per year) and India (+8.8% per year).

Import Prices by Country

In 2021, the average import price for oil and water paints and varnishes amounted to $X per ton, declining by -2% against the previous year. In general, the import price saw a drastic downturn. The most prominent rate of growth was recorded in 2018 an increase of 74%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Thailand ($X per ton), while the price for the United Arab Emirates ($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 (-10.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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