Philippines: Market for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium 2024

Market Size for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in the Philippines

The Philippine market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium dropped to $X in 2022, falling by -14.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a moderate expansion. Consumption of peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Exports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Exports from the Philippines

In 2022, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from the Philippines shrank rapidly to X tons, reducing by -19.5% against the year before. In general, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 281% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium fell remarkably to $X in 2022. Overall, exports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 255%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from the Philippines, accounting for a 74% share of total exports. Moreover, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to Indonesia exceeded the volume sent to the second major destination, Mexico (X tons), sixfold. Thailand (X tons) ranked third in terms of total exports with a 7% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia amounted to +17.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (0.0% per year) and Thailand (+463.2% per year).

In value terms, Indonesia ($X) remains the key foreign market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium exports from the Philippines, comprising 71% of total exports. The second position in the ranking was held by Mexico ($X), with a 14% share of total exports. It was followed by Thailand, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia stood at +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (0.0% per year) and Thailand (+964.9% per year).

Export Prices by Country

The average export price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium stood at $X per ton in 2022, surging by 5.4% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 21%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+89.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Imports into the Philippines

Imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium into the Philippines shrank to X tons in 2022, dropping by -6.4% on the year before. Over the period under review, imports, however, posted a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 93% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium reduced dramatically to $X in 2022. In general, imports, however, showed perceptible growth. The most prominent rate of growth was recorded in 2017 with an increase of 110% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

South Korea (X tons), Thailand (X tons) and Singapore (X tons) were the main suppliers of imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to the Philippines, together comprising 50% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +81.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest paints and varnishes, based on acrylic or vinyl polymers, aqueous medium suppliers to the Philippines were South Korea ($X), Thailand ($X) and Singapore ($X), together comprising 57% of total imports.

Among the main suppliers, South Korea, with a CAGR of +80.1%, saw the highest rates of growth with regard to 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 import price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium amounted to $X per ton, with a decrease of -16.1% against the previous year. Over the period under review, the import price saw a slight shrinkage. The most prominent rate of growth was recorded in 2020 when the average import price increased by 32%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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