Philippines: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in the Philippines

The Philippine non-aqueous paint and varnish market reduced to $X in 2022, declining by -5.9% 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). Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +20.0% against 2020 indices. Non-aqueous paint and varnish consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports from the Philippines

In 2022, overseas shipments of paints and varnishes dispersed or dissolved in a non-aqueous medium 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 saw a remarkable increase. The pace of growth appeared the most rapid in 2018 when exports increased by 107%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, non-aqueous paint and varnish exports dropped sharply to $X in 2022. Overall, exports enjoyed a noticeable increase. The growth pace was the most rapid in 2018 with an increase of 112% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for non-aqueous paint and varnish exports from the Philippines, accounting for a 73% share of total exports. Moreover, non-aqueous paint and varnish exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold. Vietnam (X tons) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled +199.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+18.9% per year) and Vietnam (+6.4% per year).

In value terms, Japan ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in a non-aqueous medium exports from the Philippines, comprising 54% of total exports. The second position in the ranking was held by Vietnam ($X), with a 14% share of total exports. It was followed by the United States, with a 6% share.

From 2012 to 2022, the average annual growth rate of value to Japan totaled +175.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+11.9% per year) and the United States (+21.3% per year).

Export Prices by Country

The average non-aqueous paint and varnish export price stood at $X per ton in 2022, which is down by -24.8% against the previous year. Overall, the export price showed a mild decrease. The pace of growth was the most pronounced in 2021 when the average export price increased by 26%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Japan ($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 Indonesia (+15.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports into the Philippines

In 2022, non-aqueous paint and varnish imports into the Philippines dropped to X tons, shrinking by -10.3% on 2021. Overall, total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +8.9% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 32% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, non-aqueous paint and varnish imports declined to $X in 2022. In general, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +20.8% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 35%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of non-aqueous paint and varnish to the Philippines, accounting for a 36% share of total imports. Moreover, non-aqueous paint and varnish imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Japan (X tons) ranked third in terms of total imports with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand amounted to +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.8% per year) and Japan (+2.3% per year).

In value terms, Thailand ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in a non-aqueous medium to the Philippines, comprising 25% of total imports. The second position in the ranking was held by Japan ($X), with an 11% share of total imports. It was followed by Malaysia, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value from Thailand amounted to +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+2.7% per year) and Malaysia (+10.0% per year).

Import Prices by Country

The average non-aqueous paint and varnish import price stood at $X per ton in 2022, surging by 6.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2018 an increase of 18%. The import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+30.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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