Philippines: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in the Philippines

The Philippine aqueous paint and varnish market reached $X in 2021, surging by 5.3% 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). The market value increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports from the Philippines

In 2021, approx. X tons of paints and varnishes dispersed or dissolved in an aqueous medium were exported from the Philippines; growing by 164% on the previous year's figure. In general, exports posted a slight increase. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, aqueous paint and varnish exports surged to $X in 2021. Overall, exports enjoyed notable growth. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for aqueous paint and varnish exports from the Philippines, with a 74% share of total exports. Moreover, aqueous paint and varnish exports to Indonesia exceeded the volume sent to the second major destination, the United States (X tons), tenfold. Papua New Guinea (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia stood at +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+18.1% per year) and Papua New Guinea (-19.8% per year).

In value terms, Indonesia ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in an aqueous medium exports from the Philippines, comprising 72% of total exports. The second position in the ranking was held by the United States ($X), with a 12% share of total exports. It was followed by Papua New Guinea, with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia amounted to +17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+20.1% per year) and Papua New Guinea (-17.5% per year).

Export Prices by Country

The average aqueous paint and varnish export price stood at $X per ton in 2021, declining by -7.7% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2018 an increase of 37%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Northern Mariana Islands ($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 Vietnam (+30.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports into the Philippines

In 2021, after four years of decline, there was significant growth in overseas purchases of paints and varnishes dispersed or dissolved in an aqueous medium, when their volume increased by 7.5% to X tons. Overall, total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -22.2% against 2016 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 21%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, aqueous paint and varnish imports reached $X in 2021. The total import value increased at an average annual rate of +5.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 16%. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of aqueous paint and varnish to the Philippines, with a 37% share of total imports. Moreover, aqueous paint and varnish imports from Malaysia exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia stood at +40.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-0.5% per year) and Taiwan (Chinese) (-7.5% per year).

In value terms, Malaysia ($X), Japan ($X) and Thailand ($X) appeared to be the largest aqueous paint and varnish suppliers to the Philippines, together comprising 66% of total imports. Vietnam, Singapore, the United States, Germany, Taiwan (Chinese), the UK, China, South Korea and Indonesia lagged somewhat behind, together comprising a further 30%.

In terms of the main suppliers, Vietnam, with a CAGR of +142.5%, recorded 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 2021, the average aqueous paint and varnish import price amounted to $X per ton, picking up by 4.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2020 when the average import price increased by 17%. The import price peaked in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Thailand ($X per ton), while the price for Taiwan (Chinese) ($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 States (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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