
Philippines - Paints and Varnishes - Market Analysis, Forecast, Size, Trends and Insights
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View PricingPhilippines: Paint And Varnish Market 2025
Paint And Varnish Market Size in the Philippines
The Philippine paint and varnish market declined to $X in 2022, falling by -8.8% 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 noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +7.8% against 2020 indices. Paint and varnish consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.
Paint And Varnish Exports
Exports from the Philippines
In 2022, paint and varnish exports from the Philippines reduced slightly to X tons, shrinking by -3.5% against the previous year's figure. Over the period under review, exports, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2017 with an increase of 74% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.
In value terms, paint and varnish exports declined rapidly to $X in 2022. Overall, exports, however, enjoyed pronounced growth. The growth pace was the most rapid in 2021 with an increase of 48%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.
Exports by Country
Japan (X tons) was the main destination for paint and varnish exports from the Philippines, accounting for a 50% share of total exports. Moreover, paint and varnish exports to Japan exceeded the volume sent to the second major destination, Indonesia (X tons), twofold. The United States (X tons) ranked third in terms of total exports with a 7.4% share.
From 2012 to 2022, the average annual growth rate of volume to Japan totaled +96.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+1.3% per year) and the United States (+32.6% per year).
In value terms, the largest markets for paint and varnish exported from the Philippines were Japan ($X), Indonesia ($X) and Vietnam ($X), together comprising 67% of total exports.
Among the main countries of destination, Japan, with a CAGR of +84.6%, recorded the highest rates of growth with regard to 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
The average paint and varnish export price stood at $X per ton in 2022, with a decrease of -16.4% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 20%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to 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 Vietnam (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.
Paint And Varnish Imports
Imports into the Philippines
In 2022, imports of paints and varnishes into the Philippines declined sharply to X tons, waning by -18.5% on 2021. Overall, total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -27.0% against 2019 indices. The growth pace was the most rapid in 2014 when imports increased by 29% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.
In value terms, paint and varnish imports fell modestly to $X in 2022. Over the period under review, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +16.2% against 2020 indices. The growth pace was the most rapid in 2014 when imports increased by 22%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.
Imports by Country
Malaysia (X tons), China (X tons) and Japan (X tons) were the main suppliers of paint and varnish imports to the Philippines, with a combined 51% share of total imports. Thailand, Indonesia, Singapore, Vietnam and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 33%.
From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +39.2%), while imports for the other leaders experienced more modest paces of growth.
In value terms, the largest paint and varnish suppliers to the Philippines were Thailand ($X), Japan ($X) and Malaysia ($X), together accounting for 50% of total imports. Singapore, China, Indonesia, Vietnam and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 27%.
Vietnam, with a CAGR of +45.9%, saw the highest growth rate of the value of imports, among the main suppliers 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 paint and varnish import price amounted to $X per ton, growing by 19% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($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 Taiwan (Chinese) (+18.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the paint and varnish market in the Philippines. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 20301150 - Paints and varnishes, based on acrylic or vinyl polymers dispersed or dissolved in an aqueous medium (including enamels and lacquers)
- Prodcom 20301170 - Other paints, varnishes dispersed or dissolved in an aqueous medium
- Prodcom 20301225 - Paints and varnishes, based on polyesters dispersed/dissolved in a non-aqueous medium, weight of the solvent > .50 % of the weight of the solution including enamels and lacquers
- Prodcom 20301229 - Paints and varnishes, based on polyesters dispersed/dissolved in a non-aqueous medium including enamels and lacquers excluding weight of the solvent > .50 % of the weight of the solution
- Prodcom 20301230 - Paints and varnishes, based on acrylic or vinyl polymers dispersed/dissolved in non-aqueous medium, weight of the solvent > .50 % of the solution weight including enamels and lacquers
- Prodcom 20301250 - Other paints and varnishes based on acrylic or vinyl polymers
- Prodcom 20301270 - Paints and varnishes: solutions n.e.c.
- Prodcom 20301290 - Other paints and varnishes based on synthetic polymers n.e.c.
- Prodcom 20302213 - Oil paints and varnishes (including enamels and lacquers)
- Prodcom 20302215 - Prepared water pigments for finishing leather, paints and varnishes (including enamels, lacquers and distempers) (excluding of oil)
Country coverage:
- Philippines
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in the Philippines
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND THE AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO
3. MARKET OVERVIEW
Understanding the Current State of The Market and its Prospects
- MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET FORECAST TO 2035
4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION
Finding New Products to Diversify Your Business
- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCTS
- MOST TRADED PRODUCTS
- MOST PROFITABLE PRODUCTS FOR EXPORTS
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Export
- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
LIST OF FIGURES
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Volume Forecast to 2035
- Market Value Forecast to 2035
- Market Size and Growth, By Product
- Average Per Capita Consumption, By Product
- Exports and Growth, By Product
- Export Prices and Growth, By Product
- Production Volume and Growth
- Exports and Growth
- Export Prices and Growth
- Market Size and Growth
- Per Capita Consumption
- Imports and Growth
- Import Prices
- Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
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