Philippines: 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

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