Saudi Arabia: 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 Saudi Arabia

The Saudi market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium fell to $X in 2022, waning by -5.1% against the previous year. Overall, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -14.1% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Production of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in Saudi Arabia

In value terms, production of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium dropped to $X in 2022 estimated in export price. Overall, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -14.9% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 40%. As a result, production attained the peak level of $X. From 2020 to 2022, production of growth remained at a somewhat lower figure.

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

Exports from Saudi Arabia

Exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from Saudi Arabia declined to X tons in 2022, falling by -5.5% against the year before. Over the period under review, exports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2015 when exports increased by 43%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium declined to $X in 2022. Overall, total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +18.7% against 2020 indices. The pace of growth was the most pronounced in 2015 when exports increased by 77% against the previous year. Over the period under review, the exports of attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from Saudi Arabia, accounting for a 73% share of total exports. Moreover, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to the United Arab Emirates exceeded the volume sent to the second major destination, Iraq (X tons), fourfold. Kuwait (X tons) ranked third in terms of total exports with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+17.6% per year) and Kuwait (-2.5% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium exports from Saudi Arabia, comprising 83% of total exports. The second position in the ranking was held by Iraq ($X), with a 9.3% share of total exports. It was followed by Egypt, with a 2.5% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+20.8% per year) and Egypt (+39.5% per year).

Export Prices by Country

In 2022, the average export price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium amounted to $X per ton, shrinking by -8.6% against the previous year. In general, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium increased by +102.3% against 2012 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 32% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to Iraq ($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 Kuwait (+9.3%), 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 Saudi Arabia

In 2022, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium into Saudi Arabia rose slightly to X tons, increasing by 3.6% compared with the previous year. Overall, imports, however, recorded a pronounced slump. The pace of growth appeared the most rapid in 2015 with an increase of 26%. Over the period under review, imports of attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium shrank modestly to $X in 2022. In general, imports, however, continue to indicate a mild setback. The growth pace was the most rapid in 2019 with an increase of 19%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The UK (X tons), Italy (X tons) and Bahrain (X tons) were the main suppliers of imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to Saudi Arabia, together comprising 62% of total imports. The United Arab Emirates, the Netherlands, France and Spain lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +29.9%), 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 Saudi Arabia were the UK ($X), Italy ($X) and the United Arab Emirates ($X), with a combined 58% share of total imports.

The United Arab Emirates, with a CAGR of +25.4%, 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 import price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium amounted to $X per ton, dropping by -6.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2013 an increase of 24% against the previous year. The import price peaked at $X per ton in 2021, and then declined in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :