Saudi Arabia: 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 Saudi Arabia

After two years of growth, the Saudi aqueous paint and varnish market decreased by -5.5% to $X in 2021. Overall, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +2.3% against 2017 indices. Aqueous paint and varnish consumption peaked at $X in 2020, and then declined in the following year.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Saudi Arabia

In value terms, aqueous paint and varnish production dropped slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +3.0% against 2017 indices. The growth pace was the most rapid in 2014 when the production volume increased by 43%. Over the period under review, production hit record highs at $X in 2020, and then declined slightly in the following year.

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

Exports from Saudi Arabia

After two years of decline, overseas shipments of paints and varnishes dispersed or dissolved in an aqueous medium increased by 8.7% to X tons in 2021. Over the period under review, exports, however, continue to indicate a noticeable descent. The pace of growth was the most pronounced in 2015 with an increase of 42%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, aqueous paint and varnish exports skyrocketed to $X in 2021. In general, total exports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when exports increased by 76%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for aqueous paint and varnish exports from Saudi Arabia, accounting for a 71% share of total exports. Moreover, aqueous paint and varnish exports 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 2021, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +7.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+0.0% per year) and Kuwait (-20.2% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in an aqueous medium exports from Saudi Arabia, comprising 83% of total exports. The second position in the ranking was held by Iraq ($X), with a 9% share of total exports. It was followed by Egypt, with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+4.8% per year) and Egypt (+0.0% per year).

Export Prices by Country

The average aqueous paint and varnish export price stood at $X per ton in 2021, with an increase of 21% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +8.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, aqueous paint and varnish export price increased by +45.6% against 2018 indices. The growth pace was the most rapid in 2015 an increase of 25% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Bahrain ($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 Kuwait (+14.1%), 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 Saudi Arabia

After two years of growth, purchases abroad of paints and varnishes dispersed or dissolved in an aqueous medium decreased by -16% to X tons in 2021. Overall, imports continue to indicate a perceptible slump. The pace of growth was the most pronounced in 2015 when imports increased by 20% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, aqueous paint and varnish imports dropped to $X in 2021. In general, imports saw a perceptible shrinkage. The growth pace was the most rapid in 2020 with an increase of 37% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the UK (X tons) constituted the largest supplier of aqueous paint and varnish to Saudi Arabia, with a 44% share of total imports. Moreover, aqueous paint and varnish imports from the UK exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was taken by the Netherlands (X tons), with an 8.5% share.

From 2012 to 2021, the average annual growth rate of volume from the UK was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+25.5% per year) and the Netherlands (+15.3% per year).

In value terms, the UK ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in an aqueous medium to Saudi Arabia, comprising 46% of total imports. The second position in the ranking was held by Italy ($X), with a 17% share of total imports. It was followed by the Netherlands, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the UK totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+24.4% per year) and the Netherlands (+6.1% per year).

Import Prices by Country

In 2021, the average aqueous paint and varnish import price amounted to $X per ton, surging by 8.1% against the previous year. Over the last nine years, it increased at an average annual rate of +1.8%. The pace of growth was the most pronounced in 2013 when the average import price increased by 26% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Spain ($X per ton), while the price for Kuwait ($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 UK (+1.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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