Scandinavia: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Scandinavia

In 2021, the Scandinavia market for oil and water paints and varnishes decreased by -3.3% to $X for the first time since 2018, thus ending a two-year rising trend. The total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +66.5% against 2016 indices. The level of consumption peaked at $X in 2020, and then declined slightly in the following year.

Production of Oil And Water Paints And Varnishes in Scandinavia

In value terms, production of oil and water paints and varnishes declined to $X in 2021 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% 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 +61.2% against 2017 indices. The pace of growth was the most pronounced in 2020 with an increase of 56%. As a result, production reached the peak level of $X, and then reduced in the following year.

Exports of Oil And Water Paints And Varnishes

Exports in Scandinavia

In 2021, shipments abroad of oil and water paints and varnishes increased by 18% to X tons, rising for the second year in a row after three years of decline. Overall, exports recorded a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of oil and water paints and varnishes skyrocketed to $X in 2021. The total export value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Sweden (X tons), Norway (X tons) and Finland (X tons) represented roughly 93% of total exports in 2021. It was distantly followed by Denmark (X tons), mixing up a 7.4% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Norway (with a CAGR of +16.9%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Sweden ($X) remains the largest oil and water paints and varnishes supplier in Scandinavia, comprising 60% of total exports. The second position in the ranking was taken by Norway ($X), with a 17% share of total exports. It was followed by Finland, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Sweden stood at +7.1%. In the other countries, the average annual rates were as follows: Norway (+8.7% per year) and Finland (-8.1% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2021, rising by 6.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2017 an increase of 23% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Sweden ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+1.9%), while the other leaders experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports in Scandinavia

In 2021, purchases abroad of oil and water paints and varnishes increased by 17% to X tons, rising for the second consecutive year after five years of decline. Overall, imports, however, showed a pronounced shrinkage. Over the period under review, imports of reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of oil and water paints and varnishes skyrocketed to $X in 2021. In general, imports recorded a relatively flat trend pattern. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Denmark (X tons) and Sweden (X tons) represented the largest importers of oil and water paints and varnishes in Scandinavia, together mixing up 64% of total imports. It was distantly followed by Finland (X tons) and Norway (X tons), together comprising a 35% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Denmark (with a CAGR of +4.6%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest oil and water paints and varnishes importing markets in Scandinavia were Denmark ($X), Sweden ($X) and Norway ($X), with a combined 85% share of total imports.

Denmark, with a CAGR of +5.8%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per ton, surging by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2013 an increase of 24% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Norway ($X per ton), while Finland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform