Serbia: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Serbia

The Serbian non-aqueous paint and varnish market surged to $X in 2022, jumping by 39% against the previous year. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 -6.6% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Serbia

In value terms, non-aqueous paint and varnish production soared to $X in 2022 estimated in export price. In general, the total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.8% 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 -10.3% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 50% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports from Serbia

In 2022, after two years of growth, there was significant decline in overseas shipments of paints and varnishes dispersed or dissolved in a non-aqueous medium, when their volume decreased by -5.9% to X tons. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when exports increased by 28%. The exports peaked at X tons in 2021, and then dropped in the following year.

In value terms, non-aqueous paint and varnish exports surged to $X in 2022. Overall, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 +67.1% against 2015 indices. The growth pace was the most rapid in 2014 when exports increased by 24%. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

Bosnia and Herzegovina (X tons), North Macedonia (X tons) and Belarus (X tons) were the main destinations of non-aqueous paint and varnish exports from Serbia, together accounting for 53% of total exports. Montenegro, Russia, Croatia, Slovenia, Hungary, Bulgaria, Kyrgyzstan, Poland and Italy lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kyrgyzstan (with a CAGR of +292.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for non-aqueous paint and varnish exported from Serbia were Bosnia and Herzegovina ($X), Belarus ($X) and North Macedonia ($X), with a combined 49% share of total exports. Russia, Montenegro, Kyrgyzstan, Slovenia, Croatia, Hungary, Bulgaria, Italy and Poland lagged somewhat behind, together accounting for a further 39%.

Kyrgyzstan, with a CAGR of +185.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average non-aqueous paint and varnish export price amounted to $X per ton, rising by 25% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kyrgyzstan ($X per ton), while the average price for exports to Bulgaria ($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 Poland (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports into Serbia

Non-aqueous paint and varnish imports into Serbia shrank modestly to X tons in 2022, with a decrease of -1.9% against 2021. In general, total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% 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 +75.3% against 2014 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 20% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, non-aqueous paint and varnish imports expanded notably to $X in 2022. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +94.5% against 2015 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 19% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Italy (X tons), Germany (X tons) and France (X tons) were the main suppliers of non-aqueous paint and varnish imports to Serbia, together accounting for 53% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +58.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish suppliers to Serbia were Italy ($X), Germany ($X) and France ($X), with a combined 58% share of total imports.

Among the main suppliers, France, with a CAGR of +44.0%, saw the highest growth rate of the value of imports, 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 non-aqueous paint and varnish import price amounted to $X per ton, growing by 8.3% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 16% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform