Serbia: Paint And Varnish Market 2024

Paint And Varnish Market Size in Serbia

The Serbian paint and varnish market was estimated at $X in 2022, growing by 11% against the previous year. Over the period under review, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +80.6% against 2015 indices. Paint and varnish consumption peaked in 2022 and is likely to continue growth in the immediate term.

Paint And Varnish Production in Serbia

In value terms, paint and varnish production skyrocketed to $X in 2022 estimated in export price. Overall, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 28%. Paint and varnish production peaked in 2022 and is likely to continue growth in the near future.

Paint And Varnish Exports

Exports from Serbia

In 2022, overseas shipments of paints and varnishes decreased by -1% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 7.1% against the previous year. The exports peaked at X tons in 2021, and then fell modestly in the following year.

In value terms, paint and varnish exports surged to $X in 2022. The total export value increased at an average annual rate of +4.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when exports increased by 17% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Bosnia and Herzegovina (X tons) was the main destination for paint and varnish exports from Serbia, with a 47% share of total exports. Moreover, paint and varnish exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, North Macedonia (X tons), threefold. Montenegro (X tons) ranked third in terms of total exports with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bosnia and Herzegovina was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (-1.6% per year) and Montenegro (-3.7% per year).

In value terms, the largest markets for paint and varnish exported from Serbia were Bosnia and Herzegovina ($X), North Macedonia ($X) and Belarus ($X), with a combined 52% share of total exports. Montenegro, Russia, Croatia, Slovenia, Bulgaria and Hungary lagged somewhat behind, together comprising a further 29%.

Bulgaria, with a CAGR of +27.0%, 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 paint and varnish export price amounted to $X per ton, picking up by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Bosnia and Herzegovina ($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 Russia (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Serbia

Paint and varnish imports into Serbia shrank to X tons in 2022, falling by -4.4% against the previous year's figure. In general, total imports indicated a measured increase from 2012 to 2022: its volume 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 +50.9% against 2014 indices. The most prominent rate of growth was recorded in 2019 with an increase of 19% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, paint and varnish imports expanded modestly to $X in 2022. Overall, total imports indicated a tangible 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, imports increased by +85.8% against 2015 indices. The growth pace was the most rapid in 2021 when imports increased by 20%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Italy (X tons), Germany (X tons) and Greece (X tons) were the main suppliers of paint and varnish imports to Serbia, together comprising 46% of total imports. The UK, Croatia, Slovenia, France, the Netherlands, Poland, Turkey, Austria and Sweden lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +29.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish suppliers to Serbia were Italy ($X), Germany ($X) and Greece ($X), with a combined 52% share of total imports. France, the UK, Slovenia, Croatia, the Netherlands, Sweden, Poland, Austria and Turkey lagged somewhat behind, together accounting for a further 37%.

In terms of the main suppliers, France, with a CAGR of +30.1%, 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

The average paint and varnish import price stood at $X per ton in 2022, increasing by 9.2% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 13%. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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 Sweden ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform