Singapore: Market for Oil And Water Paints And Varnishes 2025

Market Size for Oil And Water Paints And Varnishes in Singapore

The Singaporean market for oil and water paints and varnishes skyrocketed to $X in 2021, increasing by 364% against the previous year. Overall, consumption recorded a remarkable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Oil And Water Paints And Varnishes in Singapore

In value terms, production of oil and water paints and varnishes amounted to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 184%. As a result, production attained the peak level of $X. From 2014 to 2021, production of growth failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports from Singapore

Exports of oil and water paints and varnishes from Singapore dropped to X tons in 2021, waning by -4.6% on the year before. In general, exports continue to indicate a deep reduction. The growth pace was the most rapid in 2013 with an increase of 105%. Over the period under review, the exports of hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, exports of oil and water paints and varnishes totaled $X in 2021. Over the period under review, exports saw a abrupt shrinkage. The growth pace was the most rapid in 2013 with an increase of 108%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Indonesia (X tons), Vietnam (X tons) and Hong Kong SAR (X tons) were the main destinations of exports of oil and water paints and varnishes from Singapore, together comprising 58% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +24.3%), while the other leaders experienced mixed trend patterns.

In value terms, Indonesia ($X), Malaysia ($X) and Vietnam ($X) appeared to be the largest markets for oil and water paints and varnishes exported from Singapore worldwide, together comprising 58% of total exports.

Among the main countries of destination, Vietnam, with a CAGR of +21.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for oil and water paints and varnishes stood at $X per ton in 2021, rising by 16% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Hong Kong SAR ($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 the Philippines (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports into Singapore

In 2021, purchases abroad of oil and water paints and varnishes increased by 68% to X tons, rising for the second consecutive year after four years of decline. Overall, imports continue to indicate resilient growth. The pace of growth was the most pronounced in 2020 when imports increased by 148% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, imports of oil and water paints and varnishes surged to $X in 2021. In general, imports showed a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Vietnam (X tons) constituted the largest supplier of oil and water paints and varnishes to Singapore, accounting for a 67% share of total imports. Moreover, imports of oil and water paints and varnishes from Vietnam exceeded the figures recorded by the second-largest supplier, Japan (X tons), tenfold. The third position in this ranking was held by Malaysia (X tons), with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Vietnam totaled +59.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+8.3% per year) and Malaysia (-2.2% per year).

In value terms, Vietnam ($X) constituted the largest supplier of oil and water paints and varnishes to Singapore, comprising 52% of total imports. The second position in the ranking was held by Japan ($X), with a 14% share of total imports. It was followed by the United States, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Vietnam stood at +53.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+16.1% per year) and the United States (-3.7% per year).

Import Prices by Country

In 2021, the average import price for oil and water paints and varnishes amounted to $X per ton, surging by 27% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 33% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for China ($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 United States (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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