Singapore: 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 Singapore

The Singaporean non-aqueous paint and varnish market stood at $X in 2022, picking up by 2.8% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

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

In value terms, non-aqueous paint and varnish production shrank modestly to $X in 2022 estimated in export price. In general, production saw a deep setback. The growth pace was the most rapid in 2014 with an increase of 19% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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

Exports from Singapore

In 2022, after three years of decline, there was significant growth in shipments abroad of paints and varnishes dispersed or dissolved in a non-aqueous medium, when their volume increased by 8.3% to X tons. Overall, exports, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2014 when exports increased by 17%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, non-aqueous paint and varnish exports totaled $X in 2022. In general, exports, however, recorded a slight reduction. The pace of growth was the most pronounced in 2014 when exports increased by 16%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons), Indonesia (X tons) and Thailand (X tons) were the main destinations of non-aqueous paint and varnish exports from Singapore, with a combined 41% share of total exports. Malaysia, South Korea, the United Arab Emirates, the Philippines, Myanmar, Taiwan (Chinese), Vietnam, New Zealand, Turkey and Sri Lanka lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +56.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for non-aqueous paint and varnish exported from Singapore were China ($X), Indonesia ($X) and Thailand ($X), together comprising 44% of total exports. Malaysia, South Korea, the Philippines, the United Arab Emirates, Taiwan (Chinese), Vietnam, Turkey, Myanmar, Sri Lanka and New Zealand lagged somewhat behind, together comprising a further 44%.

Myanmar, with a CAGR of +48.6%, saw 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, growing by 5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2017 an increase of 17%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Myanmar ($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 Taiwan (Chinese) (+7.2%), 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 Singapore

In 2022, approx. X tons of paints and varnishes dispersed or dissolved in a non-aqueous medium were imported into Singapore; remaining relatively unchanged against the year before. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 28% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, non-aqueous paint and varnish imports surged to $X in 2022. Overall, imports, however, saw a mild increase. The most prominent rate of growth was recorded in 2021 when imports increased by 17%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest non-aqueous paint and varnish supplier to Singapore, with a 58% share of total imports. Moreover, non-aqueous paint and varnish imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. The third position in this ranking was taken by Vietnam (X tons), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at -1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+4.6% per year) and Vietnam (+37.0% per year).

In value terms, Malaysia ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in a non-aqueous medium to Singapore, comprising 48% of total imports. The second position in the ranking was taken by Japan ($X), with a 10% share of total imports. It was followed by the United States, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.3% per year) and the United States (+8.3% per year).

Import Prices by Country

The average non-aqueous paint and varnish import price stood at $X per ton in 2022, jumping by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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