South-Eastern Asia: Paint And Varnish Market 2024

Paint And Varnish Market Size in South-Eastern Asia

The Southeast Asian paint and varnish market shrank to $X in 2022, dropping by -1.5% against the previous year. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The level of consumption peaked at $X in 2021, and then fell slightly in the following year.

Paint And Varnish Production in South-Eastern Asia

In value terms, paint and varnish production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when the production volume increased by 9.7% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Paint And Varnish Exports

Exports in South-Eastern Asia

After two years of growth, shipments abroad of paints and varnishes decreased by -5.1% to X tons in 2022. The total export volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 7.5% against the previous year. As a result, the exports reached the peak of X tons, and then shrank in the following year.

In value terms, paint and varnish exports fell to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 18%. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

The shipments of the three major exporters of paints and varnishes, namely Malaysia, Thailand and Singapore, represented more than two-thirds of total export. Indonesia (X tons) ranks next in terms of the total exports with a 5.3% share, followed by Vietnam (4.9%).

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +12.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Malaysia ($X) and Thailand ($X) were the countries with the highest levels of exports in 2022, with a combined 86% share of total exports. Vietnam and Indonesia lagged somewhat behind, together accounting for a further 13%.

Vietnam, with a CAGR of +16.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, shrinking by -2.4% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 9.3% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.3%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in South-Eastern Asia

Paint and varnish imports declined sharply to X tons in 2022, dropping by -21.1% on the year before. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 13% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then shrank significantly in the following year.

In value terms, paint and varnish imports dropped to $X in 2022. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 17%. As a result, imports attained the peak of $X, and then fell modestly in the following year.

Imports by Country

The purchases of the four major importers of paints and varnishes, namely Thailand, Singapore, Vietnam and Indonesia, represented more than two-thirds of total import. The Philippines (X tons) took the next position in the ranking, followed by Malaysia (X tons). All these countries together took near 18% share of total imports. Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Myanmar (with a CAGR of +30.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish importing markets in South-Eastern Asia were Thailand ($X), Indonesia ($X) and Vietnam ($X), with a combined 62% share of total imports. Singapore, Malaysia, the Philippines and Myanmar lagged somewhat behind, together accounting for a further 35%.

In terms of the main importing countries, Myanmar, with a CAGR of +16.7%, recorded the highest rates of growth with regard to 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 import price in South-Eastern Asia amounted to $X per ton, jumping by 24% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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