Southern Asia: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Southern Asia

The South Asian market for oil and water paints and varnishes rose to $X in 2021, increasing by 2.7% against the previous year. Over the period under review, consumption, however, showed a mild slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Oil And Water Paints And Varnishes in Southern Asia

In value terms, production of oil and water paints and varnishes stood at $X in 2021 estimated in export price. Overall, production, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2016 when the production volume increased by 15%. Over the period under review, production of attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports in Southern Asia

In 2021, shipments abroad of oil and water paints and varnishes decreased by -15.9% to X tons, falling for the fourth consecutive year after three years of growth. Over the period under review, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2016 when exports increased by 611%. Over the period under review, the exports of reached the peak figure at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of oil and water paints and varnishes amounted to $X in 2021. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 143% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

India dominates varnishes structure, finishing at X tons, which was approx. 98% of total exports in 2021. Sri Lanka (X tons) followed a long way behind the leaders.

India was also the fastest-growing in terms of the oil and water paints and varnishes exports, with a CAGR of +24.5% from 2012 to 2021. At the same time, Sri Lanka (+2.7%) displayed positive paces of growth. While the share of India (+12 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sri Lanka (-8.7 p.p.) displayed negative dynamics.

In value terms, India ($X) remains the largest oil and water paints and varnishes supplier in Southern Asia, comprising 75% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in India amounted to -1.6%.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, increasing by 29% against the previous year. In general, the export price, however, continues to indicate a deep setback. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Sri Lanka ($X per ton), while India stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+1.9%).

Imports of Oil And Water Paints And Varnishes

Imports in Southern Asia

In 2021, after three years of decline, there was significant growth in purchases abroad of oil and water paints and varnishes, when their volume increased by 28% to X tons. Total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -21.7% against 2017 indices. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, imports of oil and water paints and varnishes skyrocketed to $X in 2021. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 26%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

India (X tons) and Nepal (X tons) dominates varnishes structure, together achieving 73% of total imports. Maldives (X tons) ranks next in terms of the total imports with a 9.2% share, followed by Pakistan (8.3%) and Bangladesh (5.7%). The following importers - Sri Lanka (X tons) and Bhutan (X tons) - each reached a 3.4% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Nepal (with a CAGR of +26.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constitutes the largest market for imported oil and water paints and varnishes in Southern Asia, comprising 65% of total imports. The second position in the ranking was held by Pakistan ($X), with a 9.6% share of total imports. It was followed by Nepal, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value in India totaled -2.2%. In the other countries, the average annual rates were as follows: Pakistan (+2.5% per year) and Nepal (+20.6% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, standing approx. at the previous year. Overall, the import price showed a noticeable descent. The most prominent rate of growth was recorded in 2020 an increase of 1.7%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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