Southern Asia: 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 Southern Asia

In 2022, the South Asian non-aqueous paint and varnish market increased by 0.3% to $X, rising for the third consecutive year after three years of decline. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

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

In value terms, non-aqueous paint and varnish production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 7%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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

Exports in Southern Asia

In 2022, the amount of paints and varnishes dispersed or dissolved in a non-aqueous medium exported in Southern Asia declined to X tons, with a decrease of -13.9% against the year before. The total export volume increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when exports increased by 28%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped in the following year.

In value terms, non-aqueous paint and varnish exports expanded significantly to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +67.4% against 2015 indices. The pace of growth was the most pronounced in 2013 with an increase of 20%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

India dominates exports structure, recording X tons, which was approx. 86% of total exports in 2022. Pakistan (X tons) took the second position in the ranking, followed by Sri Lanka (X tons). All these countries together held near 14% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to non-aqueous paint and varnish exports from India stood at +10.0%. At the same time, Sri Lanka (+20.7%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +20.7% from 2012-2022. By contrast, Pakistan (-15.9%) illustrated a downward trend over the same period. India (+46 p.p.) and Sri Lanka (+4.4 p.p.) significantly strengthened its position in terms of the total exports, while Pakistan saw its share reduced by -49.6% from 2012 to 2022, respectively.

In value terms, India ($X) remains the largest non-aqueous paint and varnish supplier in Southern Asia, comprising 90% of total exports. The second position in the ranking was held by Sri Lanka ($X), with a 6.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +12.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Sri Lanka (+24.3% per year) and Pakistan (-20.3% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, picking up by 27% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+3.0%), while the other leaders experienced mixed trends in the export price figures.

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

Imports in Southern Asia

In 2022, approx. X tons of paints and varnishes dispersed or dissolved in a non-aqueous medium were imported in Southern Asia; which is down by -3.9% compared with 2021. Total imports indicated prominent growth from 2012 to 2022: its volume 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, imports increased by +31.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 37% against the previous year. As a result, imports reached the peak of X tons, and then shrank modestly in the following year.

In value terms, non-aqueous paint and varnish imports reached $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.2% 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 +42.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 36%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

India represented the major importer of paints and varnishes dispersed or dissolved in a non-aqueous medium in Southern Asia, with the volume of imports recording X tons, which was approx. 60% of total imports in 2022. Bangladesh (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Pakistan (8.1%) and Afghanistan (7.1%). Sri Lanka (X tons), Maldives (X tons) and Nepal (X tons) followed a long way behind the leaders.

Imports into India increased at an average annual rate of +10.1% from 2012 to 2022. At the same time, Maldives (+21.0%), Bangladesh (+18.4%), Nepal (+11.2%), Pakistan (+5.7%) and Sri Lanka (+3.1%) displayed positive paces of growth. Moreover, Maldives emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +21.0% from 2012-2022. By contrast, Afghanistan (-5.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, Bangladesh and Maldives increased by +12, +8.4 and +2.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported paints and varnishes dispersed or dissolved in a non-aqueous medium in Southern Asia, comprising 70% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 9.9% share of total imports. It was followed by Pakistan, with a 7.9% share.

In India, non-aqueous paint and varnish imports expanded at an average annual rate of +8.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Bangladesh (+17.3% per year) and Pakistan (+6.3% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, picking up by 8.8% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 India ($X per ton), while Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+0.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :