Southern Asia: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Southern Asia

After two years of growth, the South Asian aqueous paint and varnish market decreased by -6.8% to $X in 2021. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Southern Asia

In value terms, aqueous paint and varnish production contracted to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 30% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports in Southern Asia

Aqueous paint and varnish exports soared to X tons in 2021, jumping by 20% compared with the previous year's figure. Overall, exports posted strong growth. The growth pace was the most rapid in 2018 with an increase of 99%. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, aqueous paint and varnish exports reduced modestly to $X in 2021. Over the period under review, exports saw strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 122%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Pakistan (X tons) represented the major exporter of paints and varnishes dispersed or dissolved in an aqueous medium, generating 55% of total exports. It was distantly followed by India (X tons) and Afghanistan (X tons), together making up a 45% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Afghanistan (with a CAGR of +62.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the largest aqueous paint and varnish supplier in Southern Asia, comprising 69% of total exports. The second position in the ranking was taken by Pakistan ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in India amounted to +7.7%. In the other countries, the average annual rates were as follows: Pakistan (+1.0% per year) and Afghanistan (+3.2% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, which is down by -20.9% against the previous year. In general, the export price continues to indicate a perceptible decline. The pace of growth was the most pronounced in 2013 when the export price increased by 13%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+0.4%), while the other leaders experienced a decline in the export price figures.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports in Southern Asia

Aqueous paint and varnish imports surged to X tons in 2021, jumping by 27% against the previous year's figure. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 41% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, aqueous paint and varnish imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 35% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

Imports by Country

India represented the largest importing country with an import of about X tons, which finished at 47% of total imports. It was distantly followed by Nepal (X tons), Afghanistan (X tons), Bangladesh (X tons), Sri Lanka (X tons) and Maldives (X tons), together creating a 51% share of total imports. Pakistan (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to aqueous paint and varnish imports into India stood at +5.5%. At the same time, Nepal (+42.4%), Bangladesh (+19.1%), Maldives (+14.3%), Pakistan (+9.2%), Afghanistan (+7.5%) and Sri Lanka (+5.9%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +42.4% from 2012-2021. While the share of Nepal (+15 p.p.), Bangladesh (+3.9 p.p.) and Maldives (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Afghanistan (-1.7 p.p.), Sri Lanka (-1.8 p.p.) and India (-14.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported paints and varnishes dispersed or dissolved in an aqueous medium in Southern Asia, comprising 57% of total imports. The second position in the ranking was held by Nepal ($X), with a 12% share of total imports. It was followed by Sri Lanka, with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in India was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Nepal (+43.1% per year) and Sri Lanka (+3.1% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, growing by 2.9% against the previous year. Overall, the import price, however, showed a deep contraction. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Pakistan ($X per ton), while Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nepal (+0.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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