Southern Asia: Paint And Varnish Market 2024

Paint And Varnish Market Size in Southern Asia

The South Asian paint and varnish market was estimated at $X in 2022, flattening at the previous year. In general, consumption enjoyed a notable expansion. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Paint And Varnish Production in Southern Asia

In value terms, 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% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2014 when the production volume increased by 7%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Paint And Varnish Exports

Exports in Southern Asia

In 2022, overseas shipments of paints and varnishes decreased by -2.3% to X tons, falling for the fifth consecutive year after two years of growth. Over the period under review, exports, however, enjoyed prominent growth. The growth pace was the most rapid in 2016 when exports increased by 109% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, paint and varnish exports skyrocketed to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +25.1% against 2020 indices. The growth pace was the most rapid in 2016 when exports increased by 20%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

India was the main exporting country with an export of around X tons, which reached 62% of total exports. It was distantly followed by Pakistan (X tons), generating a 35% share of total exports. Sri Lanka (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Sri Lanka (with a CAGR of +14.7%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the largest paint and varnish supplier in Southern Asia, comprising 80% of total exports. The second position in the ranking was held by Pakistan ($X), with a 14% share of total exports.

In India, paint and varnish exports expanded at an average annual rate of +11.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Pakistan (-6.0% per year) and Sri Lanka (+18.7% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, rising by 19% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 28%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 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 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 (+3.4%), while the other leaders experienced mixed trends in the export price figures.

Paint And Varnish Imports

Imports in Southern Asia

Paint and varnish imports dropped slightly to X tons in 2022, reducing by -1.6% against the previous year's figure. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +7.3% 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 +27.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 29%. As a result, imports attained the peak of X tons, and then dropped slightly in the following year.

In value terms, paint and varnish imports stood at $X in 2022. Total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +43.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 34%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

India represented the major importer of paints and varnishes in Southern Asia, with the volume of imports finishing at X tons, which was near 57% of total imports in 2022. Pakistan (X tons) ranks second in terms of the total imports with an 11% share, followed by Bangladesh (10%) and Afghanistan (8.9%). The following importers - Sri Lanka (X tons), Maldives (X tons) and Nepal (X tons) - together made up 11% of total imports.

Imports into India increased at an average annual rate of +8.3% from 2012 to 2022. At the same time, Bangladesh (+16.4%), Maldives (+15.5%), Pakistan (+12.1%), Nepal (+10.1%) and Sri Lanka (+3.1%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +16.4% from 2012-2022. By contrast, Afghanistan (-2.6%) illustrated a downward trend over the same period. Bangladesh (+5.8 p.p.), India (+5.2 p.p.), Pakistan (+4 p.p.) and Maldives (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Sri Lanka and Afghanistan saw its share reduced by -2.1% and -14.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported paints and varnishes in Southern Asia, comprising 68% of total imports. The second position in the ranking was taken by Pakistan ($X), with a 10% share of total imports. It was followed by Bangladesh, with a 9.4% share.

In India, paint and varnish imports increased at an average annual rate of +6.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Pakistan (+10.2% per year) and Bangladesh (+16.5% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, increasing by 8.1% against the previous year. Over the period under review, the import price, however, recorded a slight setback. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Nepal (+2.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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