Sri Lanka: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Sri Lanka

The Sri Lankan market for oil and water paints and varnishes dropped to $X in 2021, falling by -10.4% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Consumption of peaked at $X in 2020, and then reduced in the following year.

Production of Oil And Water Paints And Varnishes in Sri Lanka

In value terms, production of oil and water paints and varnishes contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 28% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production of growth remained at a lower figure.

Exports of Oil And Water Paints And Varnishes

Exports from Sri Lanka

In 2021, shipments abroad of oil and water paints and varnishes was finally on the rise to reach X tons after three years of decline. Overall, exports enjoyed a measured expansion. The most prominent rate of growth was recorded in 2013 with an increase of 196%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of oil and water paints and varnishes skyrocketed to $X in 2021. In general, exports saw a perceptible increase. The most prominent rate of growth was recorded in 2013 with an increase of 187%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Maldives (X tons) was the main destination for exports of oil and water paints and varnishes from Sri Lanka, with a 62% share of total exports. Moreover, exports of oil and water paints and varnishes to Maldives exceeded the volume sent to the second major destination, Nigeria (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Maldives was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (-6.0% per year) and Bangladesh (+121.8% per year).

In value terms, Maldives ($X), Nigeria ($X) and Bangladesh ($X) were the largest markets for oil and water paints and varnishes exported from Sri Lanka worldwide, with a combined 99.9% share of total exports.

Among the main countries of destination, Bangladesh, with a CAGR of +79.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for oil and water paints and varnishes amounted to $X per ton, shrinking by -3.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2017 an increase of 24%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per ton), while the average price for exports to Maldives ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (+8.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Oil And Water Paints And Varnishes

Imports into Sri Lanka

In 2021, the amount of oil and water paints and varnishes imported into Sri Lanka skyrocketed to X tons, picking up by 106% compared with the previous year's figure. Overall, imports showed a pronounced expansion. The most prominent rate of growth was recorded in 2017 with an increase of 587%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of oil and water paints and varnishes skyrocketed to $X in 2021. In general, imports, however, recorded a noticeable decline. The pace of growth appeared the most rapid in 2017 with an increase of 547% against the previous year. 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

Singapore (X tons), China (X tons) and Switzerland (X tons) were the main suppliers of imports of oil and water paints and varnishes to Sri Lanka, with a combined 75% share of total imports. Argentina, Spain, India, the United Arab Emirates and Italy lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +53.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest oil and water paints and varnishes suppliers to Sri Lanka were Singapore ($X), China ($X) and Switzerland ($X), with a combined 68% share of total imports.

Among the main suppliers, China, with a CAGR of +33.8%, recorded the highest growth rate of 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 2021, the average import price for oil and water paints and varnishes amounted to $X per ton, with a decrease of -32.8% against the previous year. Over the period under review, the import price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when the average import price increased by 14% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+9.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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