Sri Lanka: 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 Sri Lanka

In 2022, the Sri Lankan non-aqueous paint and varnish market decreased by -2.2% to $X, falling for the second consecutive year after nine years of growth. In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.5% against 2020 indices. Non-aqueous paint and varnish consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Sri Lanka

In value terms, non-aqueous paint and varnish production expanded slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.0% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 8.7% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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

Exports from Sri Lanka

In 2022, the amount of paints and varnishes dispersed or dissolved in a non-aqueous medium exported from Sri Lanka surged to X tons, rising by 114% on the previous year's figure. Over the period under review, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 119% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, non-aqueous paint and varnish exports surged to $X in 2022. In general, exports showed a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Maldives (X tons) was the main destination for non-aqueous paint and varnish exports from Sri Lanka, accounting for a 45% share of total exports. Moreover, non-aqueous paint and varnish exports to Maldives exceeded the volume sent to the second major destination, Singapore (X tons), eightfold. India (X tons) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume to Maldives totaled +12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+72.9% per year) and India (+66.6% per year).

In value terms, Maldives ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in a non-aqueous medium exports from Sri Lanka, comprising 52% of total exports. The second position in the ranking was taken by Singapore ($X), with a 6.7% share of total exports. It was followed by India, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to Maldives stood at +17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+72.7% per year) and India (+78.1% per year).

Export Prices by Country

In 2022, the average non-aqueous paint and varnish export price amounted to $X per ton, rising by 39% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were India ($X per ton) and Singapore ($X per ton), while the average price for exports to Seychelles ($X per ton) and Maldives ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into Sri Lanka

In 2022, approx. X tons of paints and varnishes dispersed or dissolved in a non-aqueous medium were imported into Sri Lanka; which is down by -27.6% against the previous year's figure. Over the period under review, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 27%. As a result, imports attained the peak of X tons, and then fell significantly in the following year.

In value terms, non-aqueous paint and varnish imports shrank remarkably to $X in 2022. The total import value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 37%. Over the period under review, imports hit record highs at $X in 2021, and then declined markedly in the following year.

Imports by Country

India (X tons), Indonesia (X tons) and Malaysia (X tons) were the main suppliers of non-aqueous paint and varnish imports to Sri Lanka, together comprising 47% of total imports. Taiwan (Chinese), Singapore, China, Thailand, France, Turkey, South Korea, the Netherlands, Germany and Italy lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +46.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish suppliers to Sri Lanka were India ($X), Indonesia ($X) and Malaysia ($X), together comprising 45% of total imports. China, Taiwan (Chinese), Singapore, the Netherlands, Thailand, Germany, Turkey, France, South Korea and Italy lagged somewhat behind, together accounting for a further 48%.

Among the main suppliers, Turkey, with a CAGR of +44.4%, 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

The average non-aqueous paint and varnish import price stood at $X per ton in 2022, surging by 8.7% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average import price increased by 15% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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