Sri Lanka: 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 Sri Lanka

The Sri Lankan aqueous paint and varnish market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption showed pronounced growth. Aqueous paint and varnish consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

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

Exports from Sri Lanka

In 2021, the amount of paints and varnishes dispersed or dissolved in an aqueous medium exported from Sri Lanka fell significantly to X tons, waning by -35.6% compared with 2020 figures. Overall, exports showed a pronounced downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 97%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, aqueous paint and varnish exports reduced remarkably to $X in 2021. Over the period under review, exports recorded a slight decline. The pace of growth was the most pronounced in 2018 when exports increased by 203%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria (X tons), Singapore (X tons) and Maldives (X tons) were the main destinations of aqueous paint and varnish exports from Sri Lanka, with a combined 55% share of total exports. These countries were followed by India, Tanzania, Seychelles, Canada and Bangladesh, which together accounted for a further 11%.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +31.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for aqueous paint and varnish exported from Sri Lanka were Nigeria ($X), Singapore ($X) and Maldives ($X), together accounting for 66% of total exports. These countries were followed by India, Seychelles, Canada, Tanzania and Bangladesh, which together accounted for a further 8.5%.

Canada, with a CAGR of +26.0%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average aqueous paint and varnish export price stood at $X per ton in 2021, growing by 4.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.5%. The pace of growth appeared the most rapid in 2018 an increase of 54%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Tanzania ($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 Bangladesh (+10.0%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into Sri Lanka

In 2021, purchases abroad of paints and varnishes dispersed or dissolved in an aqueous medium was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports showed resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, aqueous paint and varnish imports surged to $X in 2021. Over the period under review, imports showed a perceptible increase. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Switzerland (X tons), Singapore (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of aqueous paint and varnish imports to Sri Lanka, with a combined 26% share of total imports. China, Germany, Thailand, Belgium, Saudi Arabia, the UK, Italy, Malaysia, the United States and Hong Kong SAR lagged somewhat behind, together comprising a further 31%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +23.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), China ($X) and Switzerland ($X) were the largest aqueous paint and varnish suppliers to Sri Lanka, together accounting for 26% of total imports. These countries were followed by Germany, Thailand, Taiwan (Chinese), Italy, Belgium, the UK, the United States, Saudi Arabia, Hong Kong SAR and Malaysia, which together accounted for a further 23%.

Germany, with a CAGR of +17.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers 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 aqueous paint and varnish import price amounted to $X per ton, jumping by 18% against the previous year. Overall, the import price, however, saw a noticeable curtailment. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+1.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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