Sri Lanka: Paint And Varnish Market 2024

Paint And Varnish Market Size in Sri Lanka

In 2022, the Sri Lankan paint and varnish market decreased by -3.1% to $X for the first time since 2011, thus ending a ten-year rising trend. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2021, and then shrank in the following year.

Paint And Varnish Production in Sri Lanka

In value terms, paint and varnish production amounted to $X in 2022 estimated in export price. Overall, the total production indicated a resilient 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 most prominent rate of growth was recorded in 2016 when the production volume increased by 8.7% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Paint And Varnish Exports

Exports from Sri Lanka

Paint and varnish exports from Sri Lanka surged to X tons in 2022, rising by 87% on 2021 figures. Overall, exports continue to indicate prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, paint and varnish exports soared to $X in 2022. Over the period under review, exports showed a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Maldives (X tons) was the main destination for paint and varnish exports from Sri Lanka, accounting for a 48% share of total exports. Moreover, paint and varnish exports to Maldives exceeded the volume sent to the second major destination, Singapore (X tons), ninefold. India (X tons) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume to Maldives totaled +7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+19.1% per year) and India (+30.6% per year).

In value terms, Maldives ($X) remains the key foreign market for paints and varnishes exports from Sri Lanka, comprising 55% of total exports. The second position in the ranking was held by Singapore ($X), with a 6.1% share of total exports. It was followed by India, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives totaled +13.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+16.7% per year) and India (+29.1% per year).

Export Prices by Country

The average paint and varnish export price stood at $X per ton in 2022, surging by 32% against the previous year. Over the last decade, it increased at an average annual rate of +3.4%. The most prominent rate of growth was recorded in 2013 an increase of 43% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+15.2%), while the prices for the other major destinations experienced mixed trend patterns.

Paint And Varnish Imports

Imports into Sri Lanka

In 2022, the amount of paints and varnishes imported into Sri Lanka reduced dramatically to X tons, with a decrease of -26.5% on 2021 figures. Overall, total imports indicated a moderate increase 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. Based on 2022 figures, imports increased by +24.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 69% against the previous year. As a result, imports reached the peak of X tons, and then shrank significantly in the following year.

In value terms, paint and varnish imports contracted sharply to $X in 2022. In general, imports, however, saw modest growth. The most prominent rate of growth was recorded in 2021 with an increase of 67%. As a result, imports attained the peak of $X, and then dropped remarkably in the following year.

Imports by Country

Malaysia (X tons), India (X tons) and China (X tons) were the main suppliers of paint and varnish imports to Sri Lanka, with a combined 42% share of total imports. Indonesia, Taiwan (Chinese), Singapore, Thailand, Germany, Switzerland, France, the UK, Turkey and South Korea lagged somewhat behind, together comprising a further 50%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +35.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish suppliers to Sri Lanka were India ($X), Indonesia ($X) and Malaysia ($X), together comprising 36% of total imports. Singapore, China, Taiwan (Chinese), Germany, Thailand, Switzerland, France, Turkey, the UK and South Korea lagged somewhat behind, together accounting for a further 50%.

Among the main suppliers, Turkey, with a CAGR of +32.9%, recorded the highest rates of growth with regard to 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 2022, the average paint and varnish import price amounted to $X per ton, waning by -4.1% against the previous year. In general, the import price recorded a noticeable slump. The most prominent rate of growth was recorded in 2013 an increase of 6.7%. 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 Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+1.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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