Thailand: Market for Oil And Water Paints And Varnishes 2025

Market Size for Oil And Water Paints And Varnishes in Thailand

In 2021, the Thai market for oil and water paints and varnishes increased by 5% to $X, rising for the fourth consecutive year after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Production of Oil And Water Paints And Varnishes in Thailand

In value terms, production of oil and water paints and varnishes rose to $X in 2021 estimated in export price. Over the period under review, production showed a noticeable decline. The most prominent rate of growth was recorded in 2015 with an increase of 27% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production of growth failed to regain momentum.

Exports of Oil And Water Paints And Varnishes

Exports from Thailand

In 2021, overseas shipments of oil and water paints and varnishes decreased by -17.6% to X tons, falling for the fifth year in a row after two years of growth. Overall, exports recorded a dramatic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 17%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, exports of oil and water paints and varnishes reduced to $X in 2021. Over the period under review, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 18%. Over the period under review, the exports of attained the maximum at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X tons), Lao People's Democratic Republic (X tons) and Cambodia (X tons) were the main destinations of exports of oil and water paints and varnishes from Thailand, with a combined 49% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +53.4%), while the other leaders experienced mixed trend patterns.

In value terms, Vietnam ($X), Lao People's Democratic Republic ($X) and Cambodia ($X) appeared to be the largest markets for oil and water paints and varnishes exported from Thailand worldwide, with a combined 44% share of total exports. These countries were followed by Indonesia, the United Arab Emirates, Myanmar, China, India, Singapore, the Philippines and Taiwan (Chinese), which together accounted for a further 40%.

In terms of the main countries of destination, Myanmar, with a CAGR of +39.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for oil and water paints and varnishes stood at $X per ton in 2021, growing by 19% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for oil and water paints and varnishes increased by +69.2% against 2017 indices. The pace of growth was the most pronounced in 2019 when the average export price increased by 37%. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while the average price for exports to Myanmar ($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 India (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports into Thailand

In 2021, purchases abroad of oil and water paints and varnishes increased by 15% to X tons, rising for the second consecutive year after six years of decline. In general, imports, however, recorded a pronounced contraction. The pace of growth appeared the most rapid in 2013 when imports increased by 37%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of oil and water paints and varnishes soared to $X in 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and Japan (X tons) were the main suppliers of imports of oil and water paints and varnishes to Thailand, together comprising 55% of total imports. Argentina, Malaysia, Italy, Ecuador, India, France, South Korea, Germany, Singapore and the United States lagged somewhat behind, together comprising a further 40%.

From 2012 to 2021, the biggest increases were recorded for Ecuador (with a CAGR of +388.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) constituted the largest oil and water paints and varnishes suppliers to Thailand, with a combined 68% share of total imports. These countries were followed by Italy, Malaysia, Germany, the United States, Argentina, South Korea, Ecuador, France, Singapore and India, which together accounted for a further 26%.

In terms of the main suppliers, Ecuador, with a CAGR of +417.2%, 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, increasing by 6.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2017 when the average import price increased by 16% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 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 the United States ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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