Thailand: 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 Thailand

The Thai aqueous paint and varnish market expanded significantly to $X in 2021, growing by 6% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Thailand

In value terms, aqueous paint and varnish production expanded markedly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 25%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

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

Exports from Thailand

In 2021, approx. X tons of paints and varnishes dispersed or dissolved in an aqueous medium were exported from Thailand; jumping by 20% compared with 2020 figures. Over the period under review, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 24%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, aqueous paint and varnish exports skyrocketed to $X in 2021. In general, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of 28%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Cambodia (X tons) was the main destination for aqueous paint and varnish exports from Thailand, with a 39% share of total exports. Moreover, aqueous paint and varnish exports to Cambodia exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Lao People's Democratic Republic (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia amounted to +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+14.8% per year) and Lao People's Democratic Republic (+5.3% per year).

In value terms, Cambodia ($X), Vietnam ($X) and Lao People's Democratic Republic ($X) were the largest markets for aqueous paint and varnish exported from Thailand worldwide, with a combined 59% share of total exports. Myanmar, Malaysia, the United Arab Emirates, Indonesia, Hong Kong SAR and Singapore lagged somewhat behind, together comprising a further 26%.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +119.6%, saw the highest rates of growth with regard to 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

The average aqueous paint and varnish export price stood at $X per ton in 2021, picking up by 2.8% against the previous year. Over the period under review, the export price, however, saw a slight contraction. The growth pace was the most rapid in 2019 an increase of 25% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Malaysia ($X per ton), while the average price for exports to Cambodia ($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 Indonesia (+3.4%), while the prices for the other major destinations experienced mixed trend patterns.

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

Imports into Thailand

For the seventh consecutive year, Thailand recorded growth in purchases abroad of paints and varnishes dispersed or dissolved in an aqueous medium, which increased by 22% to X tons in 2021. Overall, total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +62.6% against 2012 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, aqueous paint and varnish imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Singapore (X tons) and China (X tons) were the main suppliers of aqueous paint and varnish imports to Thailand, together accounting for 39% of total imports. These countries were followed by Japan, Lao People's Democratic Republic, Taiwan (Chinese), Italy, the UK and Germany, which together accounted for a further 47%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lao People's Democratic Republic (with a CAGR of +47.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Singapore ($X) appeared to be the largest aqueous paint and varnish suppliers to Thailand, with a combined 54% share of total imports. Germany, Italy, Malaysia, Taiwan (Chinese), the UK and Lao People's Democratic Republic lagged somewhat behind, together comprising a further 29%.

Lao People's Democratic Republic, with a CAGR of +49.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average aqueous paint and varnish import price stood at $X per ton in 2021, reducing by -2.8% against the previous year. Over the period under review, the import price recorded a pronounced setback. The most prominent rate of growth was recorded in 2020 an increase of 3.1%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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