Turkey: Paint And Varnish Market 2024

Paint And Varnish Market Size in Turkey

The Turkish paint and varnish market contracted to $X in 2022, dropping by -9.9% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Paint And Varnish Production in Turkey

In value terms, paint and varnish production reduced markedly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2018 when the production volume increased by 63%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Paint And Varnish Exports

Exports from Turkey

For the fourth year in a row, Turkey recorded growth in overseas shipments of paints and varnishes, which increased by 12% to X tons in 2022. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, paint and varnish exports skyrocketed to $X in 2022. Over the period under review, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +94.2% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Iraq (X tons), Russia (X tons) and Uzbekistan (X tons) were the main destinations of paint and varnish exports from Turkey, together accounting for 38% of total exports. Georgia, Azerbaijan, Iran, Turkmenistan, Romania, Algeria, Cyprus, the United States, Israel and Kazakhstan lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +39.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for paint and varnish exported from Turkey were Russia ($X), Iraq ($X) and Iran ($X), together accounting for 34% of total exports. Uzbekistan, Azerbaijan, Georgia, Turkmenistan, Algeria, the United States, Romania, Kazakhstan, Cyprus and Israel lagged somewhat behind, together accounting for a further 36%.

The United States, with a CAGR of +39.2%, recorded 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 paint and varnish export price stood at $X per ton in 2022, rising by 20% against the previous year. Overall, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Iraq ($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 Romania (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Turkey

In 2022, purchases abroad of paints and varnishes increased by 13% to X tons, rising for the third consecutive year after two years of decline. The total import volume increased at an average annual rate of +5.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, paint and varnish imports surged to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +47.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 20%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Germany (X tons), Italy (X tons) and the UK (X tons) were the main suppliers of paint and varnish imports to Turkey, with a combined 51% share of total imports. Spain, France, Croatia, the Netherlands, Belgium, Sweden, Poland, Norway, Cyprus and South Korea lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Cyprus (with a CAGR of +116.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Italy ($X) and the UK ($X) constituted the largest paint and varnish suppliers to Turkey, with a combined 52% share of total imports. Spain, France, the Netherlands, Poland, Belgium, Croatia, Sweden, Norway, South Korea and Cyprus lagged somewhat behind, together accounting for a further 32%.

In terms of the main suppliers, Cyprus, with a CAGR of +97.3%, saw 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

The average paint and varnish import price stood at $X per ton in 2022, growing by 4.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 15%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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