United Arab Emirates: Paint And Varnish Market 2024

Paint And Varnish Market Size in the United Arab Emirates

The paint and varnish market in the United Arab Emirates skyrocketed to $X in 2022, picking up by 57% against the previous year. Overall, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +97.4% against 2016 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Paint And Varnish Production in the United Arab Emirates

In value terms, paint and varnish production expanded slightly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 24% against the previous year. Paint and varnish production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Paint And Varnish Exports

Exports from the United Arab Emirates

Paint and varnish exports from the United Arab Emirates fell sharply to X tons in 2022, with a decrease of -76.7% on the previous year's figure. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2013 when exports increased by 67% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, paint and varnish exports reduced dramatically to $X in 2022. Overall, exports recorded a pronounced decline. The pace of growth was the most pronounced in 2013 with an increase of 63% against the previous year. The exports peaked at $X in 2021, and then fell sharply in the following year.

Exports by Country

Bahrain (X tons) was the main destination for paint and varnish exports from the United Arab Emirates, accounting for a 44% share of total exports. Moreover, paint and varnish exports to Bahrain exceeded the volume sent to the second major destination, India (X tons), fivefold. Niger (X tons) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume to Bahrain stood at +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+17.6% per year) and Niger (+24.4% per year).

In value terms, Bahrain ($X) emerged as the key foreign market for paints and varnishes exports from the United Arab Emirates, comprising 38% of total exports. The second position in the ranking was taken by India ($X), with a 14% share of total exports. It was followed by Jordan, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Bahrain stood at +4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+16.7% per year) and Jordan (+6.4% per year).

Export Prices by Country

The average paint and varnish export price stood at $X per ton in 2022, surging by 51% against the previous year. In general, export price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, paint and varnish export price increased by +106.5% against 2013 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to Tanzania ($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 Egypt (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into the United Arab Emirates

In 2022, the amount of paints and varnishes imported into the United Arab Emirates shrank dramatically to X tons, waning by -30.4% compared with 2021. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 28% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, paint and varnish imports reduced to $X in 2022. In general, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 +42.3% against 2018 indices. The growth pace was the most rapid in 2019 when imports increased by 47%. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

Germany (X tons), Italy (X tons) and the UK (X tons) were the main suppliers of paint and varnish imports to the United Arab Emirates, with a combined 29% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +8.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish suppliers to the United Arab Emirates were Germany ($X), Italy ($X) and the UK ($X), together comprising 27% of total imports. India, the United States, Singapore, Belgium, the Netherlands, China, France, South Korea, Turkey and Tunisia lagged somewhat behind, together accounting for a further 26%.

India, with a CAGR of +9.2%, recorded 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 2022, the average paint and varnish import price amounted to $X per ton, picking up by 32% against the previous year. Overall, import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, paint and varnish import price increased by +77.5% against 2017 indices. As a result, import price attained the peak level and is likely to continue 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 the United States ($X per ton), while the price for Tunisia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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