Non-Aqueous Paint And Varnish Market

The global market for non-aqueous paints and varnishes is forecasted to experience growth in consumption, production, imports, and exports over the period from 2022 to 2030. Market performance is predicted to accelerate, with an expected increase in market volume and value. In 2022, key consuming and producing countries include China, India, the United States, Germany, Italy, and others. Different types of non-aqueous paints and varnishes, based on polymers like acrylic, vinyl, and polyester, show varying growth rates in both volume and value terms. Average import and export prices are projected to continue increasing, with fluctuations in certain years. Overall, the market is expected to see steady growth and expansion in the upcoming years.

Market Forecast

Driven by increasing demand for paints and varnishes dispersed or dissolved in a non-aqueous medium worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 19M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $109.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

In 2022, approx. 16M tons of paints and varnishes dispersed or dissolved in a non-aqueous medium were consumed worldwide; remaining relatively unchanged against 2021 figures. In general, consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 4.7%. Over the period under review, global consumption hit record highs at 17M tons in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global non-aqueous paint and varnish market revenue amounted to $78.9B in 2022, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the market value increased by 7.8% against the previous year. Over the period under review, the global market hit record highs at $79.8B in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (4.1M tons), India (2.1M tons) and the United States (1.9M tons), with a combined 49% share of global consumption. Japan, Italy, Turkey, Russia, Brazil, Iran, Mexico and Canada lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Italy (with a CAGR of +6.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish markets worldwide were the United States ($21.6B), China ($13.9B) and India ($7.6B), together accounting for 54% of the global market. Turkey, Japan, Italy, Canada, Mexico, Russia, Brazil and Iran lagged somewhat behind, together accounting for a further 24%.

In terms of the main consuming countries, Italy, with a CAGR of +6.0%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of non-aqueous paint and varnish per capita consumption in 2022 were Italy (8.8 kg per person), Japan (8.7 kg per person) and Canada (6.6 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Italy (with a CAGR of +6.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

In 2022, approx. 16M tons of paints and varnishes dispersed or dissolved in a non-aqueous medium were produced worldwide; approximately reflecting the previous year. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 4%. Global production peaked at 17M tons in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

In value terms, non-aqueous paint and varnish production totaled $81.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 14% against the previous year. Over the period under review, global production reached the maximum level at $87.1B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (4.1M tons) constituted the country with the largest volume of non-aqueous paint and varnish production, comprising approx. 25% of total volume. Moreover, non-aqueous paint and varnish production in China exceeded the figures recorded by the second-largest producer, India (2M tons), twofold. The United States (1.9M tons) ranked third in terms of total production with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +3.2%. The remaining producing countries recorded the following average annual rates of production growth: India (-1.1% per year) and the United States (+2.1% per year).

Imports

World Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

In 2022, global non-aqueous paint and varnish imports fell modestly to 2.9M tons, dropping by -3.4% on the previous year. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 7.6%. As a result, imports attained the peak of 3M tons, and then fell in the following year.

In value terms, non-aqueous paint and varnish imports stood at $16.6B in 2022. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 18%. Over the period under review, global imports reached the maximum in 2022 and are likely to see steady growth in the near future.

Imports By Country

In 2022, Germany (149K tons), Belgium (127K tons), the Netherlands (119K tons), Spain (108K tons), Italy (104K tons), Poland (99K tons), China (96K tons), France (96K tons), Turkey (83K tons), Canada (78K tons), Mexico (71K tons) and the UK (65K tons) was the main importer of paints and varnishes dispersed or dissolved in a non-aqueous medium in the world, achieving 41% of total import. Austria (64K tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +7.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish importing markets worldwide were China ($1.1B), Germany ($849M) and Belgium ($659M), with a combined 16% share of global imports. Canada, Italy, the Netherlands, Poland, France, Mexico, Spain, Turkey, the UK and Austria lagged somewhat behind, together accounting for a further 30%.

Italy, with a CAGR of +6.9%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium (1.5M tons) was the major type of paints and varnishes dispersed or dissolved in a non-aqueous medium, comprising 52% of total imports. Paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium (760K tons) ranks second in terms of the total imports with a 26% share, followed by paints and varnishes, based on polyesters, non-aqueous medium (23%).

From 2012 to 2022, average annual rates of growth with regard to paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium imports of stood at +1.3%. At the same time, paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium (+2.5%) displayed positive paces of growth. Moreover, paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium emerged as the fastest-growing type imported in the world, with a CAGR of +2.5% from 2012-2022. Paints and varnishes, based on polyesters, non-aqueous medium experienced a relatively flat trend pattern. Paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium (+2.7 p.p.) significantly strengthened its position in terms of the global imports, while paints and varnishes, based on polyesters, non-aqueous medium saw its share reduced by -2.1% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium ($8.9B) constitutes the largest type of paints and varnishes dispersed or dissolved in a non-aqueous medium imported worldwide, comprising 54% of global imports. The second position in the ranking was taken by paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium ($4.4B), with a 27% share of global imports.

For paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium , imports increased at an average annual rate of +2.8% over the period from 2012-2022. For the other products, the average annual rates were as follows: paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium (+2.7% per year) and paints and varnishes, based on polyesters, non-aqueous medium (+1.4% per year).

Import Prices By Type

In 2022, the average non-aqueous paint and varnish import price amounted to $5,620 per ton, picking up by 5.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2021 an increase of 9.6%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium ($5,864 per ton), while the price for paints and varnishes, based on polyesters, non-aqueous medium ($4,823 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium (+1.5%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average non-aqueous paint and varnish import price stood at $5,620 per ton in 2022, with an increase of 5.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 9.6% against the previous year. Global import price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($11,578 per ton), while Austria ($4,019 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

In 2022, approx. 3M tons of paints and varnishes dispersed or dissolved in a non-aqueous medium were exported worldwide; remaining constant against 2021 figures. The total export volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 6.1%. The global exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, non-aqueous paint and varnish exports rose slightly to $17.4B in 2022. The total export value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 17% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports By Country

Germany (383K tons), Italy (268K tons), the United Arab Emirates (197K tons), China (155K tons), the Netherlands (145K tons), France (125K tons), Poland (124K tons), Belgium (123K tons), the UK (121K tons), Spain (112K tons), Japan (105K tons) and South Korea (79K tons) represented roughly 65% of total exports in 2022. The United States (78K tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the United Arab Emirates (with a CAGR of +17.9%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish supplying countries worldwide were Germany ($2.6B), the United States ($1.8B) and Japan ($1.7B), together comprising 34% of global exports. Italy, Belgium, the Netherlands, France, the UK, China, Spain, South Korea, Poland and the United Arab Emirates lagged somewhat behind, together accounting for a further 41%.

In terms of the main exporting countries, the United Arab Emirates, with a CAGR of +15.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium (1.6M tons) was the main type of paints and varnishes dispersed or dissolved in a non-aqueous medium, committing 55% of total exports. Paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium (736K tons) took a 25% share (based on physical terms) of total exports, which put it in second place, followed by paints and varnishes, based on polyesters, non-aqueous medium (21%).

Exports of paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium increased at an average annual rate of +1.3% from 2012 to 2022. At the same time, paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium (+1.5%) displayed positive paces of growth. Moreover, paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium emerged as the fastest-growing type exported in the world, with a CAGR of +1.5% from 2012-2022. Paints and varnishes, based on polyesters, non-aqueous medium experienced a relatively flat trend pattern. While the share of paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium (+1.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of paints and varnishes, based on polyesters, non-aqueous medium (-2.6 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported paints and varnishes dispersed or dissolved in a non-aqueous medium were paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium ($9.5B), paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium ($4.8B) and paints and varnishes, based on polyesters, non-aqueous medium ($3.2B).

Among the main exported products, paints and varnishes, based on polymers other than polyester, acrylic or vinyl, non-aqueous medium , with a CAGR of +2.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average non-aqueous paint and varnish export price amounted to $5,856 per ton, with an increase of 2.8% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 10% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major exported products. In 2022, the product with the highest price was paints and varnishes, based on acrylic or vinyl polymers, non-aqueous medium ($6,460 per ton), while the average price for exports of paints and varnishes, based on polyesters, non-aqueous medium ($5,185 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by paints and varnishes, based on polyesters, non-aqueous medium (+1.3%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average non-aqueous paint and varnish export price stood at $5,856 per ton in 2022, growing by 2.8% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 10% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($22,735 per ton), while the United Arab Emirates ($1,660 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+13.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform