GCC: Paint And Varnish Market 2024

Paint And Varnish Market Size in GCC

After two years of growth, the GCC paint and varnish market decreased by X% to $X in 2022. In general, consumption, however, recorded a modest expansion. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Paint And Varnish Production in GCC

In value terms, paint and varnish production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when the production volume increased by X%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Paint And Varnish Exports

Exports in GCC

In 2022, overseas shipments of paints and varnishes increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports saw a buoyant expansion. 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 soared to $X in 2022. Overall, exports saw a strong increase. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

The United Arab Emirates represented the major exporter of paints and varnishes in GCC, with the volume of exports reaching X tons, which was approx. X% of total exports in 2022. Oman (X tons) ranks second in terms of the total exports with an X% share, followed by Saudi Arabia (X%).

Exports from the United Arab Emirates increased at an average annual rate of X% from 2012 to 2022. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Oman increased by X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest paint and varnish supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price showed a mild descent. The growth pace was the most rapid in 2015 an increase of X%. The level of export peaked at $X per ton in 2021, and then contracted sharply in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the export price figures.

Paint And Varnish Imports

Imports in GCC

In 2022, after three years of decline, there was growth in supplies from abroad of paints and varnishes, when their volume increased by X% to X tons. Total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2018 indices. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, paint and varnish imports expanded rapidly to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

Imports by Country

The United Arab Emirates (X tons), Saudi Arabia (X tons), Qatar (X tons), Oman (X tons) and Kuwait (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Bahrain (X tons), making up an X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Oman (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X), with a combined X% share of total imports. Qatar, Oman and Bahrain lagged somewhat behind, together accounting for a further X%.

Qatar, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, rising by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

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 the United Arab Emirates ($X per ton), while Qatar ($X 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 Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform