Aqueous Paint And Varnish Market

The global market for paints and varnishes dispersed or dissolved in an aqueous medium is projected to show steady growth in both volume and value terms from 2022 to 2030, with a forecasted CAGR of +2.6% and +4.7% respectively. Consumption trends, production volumes, import and export patterns, as well as key consuming and producing countries are outlined in the article. Major highlights include the largest consuming and producing countries such as China, the United States, and Brazil, and the significant growth in Turkey's production and import values. The article also details the types of paints and varnishes exported, their average prices, and notable upward trends in export prices. Overall, the article provides a comprehensive overview of the global aqueous paint and varnish market and its key trends.

Market Forecast

Driven by increasing demand for paints and varnishes dispersed or dissolved in an aqueous medium worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 41M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.7% for the period from 2022 to 2030, which is projected to bring the market value to $147.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

In 2022, the amount of paints and varnishes dispersed or dissolved in an aqueous medium consumed worldwide amounted to 34M tons, remaining stable against the previous year's figure. The total consumption volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Global consumption peaked at 34M tons in 2020; afterwards, it flattened through to 2022.

The global aqueous paint and varnish market revenue rose slightly to $101.8B in 2022, growing by 1.7% against 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 +2.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the market value increased by 6.8% against the previous year. As a result, consumption attained the peak level of $102.5B. From 2021 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (7.7M tons), the United States (4.7M tons) and Brazil (4.1M tons), with a combined 49% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Brazil (with a CAGR of +10.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest aqueous paint and varnish markets worldwide were the United States ($34.1B), China ($19.6B) and Turkey ($9.5B), together comprising 62% of the global market.

The United States, with a CAGR of +6.9%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries 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 aqueous paint and varnish per capita consumption in 2022 were Brazil (19 kg per person), Canada (16 kg per person) and the United States (14 kg per person).

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +9.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

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

In 2022, the amount of paints and varnishes dispersed or dissolved in an aqueous medium produced worldwide was estimated at 33M tons, standing approx. at 2021. The total output volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 5.4%. Global production peaked at 34M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, aqueous paint and varnish production rose modestly to $103.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.8% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 16%. Global production peaked at $114.8B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (7.6M tons), the United States (4.8M tons) and Brazil (4.1M tons), together comprising 49% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Brazil (with a CAGR of +10.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

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

In 2022, global aqueous paint and varnish imports contracted to 2.6M tons, remaining relatively unchanged against 2021. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 8.4% against the previous year. As a result, imports reached the peak of 2.6M tons, leveling off in the following year.

In value terms, aqueous paint and varnish imports amounted to $7.7B in 2022. The total import value increased at an average annual rate of +3.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 18%. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

The countries with the highest levels of aqueous paint and varnish imports in 2022 were Canada (159K tons), France (135K tons), Germany (116K tons), Poland (106K tons), the UK (97K tons), Mexico (93K tons), Belgium (93K tons), the Netherlands (84K tons), China (83K tons), Russia (79K tons), Turkey (74K tons) and the Czech Republic (59K tons), together finishing at 46% of total import. Sweden (57K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +10.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Canada ($657M), Germany ($407M) and France ($367M) appeared to be the countries with the highest levels of imports in 2022, together accounting for 19% of global imports. Poland, Mexico, China, the UK, Belgium, Turkey, the Netherlands, the Czech Republic, Sweden and Russia lagged somewhat behind, together comprising a further 31%.

In terms of the main importing countries, Turkey, with a CAGR of +10.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Paints and varnishes, based on acrylic or vinyl polymers, aqueous medium was the major imported product with an import of about 1.7M tons, which finished at 66% of total imports. It was distantly followed by paints and varnishes, based on polymers other than acrylic or vinyl, aqueous medium (880K tons), constituting a 34% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key imported products, was attained by paints and varnishes, based on acrylic or vinyl polymers, aqueous medium (with a CAGR of +3.2%).

In value terms, the largest types of imported paints and varnishes dispersed or dissolved in an aqueous medium were paints and varnishes, based on acrylic or vinyl polymers, aqueous medium ($4.4B) and paints and varnishes, based on polymers other than acrylic or vinyl, aqueous medium ($3.3B).

In terms of the main imported products, paints and varnishes, based on acrylic or vinyl polymers, aqueous medium, with a CAGR of +3.7%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices By Type

The average aqueous paint and varnish import price stood at $2,989 per ton in 2022, growing by 2.1% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 8.5% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat amongst the major imported products. In 2022, the product with the highest price was paints and varnishes, based on polymers other than acrylic or vinyl, aqueous medium ($3,729 per ton), while the price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium amounted to $2,603 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by paints and varnishes, based on acrylic or vinyl polymers, aqueous medium (+0.5%).

Import Prices By Country

In 2022, the average aqueous paint and varnish import price amounted to $2,989 per ton, surging by 2.1% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 8.5% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

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 Canada ($4,125 per ton), while Russia ($1,816 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.9%), while the other global leaders experienced more modest paces of growth.

Exports

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

In 2022, global aqueous paint and varnish exports reduced slightly to 2.4M tons, remaining constant against the year before. The total export volume increased at an average annual rate of +1.6% over the period 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 2017 when exports increased by 6.9% against the previous year. Over the period under review, the global exports attained the maximum at 2.4M tons in 2021, and then shrank slightly in the following year.

In value terms, aqueous paint and varnish exports totaled $7.7B in 2022. The total export value increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 17%. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports By Country

In 2022, Germany (423K tons), distantly followed by the Netherlands (147K tons), France (137K tons), Italy (135K tons) and Turkey (120K tons) represented the main exporters of paints and varnishes dispersed or dissolved in an aqueous medium, together committing 39% of total exports. The UK (106K tons), Spain (101K tons), Sweden (84K tons), Poland (78K tons), Belgium (77K tons), the United Arab Emirates (67K tons), China (59K tons) and the United States (55K tons) followed a long way behind the leaders.

Germany experienced a relatively flat trend pattern with regard to volume of exports of paints and varnishes dispersed or dissolved in an aqueous medium. At the same time, the United Arab Emirates (+12.1%), Poland (+6.9%), Turkey (+6.8%), China (+3.9%), Italy (+3.7%), France (+3.2%), Belgium (+1.9%) and Sweden (+1.1%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the world, with a CAGR of +12.1% from 2012-2022. Spain, the UK and the Netherlands experienced a relatively flat trend pattern. By contrast, the United States (-11.6%) illustrated a downward trend over the same period. While the share of Turkey (+1.9 p.p.) and the United Arab Emirates (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Germany (-1.6 p.p.) and the United States (-6.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest aqueous paint and varnish supplying countries worldwide were Germany ($1.4B), the United States ($1.1B) and Italy ($486M), together accounting for 38% of global exports. The Netherlands, France, Belgium, the UK, Spain, Sweden, Turkey, Poland, China and the United Arab Emirates lagged somewhat behind, together accounting for a further 34%.

The United Arab Emirates, with a CAGR of +13.8%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Paints and varnishes, based on acrylic or vinyl polymers, aqueous medium represented the key type of paints and varnishes dispersed or dissolved in an aqueous medium in the world, with the volume of exports reaching 1.6M tons, which was near 64% of total exports in 2022. It was distantly followed by paints and varnishes, based on polymers other than acrylic or vinyl, aqueous medium (872K tons), making up a 36% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exported products, was attained by paints and varnishes, based on acrylic or vinyl polymers, aqueous medium (with a CAGR of +2.2%).

In value terms, paints and varnishes, based on acrylic or vinyl polymers, aqueous medium ($4.4B) and paints and varnishes, based on polymers other than acrylic or vinyl, aqueous medium ($3.3B) were the products with the highest levels of exports in 2022.

Paints and varnishes, based on acrylic or vinyl polymers, aqueous medium, with a CAGR of +3.1%, saw the highest growth rate of the value of exports, among the main exported products over the period under review.

Export Prices By Type

In 2022, the average aqueous paint and varnish export price amounted to $3,160 per ton, almost unchanged from the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 10% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major exported products. In 2022, the product with the highest price was paints and varnishes, based on polymers other than acrylic or vinyl, aqueous medium ($3,803 per ton), while the average price for exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium totaled $2,803 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by paints and varnishes, based on acrylic or vinyl polymers, aqueous medium (+0.9%).

Export Prices By Country

In 2022, the average aqueous paint and varnish export price amounted to $3,160 per ton, remaining stable against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 10% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the near future.

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 the United States ($19,663 per ton), while the United Arab Emirates ($1,158 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 (+17.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform