Report Update: Apr 1, 2024

Singapore - Paints And Varnishes - Market Analysis, Forecast, Size, Trends And Insights

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Paint and Varnish Price in Singapore - 2022

Paint and Varnish Price in Singapore (FOB) - 2022

The average paint and varnish export price stood at $6,393 per ton in September 2022, waning by -5.9% against the previous month. Over the period from September 2021 to September 2022, it increased at an average monthly rate of +1.8%. The pace of growth was the most pronounced in January 2022 when the average export price increased by 43% against the previous month. Over the period under review, the average export prices attained the peak figure at $7,154 per ton in June 2022; however, from July 2022 to September 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was China ($10,445 per ton), while the average price for exports to New Zealand ($2,199 per ton) was amongst the lowest.

From September 2021 to September 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.

Paint and Varnish Price in Singapore (CIF) - 2022

The average paint and varnish import price stood at $6,590 per ton in September 2022, falling by -3.5% against the previous month. Over the period under review, import price indicated pronounced growth from September 2021 to September 2022: its price increased at an average monthly rate of +2.8% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on September 2022 figures, paint and varnish import price decreased by -3.5% against July 2022 indices. The pace of growth appeared the most rapid in January 2022 when the average import price increased by 25% against the previous month. Over the period under review, average import prices attained the maximum at $7,237 per ton in April 2022; however, from May 2022 to September 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In September 2022, the country with the highest price was Japan ($39,855 per ton), while the price for Taiwan (Chinese) ($1,809 per ton) was amongst the lowest.

From September 2021 to September 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Paint and Varnish Exports in Singapore

In 2022, the amount of paints and varnishes exported from Singapore stood at 66K tons, growing by 2.9% compared with 2021 figures. The total export volume increased at an average annual rate of +2.4% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 5.4%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, paint and varnish exports rose rapidly to $308M in 2022. The total export value increased at an average annual rate of +4.0% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2021 with an increase of 19% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Export of Paint and Varnish in Singapore (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	44.7	47.4	62.1	67.4	14.7%
Indonesia	32.2	27.8	28.5	33.4	1.2%
Thailand	27.8	27.6	31.8	30.6	3.3%
Malaysia	42.4	34.2	32.9	29.3	-11.6%
Vietnam	23.7	17.3	20.0	22.7	-1.4%
South Korea	18.3	21.8	25.6	22.6	7.3%
Philippines	17.6	10.8	15.2	14.1	-7.1%
United Arab Emirates	1.4	0.7	1.5	9.6	90.0%
Cambodia	4.6	5.2	7.4	8.7	23.7%
Australia	6.5	6.0	7.7	8.2	8.1%
Myanmar	3.4	4.1	3.9	6.7	25.4%
Hong Kong SAR	8.6	5.2	5.7	6.6	-8.4%
Brunei Darussalam	6.8	6.8	6.8	6.4	-2.0%
Others	36.1	30.4	42.7	41.8	5.0%
Total	274	245	292	308	4.0%

Top Export Markets for Paint and Varnish from Singapore in 2022:

China (11.9K tons)
Vietnam (7.1K tons)
Thailand (5.4K tons)
Indonesia (5.3K tons)
Malaysia (4.7K tons)
Australia (4.4K tons)
South Korea (4.2K tons)
Cambodia (3.7K tons)
Myanmar (2.5K tons)
Philippines (2.3K tons)
Brunei Darussalam (2.0K tons)
Hong Kong SAR (2.0K tons)
United Arab Emirates (1.7K tons)

Paint and Varnish Imports in Singapore

In 2022, the amount of paints and varnishes imported into Singapore reached 61K tons, stabilizing at 2021 figures. The total import volume increased at an average annual rate of +3.0% from 2019 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 imports increased by 8.9%. Imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, paint and varnish imports rose remarkably to $293M in 2022. The total import value increased at an average annual rate of +5.2% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 26%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Import of Paint and Varnish in Singapore (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Malaysia	115	83.3	99.9	128	3.6%
Vietnam	2.3	8.6	20.5	27.5	128.7%
United States	37.7	28.0	29.2	26.1	-11.5%
Japan	25.0	24.7	31.0	24.4	-0.8%
Indonesia	16.3	17.1	16.2	22.2	10.8%
Germany	9.7	4.7	7.2	10.8	3.6%
Taiwan (Chinese)	1.3	3.0	7.7	9.2	92.0%
Thailand	6.9	7.8	10.3	8.4	6.8%
South Korea	4.7	5.9	8.2	7.7	17.9%
China	2.7	3.2	4.3	3.4	8.0%
Others	29.9	21.5	26.5	25.5	-5.2%
Total	252	208	261	293	5.2%

Top Suppliers of Paint and Varnish to Singapore in 2022:

Malaysia (29.7K tons)
Taiwan (Chinese) (6.6K tons)
Vietnam (6.0K tons)
Indonesia (5.3K tons)
Thailand (2.4K tons)
United States (2.2K tons)
South Korea (1.5K tons)
China (1.1K tons)
Japan (1.0K tons)
Germany (1.0K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the paint and varnish market in Singapore. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20301150 - Paints and varnishes, based on acrylic or vinyl polymers dispersed or dissolved in an aqueous medium (including enamels and lacquers)
Prodcom 20301170 - Other paints, varnishes dispersed or dissolved in an aqueous medium
Prodcom 20301225 - Paints and varnishes, based on polyesters dispersed/dissolved in a non-aqueous medium, weight of the solvent > .50 % of the weight of the solution including enamels and lacquers
Prodcom 20301229 - Paints and varnishes, based on polyesters dispersed/dissolved in a non-aqueous medium including enamels and lacquers excluding weight of the solvent > .50 % of the weight of the solution
Prodcom 20301230 - Paints and varnishes, based on acrylic or vinyl polymers dispersed/dissolved in non-aqueous medium, weight of the solvent > .50 % of the solution weight including enamels and lacquers
Prodcom 20301250 - Other paints and varnishes based on acrylic or vinyl polymers
Prodcom 20301270 - Paints and varnishes: solutions n.e.c.
Prodcom 20301290 - Other paints and varnishes based on synthetic polymers n.e.c.
Prodcom 20302213 - Oil paints and varnishes (including enamels and lacquers)
Prodcom 20302215 - Prepared water pigments for finishing leather, paints and varnishes (including enamels, lacquers and distempers) (excluding of oil)

Country coverage:

Singapore

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Singapore
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023