Report Update: Apr 1, 2024

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

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Paint and Varnish Price in Nigeria - 2022

Paint and Varnish Price in Nigeria (CIF) - 2022

In June 2022, the average paint and varnish import price amounted to $1,687 per ton, leveling off at the previous month. Overall, the import price, however, continues to indicate a slight reduction. The pace of growth appeared the most rapid in January 2022 an increase of 49% against the previous month. As a result, import price reached the peak level of $3,110 per ton. From February 2022 to June 2022, the average import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was the United Arab Emirates ($4,639 per ton), while the price for Greece ($265 per ton) was amongst the lowest.

From June 2021 to June 2022, the most notable rate of growth in terms of prices was attained by India (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Paint and Varnish Price in Nigeria (FOB) - 2022

In 2022, the average paint and varnish export price amounted to $1,076 per ton, with an increase of 2.7% against the previous year. Overall, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.0% 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 +12.6% against 2020 indices. The growth pace was the most rapid in 2014 an increase of 105% against the previous year. The export price peaked at $1,603 per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($2,111 per ton), while the average price for exports to Ghana ($83 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 China (+3.3%), while the prices for the other major destinations experienced a decline.

Paint and Varnish Imports in Nigeria

Paint and varnish imports into Nigeria expanded rapidly to 17K tons in 2022, picking up by 10% on the year before. The total import volume increased at an average annual rate of +13.9% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 50% against the previous year. As a result, imports attained the peak of 17K tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, paint and varnish imports skyrocketed to $50M in 2022. In general, total imports indicated a significant increase from 2019 to 2022: its value increased at an average annual rate of +26.0% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +100.0% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Import of Paint and Varnish in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	1.1	1.6	2.2	8.5	97.7%
South Africa	3.0	4.0	4.5	5.0	18.6%
United Arab Emirates	1.1	2.1	3.6	5.0	65.7%
Ghana	1.8	3.4	0.2	2.5	11.6%
Egypt	0.8	0.5	0.9	2.4	44.2%
Germany	0.7	2.3	2.1	2.3	48.7%
United Kingdom	2.6	3.7	1.9	2.3	-4.0%
Sweden	0.2	1.1	0.9	1.3	86.6%
Turkey	0.2	0.4	0.5	1.0	71.0%
India	0.3	1.2	2.7	1.0	49.4%
United States	0.6	1.3	0.6	0.9	14.5%
Italy	0.3	0.6	0.5	0.5	18.6%
Hong Kong SAR	0.1	0.3	0.3	0.4	58.7%
Others	11.9	13.0	13.0	16.8	12.2%
Total	24.9	35.6	34.0	49.9	26.1%

Top Suppliers of Paint and Varnish to Nigeria in 2022:

China (5.6K tons)
South Africa (2.4K tons)
United Arab Emirates (1.0K tons)
Egypt (0.8K tons)
Germany (0.7K tons)
United Kingdom (0.6K tons)
Ghana (0.5K tons)
India (0.5K tons)
Turkey (0.4K tons)
United States (0.4K tons)
Italy (0.3K tons)
Sweden (0.3K tons)
Hong Kong SAR (0.3K tons)

Paint and Varnish Exports in Nigeria

In 2022, shipments abroad of paints and varnishes was finally on the rise to reach 229 tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, saw a deep reduction.

In value terms, paint and varnish exports soared to $247K in 2022. In general, exports, however, continue to indicate a abrupt downturn.

Export of Paint and Varnish in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	366	253	182	226	-14.8%
Niger	46.1	13.9	7.7	11.9	-36.3%
Benin	2.1	1.9	5.7	4.6	29.9%
Cameroon	3.0	3.4	2.0	2.0	-12.6%
Ghana	2.6	1.6	1.1	1.3	-20.6%
Others	3.2	1.6	2.5	1.3	-25.9%
Total	423	275	201	247	-16.4%

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

China (106.9 tons)
Niger (79.6 tons)
Ghana (15.6 tons)
Benin (15.6 tons)
Cameroon (8.6 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the paint and varnish market in Nigeria. 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:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
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