Middle East: Paint And Varnish Market 2024

Paint And Varnish Market Size in the Middle East

The Middle Eastern paint and varnish market declined to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Paint And Varnish Production in the Middle East

In value terms, paint and varnish production fell rapidly to $X in 2022 estimated in export price. Overall, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

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Paint And Varnish Exports

Exports in the Middle East

Paint and varnish exports skyrocketed to X tons in 2022, picking up by X% on the year before. Total exports indicated a resilient 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, exports increased by X% against 2020 indices. 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. Total exports indicated a strong expansion from 2012 to 2022: its value 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, exports increased by X% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of about X tons, which accounted for X% of total exports. Turkey (X tons) took the second position in the ranking, distantly followed by Oman (X tons). All these countries together took near X% share of total exports. The following exporters - Saudi Arabia (X tons) and Iran (X tons) - each resulted at a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to paint and varnish exports from the United Arab Emirates stood at X%. At the same time, Oman (X%), Iran (X%) and Turkey (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2022. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and Turkey saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest paint and varnish supplying countries in the Middle East were the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X), together comprising X% of total exports. Oman and Iran lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Oman, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, falling by X% against the previous year. In general, the export price continues to indicate a slight decline. The growth pace was the most rapid in 2015 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2021, and then reduced dramatically 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 more modest paces of growth.

Paint And Varnish Imports

Imports in the Middle East

In 2022, purchases abroad of paints and varnishes increased by X% to X tons, rising for the second year in a row after two years of decline. The total import volume 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 growth pace was the most rapid in 2013 when imports increased by X%. The volume of import peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, paint and varnish imports reached $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 throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Turkey was the main importing country with an import of about X tons, which accounted for X% of total imports. Iraq (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (X%), Saudi Arabia (X%), Qatar (X%), Oman (X%) and Kuwait (X%).

Imports into Turkey increased at an average annual rate of X% from 2012 to 2022. At the same time, Oman (X%), Saudi Arabia (X%), Qatar (X%), Iraq (X%), Kuwait (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. Kuwait (X p.p.), Turkey (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported paints and varnishes in the Middle East, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Saudi Arabia, with a X% share.

In Turkey, paint and varnish imports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by X%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while Iraq ($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