Eastern Asia: Paint And Varnish Market 2024

Paint And Varnish Market Size in Eastern Asia

In 2023, the East Asian paint and varnish market decreased by X% to $X for the first time since 2017, thus ending a five-year rising trend. The market value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2022, and then fell modestly in the following year.

Paint And Varnish Production in Eastern Asia

In value terms, paint and varnish production dropped to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2022, and then fell slightly in the following year.

Paint And Varnish Exports

Exports in Eastern Asia

In 2023, the amount of paints and varnishes exported in Eastern Asia totaled X tons, surging by X% compared with the previous year's figure. The total export volume increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum in 2023 and are likely to see steady growth in the immediate term.

In value terms, paint and varnish exports contracted modestly to $X in 2023. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

China represented the key exporter of paints and varnishes in Eastern Asia, with the volume of exports reaching X tons, which was near X% of total exports in 2023. South Korea (X tons) ranks second in terms of the total exports with a X% share, followed by Japan (X%) and Taiwan (Chinese) (X%). Hong Kong SAR (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the paints and varnishes exports, with a CAGR of X% from 2012 to 2023. Taiwan (Chinese) and Japan experienced a relatively flat trend pattern. South Korea (X%) and Hong Kong SAR (X%) illustrated a downward trend over the same period. China (X p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR, Japan and South Korea saw its share reduced by X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), China ($X) and South Korea ($X) constituted the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

China, with a CAGR of X%, recorded 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 leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Eastern Asia amounted to $X per ton, dropping by X% 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 2016 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; however, from 2022 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced more modest paces of growth.

Paint And Varnish Imports

Imports in Eastern Asia

In 2023, supplies from abroad of paints and varnishes decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports attained the peak of X tons. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, paint and varnish imports rose slightly to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

South Korea (X tons) and China (X tons) dominates imports structure, together mixing up X% of total imports. Hong Kong SAR (X tons) ranks next in terms of the total imports with a X% share, followed by Taiwan (Chinese) (X%) and Japan (X%).

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of X%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, China ($X) constitutes the largest market for imported paints and varnishes in Eastern Asia, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports. It was followed by Taiwan (Chinese), with an X% share.

In China, paint and varnish imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: South Korea (X% per year) and Taiwan (Chinese) (X% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2023, growing by X% against the previous year. Import price indicated a pronounced expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, paint and varnish import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2018 an increase of X%. The level of import peaked in 2023 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform