Sri Lanka: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Sri Lanka

The Sri Lankan aqueous paint and varnish market fell notably to $X in 2023, waning by X% 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). Overall, consumption showed a deep reduction. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2023, consumption stood at a somewhat lower figure.

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

Exports from Sri Lanka

In 2023, aqueous paint and varnish exports from Sri Lanka fell dramatically to X tons, which is down by X% compared with the previous year's figure. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2023, the growth of the exports failed to regain momentum.

In value terms, aqueous paint and varnish exports declined rapidly to $X in 2023. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then contracted dramatically in the following year.

Exports by Country

Maldives (X tons) was the main destination for aqueous paint and varnish exports from Sri Lanka, with a X% share of total exports. Moreover, aqueous paint and varnish exports to Maldives exceeded the volume sent to the second major destination, Singapore (X tons), more than tenfold. The third position in this ranking was held by India (X kg), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Maldives amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and India (X% per year).

In value terms, Maldives ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in an aqueous medium exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Singapore ($X), with a X% share of total exports. It was followed by India, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Maldives amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and India (X% per year).

Export Prices by Country

In 2023, the average aqueous paint and varnish export price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. The export price peaked at $X per ton in 2022, and then dropped remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Maldives ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (X%), while the prices for the other major destinations experienced more modest paces of growth.

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

Imports into Sri Lanka

Aqueous paint and varnish imports into Sri Lanka declined rapidly to X tons in 2023, falling by X% on the year before. In general, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, imports attained the peak of X tons. From 2017 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, aqueous paint and varnish imports fell significantly to $X in 2023. Over the period under review, imports recorded a drastic downturn. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2023, imports failed to regain momentum.

Imports by Country

Germany (X tons), Italy (X tons) and Thailand (X tons) were the main suppliers of aqueous paint and varnish imports to Sri Lanka, with a combined X% share of total imports. Switzerland, Singapore, Malaysia, the UK, Belgium, China, India, Australia, Sweden and the United States lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Sweden (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Germany ($X) and Thailand ($X) constituted the largest aqueous paint and varnish suppliers to Sri Lanka, with a combined X% share of total imports. Singapore, Switzerland, Australia, the United States, India, the UK, China, Malaysia, Belgium and Sweden lagged somewhat behind, together comprising a further X%.

Sweden, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average aqueous paint and varnish import price stood at $X per ton in 2023, increasing by X% against the previous year. In general, the import price, however, recorded a noticeable downturn. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform