Solvent-based acrylic or vinyl paints and varnishes market in Greece

Earlier Report Observations

The market volume for solvent-based acrylic or vinyl paints and varnishes in Greece showed significant volatility between 2018 and 2024. After a moderate increase from 6 853 tonnes in 2018 to 7 359 tonnes in 2019, consumption surged by one-third to reach 9 839 tonnes in 2020. This peak was followed by a sharp contraction to 7 917 tonnes in 2021 and a further drop to 6 894 tonnes in 2022. The market volume then stabilized around 6 600–7 000 tonnes, ending at 6 980 tonnes in 2024.

In value terms, the market followed a different pattern, indicating shifts in product mix or pricing. The market value declined from 30.8 million US dollars in 2018 to 28.4 million in 2019, then recovered to 34.5 million in 2020 and continued growing to 37.1 million in 2021. After a dip to 31.9 million in 2022, it jumped sharply to 40.7 million in 2023—the highest point in the period—before easing slightly to 39.7 million in 2024. Notably, the 2023 value peak occurred despite physical volume being near its lowest, suggesting higher unit prices or a shift toward more expensive products.

Domestic production volumes fluctuated in tandem with market size, rising from around 6 000 tonnes annually in 2018–2019 to nearly 8 000 tonnes in 2020–2021, then falling back to 5 500–6 500 tonnes in subsequent years. Imports played a substantial role, particularly in 2020 when they exceeded 4 000 tonnes, while exports remained relatively stable, gradually increasing from about 1 100 tonnes to 2 700 tonnes over the period.

Production solvent-based acrylic or vinyl paints and varnishes in Greece

In value, 2017-2020, K $ US

In 2020, Greece's output of solvent-based acrylic or vinyl paints and varnishes was valued at 22 497 thousand US dollars, marking a robust 20.7% increase compared to 2019. Over the period from 2017 to 2020, production grew by 33.4%, which translates to an annualized growth rate of 10.1%. The largest decline occurred in 2019, with a drop of 3.9%.

Annual dynamics of production in Greece in value, 2017-2020, K $ US

In kind, 2017-2020, t

In 2020, Greece produced 7 739 tonnes of solvent-based acrylic or vinyl paints and varnishes, representing a year-on-year gain of 28.7%. From 2017 to 2020, production increased by 42.4%, with a compound annual growth rate of 12.5%. The largest decline was recorded in 2019, at 0.0%.

Annual dynamics of production in Greece in kind, 2017-2020, t

Exports solvent-based acrylic or vinyl paints and varnishes from Greece

Exports in kind, t

Exports of solvent-based acrylic or vinyl paints and varnishes from Greece increased for the third consecutive year. In 2020, Greece exported 1 998 tonnes, corresponding to an uptick of 41.9% compared to the previous year. Between 2017 and 2020, exports rose by 92.9%, equating to an annualized growth rate of 24.5%.

Annual dynamics of product's exports from Greece in kind, 2017-2020, t

From 2017 to 2020, Serbia, Albania, and Cyprus led the structure of exports in kind, accounting for 30.8%, 12.4%, and 11.9% of exports, respectively. Together, they represented 55.1% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Greece in kind, 2017-2020

Exports in value, K $ US

The value of solvent-based acrylic or vinyl paints and varnishes exported from Greece increased for the third consecutive year. In 2020, Greece exported 6 358 thousand US dollars worth of these products, indicating a rise of 26.3% relative to the prior year. Between 2017 and 2020, exports grew by 43.3%, with an annualized growth rate of 12.7%.

Annual dynamics of product's exports from Greece in value, 2017-2020, K $ US

From 2017 to 2020, Serbia, Cyprus, and Albania were the main markets for exports in value terms, with shares of 24.3%, 21.4%, and 9.0%, respectively. Together, they accounted for 54.7% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Greece in value, 2017-2020

Imports solvent-based acrylic or vinyl paints and varnishes to Greece

Imports in kind, t

Imports of solvent-based acrylic or vinyl paints and varnishes into Greece increased for the second consecutive year. In 2020, import volume totaled 4 097 tonnes, corresponding to a dramatic rise of 48.8% from a year earlier. Over the period from 2017 to 2020, imports increased by 54.5%, with a compound annual growth rate of 15.6%. The minimum value was recorded in 2018 at 1 949 tonnes, with the largest decline that year at 26.5%.

Annual dynamics of product's imports to Greece in kind, 2017-2020, t

From 2017 to 2020, Italy, Germany, and France accounted for the largest share of imports in kind, with percentages of 24.4%, 16.5%, and 14.3%, respectively. Together, they comprised 55.2% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Greece in kind, 2017-2020

Imports in value, K $ US

In 2020, Greece's imports of solvent-based acrylic or vinyl paints and varnishes totaled 18 375 thousand US dollars, showing a rise of 24.2% versus the previous year. Over the period from 2017 to 2020, imports increased by 29.3%, with a compound annual growth rate of 8.9%. The largest decline was recorded in 2019, at 7.8%.

Annual dynamics of product's imports to Greece in value, 2017-2020, K $ US

Throughout 2017 to 2020, Italy, France, and Germany played the leading roles in imports in value terms, with shares of 31.6%, 17.9%, and 15.6%, respectively. Jointly, they took 65.1% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Greece in value, 2017-2020