Water-based acrylic or vinyl paints and varnishes market in Spain

Earlier Report Observations

Between 2018 and 2019, the market for water-based acrylic or vinyl paints and varnishes in Spain expanded, with volume growing from 319.6 thousand tonnes to 333.7 thousand tonnes. This initial growth was supported by an increase in the number of companies operating in the paints and varnishes sector and robust demand linked to construction activity and a general economic improvement, which boosted both new building projects and the do-it-yourself segment.

After a slight contraction in market volume to 325.2 thousand tonnes in 2020, a strong recovery followed in 2022, reaching 374.9 thousand tonnes. The resurgence was primarily driven by favorable demand from industrial sectors and rising prices, which helped increase the market's value even as the decorative segment weakened. Throughout this period, existing European and Spanish regulations limiting volatile organic compound emissions continued to shape product standards.

Market volume experienced a notable decline to 290.3 thousand tonnes in 2023, largely due to subdued overall demand, though price increases provided some support to the market's monetary value. The water-based segment maintained a significant share of total paint consumption, with growing consumer preference for more environmentally friendly products. In 2024, the market volume rebounded to 370.7 thousand tonnes, showing moderate growth supported by demand from construction and industrial applications. This period was also marked by the implementation of new EU regulations on ecodesign and critical raw materials, setting stricter sustainability and traceability requirements for manufacturers.

Production water-based acrylic or vinyl paints and varnishes in Spain

In value, 2017-2020, M $ US

After two years of growth, production of water-based acrylic or vinyl paints and varnishes in Spain declined. In 2020, output was valued at 533.1 million US dollars, marking a slight drop of 2.7% compared to 2019. Between 2017 and 2020, production increased by 11.7%, equating to an annualized growth rate of 3.7%. The highest value was recorded in 2019 at 548.0 million US dollars, while the largest annual increase occurred in 2018 at 7.9%.

Annual dynamics of production in Spain in value, 2017-2020, M $ US

In kind, 2017-2020, K t

Following two years of improvement, Spain's production of water-based acrylic or vinyl paints and varnishes declined. In 2020, 330.1 thousand tonnes were produced, representing a slight decrease of 2.1% year-on-year. From 2017 to 2020, production grew by 4.7%, with an annualized rate of 1.6%. The peak was reached in 2019 at 337.1 thousand tonnes, which also saw the largest annual increase of 4.3%.

Annual dynamics of production in Spain in kind, 2017-2020, K t

Exports water-based acrylic or vinyl paints and varnishes from Spain

Exports in kind, t

In 2020, water-based acrylic or vinyl paints and varnishes exports from Spain totaled 28 984 tonnes, showing a moderate gain of 4.5% compared to 2019. Between 2017 and 2020, exports increased by 6.6%, with an annualized growth rate of 2.2%. The largest decline occurred in 2019 at 3.0%, while the largest increase was recorded in 2018 at 5.1%.

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

From 2017 to 2020, three main markets—Portugal, Cuba, and France—collectively absorbed 50.6% of Spain's total exports in kind of water-based acrylic or vinyl paints and varnishes.

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

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

Exports in value, K $ US

In 2020, water-based acrylic or vinyl paints and varnishes exports from Spain stood at 65 655 thousand US dollars, amounting to an improvement of 1.6% compared to 2019. Over the period 2017-2020, exports increased by 2.4%, with a compound annual growth rate (CAGR) of 0.8%. The highest value was recorded in 2018 at 70 349 thousand US dollars, which also saw the largest annual increase of 9.7%. The largest decline occurred in 2019 at 8.1%.

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

The structure of exports in value terms from 2017 to 2020 reveals a diversified set of partners. Portugal accounted for 21.6% of exports, France for 15.7%, and Cuba for 11.6%, jointly representing 48.9% of total flows. The remaining 51.1% was distributed among numerous smaller markets.

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

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

Imports water-based acrylic or vinyl paints and varnishes to Spain

Imports in kind, t

Spain's imports of water-based acrylic or vinyl paints and varnishes declined for the second consecutive year. In 2020, imports reached 24 060 tonnes, representing a slight loss of 1.1% year-on-year. Over the period 2017-2020, imports increased by 34.7%, with a CAGR of 10.4%. The peak was recorded in 2018 at 24 865 tonnes, which also saw the largest annual increase of 39.2%. The largest decline occurred in 2019 at 2.2%.

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

Throughout 2017–2020, France, Portugal, and Italy formed the key group of partners for imports in kind of water-based acrylic or vinyl paints and varnishes to Spain. France accounted for 26.3% of imports, Portugal for 21.4%, and Italy for 16.3%, jointly representing 64.0% of total flows.

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

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

Imports in value, K $ US

Cross-border shipments of water-based acrylic or vinyl paints and varnishes to Spain declined for the second consecutive year. In 2020, import volume totaled 62 083 thousand US dollars, reflecting a moderate drop of 8.8% compared to 2019. The highest value was recorded in 2018 at 68 852 thousand US dollars, which also saw the largest annual increase of 9.2%.

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

Throughout 2017–2020, the three largest markets—France, Italy, and Germany—remained central to imports in value terms, together accounting for 56.5% of total flows.

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

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