Water-based polymer paints and varnishes market in Belgium

Earlier Report Observations

The Belgian market for water-based polymer paints and varnishes saw steady growth in physical volume from 68 835 tonnes in 2018 to a peak of 78 656 tonnes in 2020, with market value also rising to $216 million by 2021.

A sharp contraction occurred in 2022 as market volume fell by 16% to 59 310 tonnes and value dropped 28% to $155.1 million. This downturn was driven by a significant surge in prices for key raw materials like resins, solvents, pigments, and polymers, which increased production costs and reduced demand. Although volume recovered slightly in 2023, it declined again in 2024 to 57 560 tonnes, with market value falling to $133.3 million.

Production water-based polymer paints and varnishes in Belgium

In value, 2017-2020, M $ US

Belgium's production of water-based polymer paints and varnishes declined in value terms after two years of growth. In 2020, output was valued at 158.7 million US dollars, marking a 5.5% decrease from the previous year. Over the 2017-2020 period, production increased by 5.4%, with a compound annual growth rate of 1.8%. The highest value was recorded in 2019 at 167.9 million US dollars, which also saw the largest annual increase of 6.1%.

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

In kind, 2017-2020, t

Belgium's production of water-based polymer paints and varnishes increased for the third consecutive year in volume terms. In 2020, 30 231 tonnes were produced, representing a 0.9% rise compared to 2019. Over the 2017-2020 period, production grew by 7.6%, with a compound annual growth rate of 2.5%.

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

Exports water-based polymer paints and varnishes from Belgium

Exports in kind, t

Belgium's exports of water-based polymer paints and varnishes grew for the third straight year in volume terms. In 2020, exports reached 31 352 tonnes, showing a controlled increase of 5.3% from the previous year. Over the 2017-2020 period, exports rose by 10.9%, with a compound annual growth rate of 3.5%.

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

From 2017 to 2020, the Netherlands, France, and the United Kingdom were the leading destinations for Belgium's exports in volume terms. The Netherlands accounted for 25.9% of exports, France for 19.1%, and the United Kingdom for 7.7%. Together, these three countries represented 52.6% of total export flows.

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

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

Exports in value, M $ US

In 2020, Belgium's exports of water-based polymer paints and varnishes totaled 149.4 million US dollars in value terms, showing a modest year-over-year advance of 1.4%. Over the 2017-2020 period, exports decreased by 4.3%, with a compound annual growth rate of -1.5%. The lowest value was recorded in 2019 at 147.4 million US dollars, which saw the largest annual decline of 8.5%. In contrast, the highest value was in 2018 at 161.0 million US dollars, with the largest annual increase of 3.1%.

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

From 2017 to 2020, Belgium's export structure in value terms was balanced rather than concentrated. The Netherlands accounted for 17.0% of exports, France for 15.3%, and Germany for 8.6%. Together, these three partners represented 40.9% of total flows, while many other countries accounted for the remaining 59.1%.

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

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

Imports water-based polymer paints and varnishes to Belgium

Imports in kind, t

Belgium's imports of water-based polymer paints and varnishes increased for the second consecutive year in volume terms. In 2020, imports amounted to 79 777 tonnes, equivalent to a 12.6% rise compared to the previous year. Over the 2017-2020 period, imports grew by 13.8%, with a compound annual growth rate of 4.4%. The lowest volume was recorded in 2018 at 68 779 tonnes, which also saw the largest annual decline of 1.9%.

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

Throughout 2017-2020, the Netherlands, Germany, and France formed the core of Belgium's imports in volume terms. The Netherlands accounted for 44.6% of imports, Germany for 32.3%, and France for 16.3%. Together, these three countries took 93.1% of total import flows.

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

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

Imports in value, M $ US

In 2020, Belgium's imports of water-based polymer paints and varnishes totaled 199.4 million US dollars in value terms, constituting a small uptick of 2.8% from the previous year. The lowest value was recorded in 2019 at 194.0 million US dollars, which saw the largest annual decline of 6.0%. The highest value was in 2018 at 206.4 million US dollars, with the largest annual increase of 3.3%.

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

Throughout 2017-2020, Germany, the Netherlands, and France remained the main markets for Belgium's imports in value terms. Germany accounted for 45.0% of imports, the Netherlands for 34.1%, and France for 13.5%. Together, these three countries jointly took 92.6% of total import flows.

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

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