Water-based polymer paints and varnishes market in Portugal

Earlier Report Observations

The Portuguese market for water-based polymer paints and varnishes, measured in volume, grew from 105.2 thousand tons in 2018 to a plateau of 114 thousand tons in 2019 and 2020. After this period, consumption contracted for two consecutive years, falling to 101.4 thousand tons in 2022, before rebounding strongly to 112.7 thousand tons in 2023. The following year, 2024, saw a moderate correction to 107.8 thousand tons.

In value terms, the market exhibited a different pattern, with steady growth from $255.9 million in 2018 to a peak of $281.9 million in 2021, despite the volume decline that began in 2021. This suggests a shift towards higher-value products or increased input costs. A dip to $265.8 million in 2022 was followed by a sharp increase to $303.2 million in 2023, the highest value in the period, before settling at $283.4 million in 2024.

Production water-based polymer paints and varnishes in Portugal

In value, 2018-2021, M $ US

Portugal's production of water-based polymer paints and varnishes declined after two years of growth. In 2021, output was valued at 233.1 million US dollars, marking a 2.6% decrease from 2020. Over the period from 2018 to 2021, production increased by 10.7%, which translates to an annualized growth rate of 3.4%. The highest value was recorded in 2020 at 239.5 million US dollars, while the largest annual increase occurred in 2019 at 8.3%.

Annual dynamics of production in Portugal in value, 2018-2021, M $ US

In kind, 2018-2021, K t

After two years of growth, Portugal's production of water-based polymer paints and varnishes declined. In 2021, the country produced 100.4 thousand tonnes, representing a modest 6.8% decrease from the previous year. From 2018 to 2021, production increased by 6.2%, equivalent to an annualized rate of 2.0%. The peak was reached in 2020 with 107.7 thousand tonnes, and the largest annual increase was recorded in 2019 at 10.9%.

Annual dynamics of production in Portugal in kind, 2018-2021, K t

Exports water-based polymer paints and varnishes from Portugal

Exports in kind, t

Portugal's exports of water-based polymer paints and varnishes increased for the second consecutive year. In 2021, exports reached 16 438 tonnes, up 13.4% from 2020. Between 2018 and 2021, exports grew by 44%, corresponding to an annualized rate of 12.9%. The lowest volume was recorded in 2019 at 10 870 tonnes, which also saw the largest decline of 4.7%. The largest increase occurred in 2020 at 33.3%.

Annual dynamics of product's exports from Portugal in kind, 2018-2021, t

From 2018 to 2021, Portugal's exports in kind were heavily concentrated on Spain and France, which together accounted for 83.1% of total flows, with other partners forming a residual share.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Portugal in kind, 2018-2021

Exports in value, K $ US

Portugal's exports of water-based polymer paints and varnishes increased for the second year in a row. In 2021, exports amounted to 28 581 thousand US dollars, a 17.9% rise compared to 2020. Over the 2018-2021 period, exports increased by 12.4%, equating to an annualized growth rate of 4.0%. The lowest value was recorded in 2019 at 21 287 thousand US dollars, which also experienced the largest decline of 16.3%.

Annual dynamics of product's exports from Portugal in value, 2018-2021, K $ US

Throughout 2018-2021, the three largest markets for Portugal's exports in value terms were Spain, France, and Angola, which together accounted for 75.9% of total flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Portugal in value, 2018-2021

Imports water-based polymer paints and varnishes to Portugal

Imports in kind, t

Portugal's imports of water-based polymer paints and varnishes increased for the second consecutive year. In 2021, imports totaled 24 692 tonnes, showing a notable 19.0% gain from the previous year. Between 2018 and 2021, imports grew by 11.8%, corresponding to an annualized rate of 3.8%. The lowest volume was recorded in 2019 at 20 010 tonnes, which also saw the largest decline of 9.4%.

Annual dynamics of product's imports to Portugal in kind, 2018-2021, t

From 2018 to 2021, Spain, Italy, and Germany consistently led Portugal's imports in kind, accounting for 54.2%, 20.2%, and 12.6% of imports, respectively. Together, they represented 87.1% of total flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Portugal in kind, 2018-2021

Imports in value, K $ US

After two years of decline, Portugal's imports of water-based polymer paints and varnishes increased. In 2021, imports reached 77 353 thousand US dollars, up 35.4% from 2020. Over the 2018-2021 period, imports increased by 9.4%, with a compound annual growth rate of 3.0%. The lowest value was recorded in 2020 at 57 109 thousand US dollars, while the largest decline occurred in 2019 at 15.9%.

Annual dynamics of product's imports to Portugal in value, 2018-2021, K $ US

Throughout 2018-2021, Spain, Germany, and Italy remained the main sources for Portugal's imports in value terms, accounting for 55.0%, 16.0%, and 9.3% of imports, respectively. Together, they made up 80.2% of total flows.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Portugal in value, 2018-2021