Polishes For Coachwork Market

The article provides a comprehensive overview of the global market for polishes for coachwork, predicting an upward consumption trend over the next eight years. It forecasts a CAGR of +1.5% in market volume and +3.7% in market value from 2022 to 2030, reaching 313K tons and $1.7B, respectively. China leads in consumption and production, while the United States and Germany are major exporters. Import and export volumes and values, as well as average prices, are also analyzed for key countries.

Market Forecast

Driven by rising demand for polishes for coachwork worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 313K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $1.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Polishes For Coachwork

Global polishes for coachwork consumption fell modestly to 277K tons in 2022, waning by -3% compared with 2021. Over the period under review, consumption showed a noticeable reduction. The pace of growth was the most pronounced in 2017 when the consumption volume increased by 6.9%. Global consumption peaked at 370K tons in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

The global polishes for coachwork market size contracted slightly to $1.2B in 2022, shrinking by -3.8% 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 continues to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2019 when the market value increased by 5.9% against the previous year. Global consumption peaked at $1.7B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (89K tons) remains the largest polishes for coachwork consuming country worldwide, comprising approx. 32% of total volume. Moreover, polishes for coachwork consumption in China exceeded the figures recorded by the second-largest consumer, the United States (28K tons), threefold. The third position in this ranking was taken by Japan (16K tons), with a 5.9% share.

In China, polishes for coachwork consumption expanded at an average annual rate of +1.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-6.0% per year) and Japan (-5.4% per year).

In value terms, China ($293M), Japan ($244M) and the United States ($180M) constituted the countries with the highest levels of market value in 2022, with a combined 57% share of the global market.

Among the main consuming countries, China, with a CAGR of +1.7%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of polishes for coachwork per capita consumption was registered in Austria (563 kg per 1000 persons), followed by Spain (181 kg per 1000 persons), Japan (131 kg per 1000 persons) and France (120 kg per 1000 persons), while the world average per capita consumption of polishes for coachwork was estimated at 35 kg per 1000 persons.

In Austria, polishes for coachwork per capita consumption increased at an average annual rate of +4.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Spain (+2.6% per year) and Japan (-5.2% per year).

Production

World Production of Polishes For Coachwork

In 2022, the amount of polishes for coachwork produced worldwide was estimated at 272K tons, leveling off at the previous year's figure. Overall, production, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2017 when the production volume increased by 5.6% against the previous year. Global production peaked at 363K tons in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, polishes for coachwork production reduced modestly to $1.2B in 2022 estimated in export price. In general, production, however, recorded a pronounced curtailment. The growth pace was the most rapid in 2019 with an increase of 12%. Global production peaked at $1.6B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

China (90K tons) remains the largest polishes for coachwork producing country worldwide, comprising approx. 33% of total volume. Moreover, polishes for coachwork production in China exceeded the figures recorded by the second-largest producer, the United States (40K tons), twofold. Japan (16K tons) ranked third in terms of total production with a 5.9% share.

In China, polishes for coachwork production expanded at an average annual rate of +1.1% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (-4.5% per year) and Japan (-5.3% per year).

Imports

World Imports of Polishes For Coachwork

In 2022, approx. 74K tons of polishes for coachwork were imported worldwide; dropping by -18.4% on 2021 figures. The total import volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 18%. As a result, imports attained the peak of 91K tons, and then reduced markedly in the following year.

In value terms, polishes for coachwork imports fell to $400M in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 28%. As a result, imports reached the peak of $462M, and then shrank in the following year.

Imports By Country

The countries with the highest levels of polishes for coachwork imports in 2022 were Austria (5.5K tons), Germany (5.2K tons), France (4.1K tons), Poland (3.7K tons), Slovakia (3.4K tons), China (3.3K tons), the United States (2.5K tons), the UK (1.9K tons), Hong Kong SAR (1.9K tons), Canada (1.9K tons), Russia (1.7K tons) and Mexico (1.6K tons), together reaching 50% of total import. Chile (1.5K tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Chile (with a CAGR of +15.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest polishes for coachwork importing markets worldwide were Germany ($29M), France ($26M) and Poland ($20M), with a combined 19% share of global imports.

Poland, with a CAGR of +16.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average polishes for coachwork import price stood at $5,413 per ton in 2022, rising by 6.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 8.4% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($8,208 per ton), while Slovakia ($1,775 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+4.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Polishes For Coachwork

Global polishes for coachwork exports shrank to 69K tons in 2022, which is down by -8.7% compared with the year before. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 24%. As a result, the exports reached the peak of 75K tons, and then shrank in the following year.

In value terms, polishes for coachwork exports reduced to $456M in 2022. The total export value increased at an average annual rate of +3.8% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 29%. As a result, the exports reached the peak of $495M, and then fell in the following year.

Exports By Country

The United States (14K tons) and Germany (11K tons) represented the largest exporters of polishes for coachwork in 2022, amounting to approx. 21% and 16% of total exports, respectively. The Netherlands (6.5K tons) took a 9.5% share (based on physical terms) of total exports, which put it in second place, followed by the UK (7.9%), China (7.3%), Turkey (5.2%), Poland (5.1%) and Italy (4.9%). The following exporters - Belgium (2.1K tons), Spain (1.1K tons) and South Korea (1.1K tons) - together made up 6.2% of total exports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +9.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($89M), the Netherlands ($75M) and the United States ($74M) constituted the countries with the highest levels of exports in 2022, with a combined 52% share of global exports. The UK, China, Poland, Italy, Turkey, South Korea, Belgium and Spain lagged somewhat behind, together accounting for a further 32%.

Poland, with a CAGR of +17.6%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average polishes for coachwork export price amounted to $6,625 per ton, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2014 an increase of 10% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($11,434 per ton), while Belgium ($3,367 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform