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U.S. Paint and Varnish Export Price in March 2023

In March 2023, the paint and varnish price amounted to $25,386 per ton (FOB, US), picking up by 2.6% against the previous month. Over the period from March 2022 to March 2023, it increased at an average monthly rate of +1.0%. The pace of growth appeared the most rapid in December 2022 when the average export price increased by 8% month-to-month. Over the period under review, the average export prices hit record highs in March 2023.

There were significant differences in the average prices for the major overseas markets. In March 2023, the country with the highest price was China ($40,517 per ton), while the average price for exports to Panama ($10,569 per ton) was amongst the lowest.

From March 2022 to March 2023, the most notable rate of growth in terms of prices was recorded for supplies to Jamaica (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

U.S. Paint and Varnish Exports

In March 2023, paint and varnish exports from the United States soared to 11K tons, jumping by 17% compared with the previous month’s figure. Overall, exports, however, showed a relatively flat trend pattern.

In value terms, paint and varnish exports skyrocketed to $276M (IndexBox estimates) in March 2023. Over the period under review, exports continue to indicate a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

U.S. Paint and Varnish Exports by Country

Canada (5.2K tons), Mexico (3.1K tons) and China (250 tons) were the main destinations of paint and varnish exports from the United States, with a combined 79% share of total exports. Panama and Jamaica lagged somewhat behind, together accounting for a further 2.2%.

From March 2022 to March 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +10.6%), while the other leaders experienced a decline.

In value terms, the largest markets for paint and varnish exported from the United States were Canada ($126M), Mexico ($75M) and China ($10M), together comprising 76% of total exports. These countries were followed by Panama and Jamaica, which together accounted for a further 1%.

Among the main countries of destination, Panama, with a CAGR of +5.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

The demand for chromium oxide will witness consistent expansion on account of its rising usage across heavy-duty applications. They are mainly inorganic pigments and record a higher requirement in paints, roofing & ceramic tiles, architectural coatings, and plastics. The materials are incorporated in the generation of high temperature as well as abrasion-resistant refractory bricks for use in glass and fiberglass. They are also employed as green pigments for coloring building materials and plastics,

Chromium oxide compounds act as major ingredients of the refractories and brake linings. They are also used as raw materials in the ceramic industries for the manufacturing of chromium metal and mixed metal oxides. The product is also utilized to stain slips and bodies along with producing red and orange glasses to filling hollows in horizontally fired tiles. Furthermore, high purity grade chrome oxide is marking its presence in the production of chromium metal.

Reports suggest that the global chromium oxide market size could reach an exponential CAGR through 2027.

The adoption of powder chromium oxide structures will increase with their excessive use as pigments. They possess considerable stability and are hence utilized in the making of paints, inks, dyes and glasses. They are also the colorant constituents in chrome and institutional green colors. Besides, the powdered compound offers ease of availability as it can be easily packaged in jars, pails, drums, multiply paper bags, bulk bags, and fiberboard containers.

Pigment grade chromium oxide components are pegged to record a considerable demand in the next few years considering their increasing applications in the paints industry. They can be accessed in the form of chrome yellow, green, red, orange as well as tin pink. As they possess high-temperature resistance and sunlight fastness, they are used to generate the color in various minerals and gemstones. These substances are also known to be relatively stable in air and are unaffected by acids as well as alkalis and sulfur dioxide & hydrogen.

The application of chromium oxide compounds across the paintings and coatings sector is likely to commendably stir. This can be attributed to the increasing adoption of chrome oxide green to offer excellent quality and firmness of coloring. It is highly preferred in the coating of various cosmetics and is used to impart a greenish color for painting glass.

Speaking of which, global chromium oxide manufacturers are keen on bringing innovations and modifications in their existing offerings to increase their footprint across the world. These firms are focusing on marketing initiatives such as mergers, partnerships, and acquisitions to sustain the inclining competition. To state an instance, in July 2018, Sun Chemical along with its parent firm, DIC Corporation, acquired the high-purity iron oxides portfolio of Cathay Industries, which is based in Indiana, U.S.

The present COVID-19 outbreak drew a comparatively declining effect on the production of chromium oxide components owing to the regulation of lockdown policies in the initial months of 2020. However, the gradual easing of the trade barriers and the resumption of the paints, coatings, dyes, and ink industries is expected to bring positive impetus to the product demand.

Paint and Varnish Price in United States Hits New Record of $25.4 per kg

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