Global Amino Resin Market to Witness Modest Growth with a CAGR of +0.7% from 2024 to 2030, Reaching $35.4B

IndexBox has just published a new report: World - Amino Resins - Market Analysis, Forecast, Size, Trends And Insights.

The market for amino resin is expected to experience a slight increase in performance, with a forecasted CAGR of +0.7% in terms of volume and +2.7% in terms of value from 2024 to 2030. By the end of 2030, the market volume is projected to reach 14M tons, while the market value is anticipated to reach $35.4B (in nominal wholesale prices).

Market Forecast

Driven by rising demand for amino resin worldwide, the market is expected to start an upward consumption trend over the next six-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.7% for the period from 2024 to 2030, which is projected to bring the market volume to 14M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.7% for the period from 2024 to 2030, which is projected to bring the market value to $35.4B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Amino Resins in Primary Forms (Excluding Urea And Thiourea Resins, Melamine Resins)

In 2024, global consumption of amino resins stood at 14M tons, remaining relatively unchanged against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2022 when the consumption volume increased by 4.8%. Global consumption peaked at 15M tons in 2013; however, from 2014 to 2024, consumption remained at a lower figure.

The global amino resin market value expanded to $30.2B in 2024, with an increase of 2.7% 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, however, saw a relatively flat trend pattern. Global consumption peaked at $31.1B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

Consumption By Country

China (3.6M tons) constituted the country with the largest volume of amino resin consumption, accounting for 26% of total volume. Moreover, amino resin consumption in China exceeded the figures recorded by the second-largest consumer, India (1.6M tons), twofold. The United States (1.3M tons) ranked third in terms of total consumption with a 9.6% share.

From 2013 to 2024, the average annual growth rate of volume in China amounted to -2.6%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (-2.3% per year) and the United States (-5.6% per year).

In value terms, China ($7B) led the market, alone. The second position in the ranking was held by the United States ($3.3B). It was followed by India.

In China, the amino resin market plunged by an average annual rate of -2.3% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of market growth: the United States (-4.9% per year) and India (-1.4% per year).

The countries with the highest levels of amino resin per capita consumption in 2024 were Germany (4.6 kg per person), Turkey (4.4 kg per person) and Russia (3.9 kg per person).

From 2013 to 2024, the biggest increases were recorded for Turkey (with a CAGR of +3.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Amino Resins in Primary Forms (Excluding Urea And Thiourea Resins, Melamine Resins)

Global amino resin production reached 14M tons in 2024, almost unchanged from the previous year's figure. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 6.2%. Global production peaked at 15M tons in 2013; however, from 2014 to 2024, production failed to regain momentum.

In value terms, amino resin production expanded to $30.7B in 2024 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 25%. Over the period under review, global production hit record highs at $32B in 2013; however, from 2014 to 2024, production remained at a lower figure.

Production By Country

The country with the largest volume of amino resin production was China (4.4M tons), accounting for 32% of total volume. Moreover, amino resin production in China exceeded the figures recorded by the second-largest producer, India (1.4M tons), threefold. The United States (1.2M tons) ranked third in terms of total production with an 8.7% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: India (-3.3% per year) and the United States (-7.1% per year).

Imports

World Imports of Amino Resins in Primary Forms (Excluding Urea And Thiourea Resins, Melamine Resins)

In 2024, approx. 4.1M tons of amino resins were imported worldwide; declining by -5.2% compared with 2023 figures. Over the period under review, total imports indicated resilient growth from 2013 to 2024: its volume increased at an average annual rate of +5.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -5.5% against 2021 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 19% against the previous year. As a result, imports reached the peak of 4.3M tons. From 2022 to 2024, the growth of global imports remained at a somewhat lower figure.

In value terms, amino resin imports contracted to $8.2B in 2024. In general, imports, however, showed a pronounced increase. The pace of growth was the most pronounced in 2021 with an increase of 82% against the previous year. Over the period under review, global imports reached the peak figure at $10.5B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

Imports By Country

In 2024, the United States (382K tons), China (306K tons), Turkey (253K tons), Belgium (209K tons), India (208K tons), the Netherlands (206K tons), Canada (197K tons), Russia (155K tons) and the UK (126K tons) represented the key importer of amino resins in the world, creating 50% of total import. Brazil (123K tons) held a relatively small share of total imports.

From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +18.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($583M), Turkey ($527M) and China ($496M) constituted the countries with the highest levels of imports in 2024, with a combined 20% share of global imports. Canada, the Netherlands, Belgium, India, Russia, the UK and Brazil lagged somewhat behind, together accounting for a further 30%.

In terms of the main importing countries, India, with a CAGR of +15.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average amino resin import price stood at $1,996 per ton in 2024, flattening at the previous year. Overall, the import price saw a slight decrease. The most prominent rate of growth was recorded in 2021 an increase of 53%. Over the period under review, average import prices reached the peak figure at $2,436 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2024, major importing countries recorded the following prices: in the UK ($2,221 per ton) and Russia ($2,212 per ton), while the United States ($1,529 per ton) and China ($1,619 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Russia (-0.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Amino Resins in Primary Forms (Excluding Urea And Thiourea Resins, Melamine Resins)

In 2024, overseas shipments of amino resins decreased by -4% to 4.1M tons, falling for the second year in a row after four years of growth. Over the period under review, total exports indicated tangible growth from 2013 to 2024: its volume increased at an average annual rate of +3.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -6.8% against 2022 indices. The pace of growth appeared the most rapid in 2021 with an increase of 13%. The global exports peaked at 4.4M tons in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

In value terms, amino resin exports fell to $7.9B in 2024. Overall, exports, however, enjoyed a tangible increase. The pace of growth was the most pronounced in 2021 when exports increased by 77%. Over the period under review, the global exports hit record highs at $10.7B in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

Exports By Country

China represented the largest exporter of amino resins in the world, with the volume of exports amounting to 1.2M tons, which was approx. 29% of total exports in 2024. Belgium (489K tons) ranks second in terms of the total exports with a 12% share, followed by Germany (9.3%), South Korea (7.8%), Saudi Arabia (6.9%), the Netherlands (6.6%), the United States (6.4%) and Japan (5.3%).

Exports from China increased at an average annual rate of +15.8% from 2013 to 2024. At the same time, Saudi Arabia (+28.0%), Belgium (+2.2%) and South Korea (+1.3%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the world, with a CAGR of +28.0% from 2013-2024. Germany and the United States experienced a relatively flat trend pattern. By contrast, Japan (-1.3%) and the Netherlands (-2.3%) illustrated a downward trend over the same period. China (+20 p.p.) and Saudi Arabia (+6.2 p.p.) significantly strengthened its position in terms of the global exports, while Belgium, South Korea, Japan, the United States, Germany and the Netherlands saw its share reduced by -2.2%, -2.3%, -3.9%, -4.1%, -5.4% and -6.2% from 2013 to 2024, respectively.

In value terms, the largest amino resin supplying countries worldwide were China ($2B), Belgium ($989M) and Germany ($819M), with a combined 48% share of global exports. South Korea, the United States, the Netherlands, Saudi Arabia and Japan lagged somewhat behind, together comprising a further 34%.

Saudi Arabia, with a CAGR of +30.9%, 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

The average amino resin export price stood at $1,926 per ton in 2024, with a decrease of -4.9% against the previous year. Over the period under review, the export price showed a mild shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 57% against the previous year. Over the period under review, the average export prices hit record highs at $2,418 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2024, major exporting countries recorded the following prices: in the United States ($2,320 per ton) and the Netherlands ($2,216 per ton), while Japan ($1,550 per ton) and China ($1,660 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.3%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform