ASEAN: Alkyd Resins Market 2024

Alkyd Resins Market Size in ASEAN

In 2022, the ASEAN alkyd resins market increased by 0.2% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, saw a mild decrease. The growth pace was the most rapid in 2018 when the market value increased by 5.3%. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Alkyd Resins Production in ASEAN

In value terms, alkyd resins production shrank modestly to $X in 2022 estimated in export price. In general, production showed a perceptible slump. The pace of growth appeared the most rapid in 2018 when the production volume increased by 8.3%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Alkyd Resins Exports

Exports in ASEAN

Alkyd resins exports dropped to X tons in 2022, which is down by -6.2% on 2021. The total export volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 13%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, alkyd resins exports expanded notably to $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 19% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

In 2022, Malaysia (X tons), Thailand (X tons) and Indonesia (X tons) represented the main exporter of alkyd resins in primary forms in ASEAN, committing 95% of total export. Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Myanmar (with a CAGR of +254.1%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and Indonesia ($X) constituted the countries with the highest levels of exports in 2022, with a combined 96% share of total exports. Myanmar lagged somewhat behind, comprising a further 0.7%.

In terms of the main exporting countries, Myanmar, with a CAGR of +129.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, rising by 12% against the previous year. Over the period under review, the export price, however, recorded a slight descent. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+0.8%), while the other leaders experienced mixed trends in the export price figures.

Alkyd Resins Imports

Imports in ASEAN

After two years of decline, supplies from abroad of alkyd resins in primary forms increased by 7.9% to X tons in 2022. The total import volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 10% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, alkyd resins imports expanded markedly to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 11% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Vietnam represented the main importer of alkyd resins in primary forms in ASEAN, with the volume of imports recording X tons, which was near 62% of total imports in 2022. Myanmar (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Cambodia (6.5%), Malaysia (5%) and Singapore (4.8%). Indonesia (X tons) and Thailand (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to alkyd resins imports into Vietnam stood at +3.7%. At the same time, Myanmar (+27.3%), Cambodia (+9.8%) and Indonesia (+8.4%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +27.3% from 2012-2022. By contrast, Malaysia (-2.5%), Thailand (-3.2%) and Singapore (-9.9%) illustrated a downward trend over the same period. While the share of Myanmar (+13 p.p.), Cambodia (+3 p.p.) and Vietnam (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Thailand (-1.9 p.p.), Malaysia (-3.9 p.p.) and Singapore (-14 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported alkyd resins in primary forms in ASEAN, comprising 61% of total imports. The second position in the ranking was held by Myanmar ($X), with a 9.6% share of total imports. It was followed by Singapore, with a 6.6% share.

In Vietnam, alkyd resins imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Myanmar (+17.2% per year) and Singapore (-10.0% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, dropping by -2.4% against the previous year. In general, the import price recorded a noticeable downturn. The growth pace was the most rapid in 2021 an increase of 8%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform