ASEAN: Isocyanates Market 2024

Isocyanates Market Size in ASEAN

The ASEAN isocyanates market expanded notably to $X in 2022, with an increase of X% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Isocyanates Production in ASEAN

In value terms, isocyanates production expanded significantly to $X in 2022 estimated in export price. Overall, production, however, recorded a perceptible descent. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Isocyanates Exports

Exports in ASEAN

In 2022, shipments abroad of isocyanates decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports recorded a precipitous curtailment. The pace of growth was the most pronounced in 2018 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, isocyanates exports contracted to $X in 2022. Over the period under review, exports continue to indicate a dramatic setback. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Singapore (X tons), Malaysia (X tons), Indonesia (X tons) and Vietnam (X tons), together amounting to X% of total export. It was distantly followed by Thailand (X tons), creating an X% share of total exports.

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

In value terms, the largest isocyanates supplying countries in ASEAN were Indonesia ($X), Singapore ($X) and Malaysia ($X), with a combined X% share of total exports. Thailand and Vietnam lagged somewhat behind, together accounting for a further X%.

Thailand, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, growing by X% against the previous year. Export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, isocyanates export price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

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

Isocyanates Imports

Imports in ASEAN

Isocyanates imports rose to X tons in 2022, with an increase of X% against the year before. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of X%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, isocyanates imports rose markedly to $X in 2022. Total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia (X tons) and Vietnam (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Thailand (X tons), the Philippines (X tons), Malaysia (X tons) and Singapore (X tons), together creating a X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest isocyanates importing markets in ASEAN were Indonesia ($X), Vietnam ($X) and Thailand ($X), with a combined X% share of total imports.

Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, standing approx. at the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform