ASEAN: Phenolic Resins Market 2024

Phenolic Resins Market Size in ASEAN

The ASEAN phenolic resins market stood at $X in 2021, rising by 3.9% against the previous year. Overall, consumption, however, saw a perceptible shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Phenolic Resins Production in ASEAN

In value terms, phenolic resins production expanded modestly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a pronounced decrease. The growth pace was the most rapid in 2018 when the production volume increased by 15%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Phenolic Resins Exports

Exports in ASEAN

In 2021, the amount of phenolic resins in primary forms exported in ASEAN skyrocketed to X tons, picking up by 29% compared with the previous year's figure. Total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +32.6% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins exports surged to $X in 2021. The total export value increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore prevails in exports structure, finishing at X tons, which was near 71% of total exports in 2021. Indonesia (X tons) took the second position in the ranking, followed by Malaysia (X tons) and Thailand (X tons). All these countries together held near 25% share of total exports. Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to phenolic resins exports from Singapore stood at +7.2%. At the same time, Vietnam (+8.7%) and Thailand (+5.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +8.7% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Malaysia (-2.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Singapore increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest phenolic resins supplier in ASEAN, comprising 71% of total exports. The second position in the ranking was taken by Thailand ($X), with an 11% share of total exports. It was followed by Indonesia, with an 8.5% share.

In Singapore, phenolic resins exports increased at an average annual rate of +6.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+5.6% per year) and Indonesia (-2.1% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by 8.8% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+2.9%), while the other leaders experienced a decline in the export price figures.

Phenolic Resins Imports

Imports in ASEAN

In 2021, approx. X tons of phenolic resins in primary forms were imported in ASEAN; growing by 16% compared with the previous year. The total import volume increased at an average annual rate of +2.7% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of phenolic resins imports in 2021 were Thailand (X tons), Indonesia (X tons), Vietnam (X tons), Malaysia (X tons), Singapore (X tons) and Cambodia (X tons), together amounting to 95% of total import. It was distantly followed by the Philippines (X tons), achieving a 4.5% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cambodia (with a CAGR of +27.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Indonesia ($X) and Vietnam ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 65% of total imports. These countries were followed by Malaysia, Singapore, the Philippines and Cambodia, which together accounted for a further 35%.

Cambodia, with a CAGR of +28.6%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 2021, the import price in ASEAN amounted to $X per ton, surging by 11% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform