ASEAN: Polyurethanes Market 2024

Polyurethanes Market Size in ASEAN

The ASEAN polyurethanes market rose sharply to $X in 2021, surging by 7.2% against the previous year. The total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Polyurethanes Production in ASEAN

In value terms, polyurethanes production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 18% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Polyurethanes Exports

Exports in ASEAN

In 2021, overseas shipments of polyurethanes in primary forms increased by 6.5% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 14% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, polyurethanes exports soared to $X in 2021. The total export value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 32%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Singapore was the major exporter of polyurethanes in primary forms in ASEAN, with the volume of exports finishing at X tons, which was near 60% of total exports in 2021. It was distantly followed by Malaysia (X tons) and Thailand (X tons), together committing a 32% share of total exports. The following exporters - Indonesia (X tons) and Vietnam (X tons) - each reached an 8.1% share of total exports.

Singapore experienced a relatively flat trend pattern with regard to volume of exports of polyurethanes in primary forms. At the same time, Indonesia (+16.6%), Vietnam (+10.3%) and Thailand (+4.9%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +16.6% from 2012-2021. Malaysia experienced a relatively flat trend pattern. From 2012 to 2021, the share of Thailand, Indonesia and Vietnam increased by +3.2, +3 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest polyurethanes supplier in ASEAN, comprising 59% of total exports. The second position in the ranking was held by Malaysia ($X), with a 22% share of total exports. It was followed by Thailand, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore was relatively modest. In the other countries, the average annual rates were as follows: Malaysia (+1.7% per year) and Thailand (+2.1% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, increasing by 20% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+5.0%), while the other leaders experienced more modest paces of growth.

Polyurethanes Imports

Imports in ASEAN

In 2021, the amount of polyurethanes in primary forms imported in ASEAN stood at X tons, approximately reflecting the year before. The total import volume increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when imports increased by 12%. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, polyurethanes imports rose sharply to $X in 2021. Total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 18%. The level of import peaked in 2021 and is likely to continue growth in years to come.

Imports by Country

In 2021, Vietnam (X tons) represented the major importer of polyurethanes in primary forms, mixing up 46% of total imports. Indonesia (X tons) held the second position in the ranking, followed by Thailand (X tons), Malaysia (X tons) and Singapore (X tons). All these countries together held approx. 49% share of total imports. The Philippines (X tons) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the polyurethanes in primary forms imports, with a CAGR of +10.9% from 2012 to 2021. At the same time, the Philippines (+6.8%), Indonesia (+6.4%) and Malaysia (+5.0%) displayed positive paces of growth. By contrast, Thailand (-5.7%) and Singapore (-7.6%) illustrated a downward trend over the same period. Vietnam (+21 p.p.) and Indonesia (+4.3 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Thailand saw its share reduced by -8.9% and -19.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported polyurethanes in primary forms in ASEAN, comprising 48% of total imports. The second position in the ranking was held by Indonesia ($X), with an 18% share of total imports. It was followed by Thailand, with a 15% share.

From 2012 to 2021, the average annual growth rate of value in Vietnam amounted to +14.2%. In the other countries, the average annual rates were as follows: Indonesia (+6.3% per year) and Thailand (-2.4% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, increasing by 13% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Singapore ($X per ton) and Vietnam ($X per ton), while the Philippines ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform