Asia: Alkyd Resins Market 2024

Alkyd Resins Market Size in Asia

The Asian alkyd resins market reduced slightly to $X in 2022, falling by -4.3% against the previous year. Overall, consumption saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 8.1% against the previous year. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Alkyd Resins Production in Asia

In value terms, alkyd resins production dropped to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by 17% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Alkyd Resins Exports

Exports in Asia

Alkyd resins exports fell to X tons in 2022, with a decrease of -6.2% on the previous year. In general, exports saw a mild descent. The most prominent rate of growth was recorded in 2021 when exports increased by 24% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, alkyd resins exports amounted to $X in 2022. Over the period under review, exports recorded a mild downturn. The most prominent rate of growth was recorded in 2021 with an increase of 43%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Taiwan (Chinese) (X tons), Turkey (X tons), Malaysia (X tons), the United Arab Emirates (X tons), Thailand (X tons) and Indonesia (X tons), together amounting to 80% of total export. It was distantly followed by China (X tons), generating a 5% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +17.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest alkyd resins supplying countries in Asia were Taiwan (Chinese) ($X), Turkey ($X) and Malaysia ($X), with a combined 49% share of total exports. Thailand, the United Arab Emirates, Indonesia and China lagged somewhat behind, together comprising a further 37%.

China, with a CAGR of +16.4%, recorded 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 leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, growing by 8.1% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 15%. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 China ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.9%), while the other leaders experienced more modest paces of growth.

Alkyd Resins Imports

Imports in Asia

In 2022, alkyd resins imports in Asia reduced modestly to X tons, dropping by -4% compared with 2021 figures. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 10%. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, alkyd resins imports fell modestly to $X in 2022. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 25% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Vietnam (X tons) represented the major importer of alkyd resins in primary forms, constituting 33% of total imports. It was distantly followed by Myanmar (X tons), generating a 7.9% share of total imports. China (X tons), Uzbekistan (X tons), Saudi Arabia (X tons), Cambodia (X tons), Oman (X tons), Bangladesh (X tons), the United Arab Emirates (X tons), Nepal (X tons), Malaysia (X tons), Singapore (X tons) and India (X tons) followed a long way behind the leaders.

Imports into Vietnam increased at an average annual rate of +3.7% from 2012 to 2022. At the same time, Myanmar (+27.3%), Bangladesh (+21.0%), India (+18.4%), Oman (+10.3%), Cambodia (+9.8%), Saudi Arabia (+8.2%), Nepal (+7.6%) and Uzbekistan (+4.5%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in Asia, with a CAGR of +27.3% from 2012-2022. The United Arab Emirates experienced a relatively flat trend pattern. By contrast, Malaysia (-2.5%), China (-7.9%) and Singapore (-9.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Myanmar, Vietnam, Uzbekistan, Bangladesh, India, Oman, Cambodia and Saudi Arabia increased by +7, +4.9, +4, +2.6, +1.9, +1.9, +1.8 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported alkyd resins in primary forms in Asia, comprising 28% of total imports. The second position in the ranking was held by China ($X), with an 8% share of total imports. It was followed by India, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam was relatively modest. In the other countries, the average annual rates were as follows: China (-7.4% per year) and India (+21.6% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, increasing by 2.5% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2021 when the import price increased by 14% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, 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 India ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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