Asia-Pacific: Alkyd Resins Market 2024

Alkyd Resins Market Size in Asia-Pacific

The Asia-Pacific alkyd resins market contracted to $X in 2022, shrinking by -2.8% against the previous year. Overall, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Alkyd Resins Production in Asia-Pacific

In value terms, alkyd resins production declined slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 11% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Alkyd Resins Exports

Exports in Asia-Pacific

In 2022, approx. X tons of alkyd resins in primary forms were exported in Asia-Pacific; which is down by -8.3% on the year before. Over the period under review, exports recorded a pronounced contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 20%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, alkyd resins exports reduced slightly to $X in 2022. Overall, exports continue to indicate a perceptible decline. The growth pace was the most rapid in 2021 when exports increased by 34% 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 stood at a somewhat lower figure.

Exports by Country

The shipments of the four major exporters of alkyd resins in primary forms, namely Taiwan (Chinese), Malaysia, Thailand and Indonesia, represented more than two-thirds of total export. China (X tons) held a 7.3% share (based on physical terms) of total exports, which put it in second place, followed by India (5.8%) and Australia (5.3%).

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-Pacific were Taiwan (Chinese) ($X), Malaysia ($X) and Thailand ($X), with a combined 60% share of total exports. Indonesia, China, Australia and India lagged somewhat behind, together comprising a further 32%.

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

The export price in Asia-Pacific stood at $X per ton in 2022, increasing by 6.7% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 12% against the previous year. The level of export peaked 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 ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.5%), while the other leaders experienced more modest paces of growth.

Alkyd Resins Imports

Imports in Asia-Pacific

Alkyd resins imports dropped slightly to X tons in 2022, which is down by -5% on the previous year's figure. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 11% against the previous year. As a result, imports reached the peak of X tons, and then contracted slightly in the following year.

In value terms, alkyd resins imports fell to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 22%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Vietnam was the main importer of alkyd resins in primary forms in Asia-Pacific, with the volume of imports finishing at X tons, which was near 44% of total imports in 2022. Myanmar (X tons) took the second position in the ranking, followed by China (X tons) and Cambodia (X tons). All these countries together took approx. 21% share of total imports. Bangladesh (X tons), Nepal (X tons), Malaysia (X tons), Singapore (X tons), India (X tons), New Zealand (X tons), Australia (X tons), Indonesia (X tons) and Sri Lanka (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%), New Zealand (+19.4%), India (+18.4%), Cambodia (+9.8%), Indonesia (+8.4%), Nepal (+7.6%) and Australia (+4.7%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +27.3% from 2012-2022. By contrast, Malaysia (-2.5%), Sri Lanka (-4.4%), China (-7.9%) and Singapore (-9.9%) illustrated a downward trend over the same period. Myanmar (+9.2 p.p.), Vietnam (+5.6 p.p.), Bangladesh (+3.4 p.p.), India (+2.5 p.p.), New Zealand (+2.4 p.p.), Cambodia (+2.3 p.p.) and Nepal (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia, Sri Lanka, Singapore and China saw its share reduced by -2.1%, -2.2%, -8.6% and -10.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported alkyd resins in primary forms in Asia-Pacific, comprising 35% of total imports. The second position in the ranking was held by China ($X), with a 10% share of total imports. It was followed by India, with a 6.6% share.

In Vietnam, alkyd resins imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: China (-7.4% per year) and India (+21.6% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, picking up by 4.4% against the previous year. Overall, the import price, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2021 an increase of 9.4%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 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 Australia (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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