Asia-Pacific: Isocyanates Market 2024

Isocyanates Market Size in Asia-Pacific

In 2022, the Asia-Pacific isocyanates market increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, showed a pronounced downturn. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Isocyanates Production in Asia-Pacific

In value terms, isocyanates production shrank modestly to $X in 2022 estimated in export price. Overall, production, however, saw a perceptible contraction. The pace of growth appeared the most rapid in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Isocyanates Exports

Exports in Asia-Pacific

In 2022, shipments abroad of isocyanates decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons, and then shrank slightly in the following year.

In value terms, isocyanates exports rose rapidly to $X in 2022. Total exports indicated a tangible expansion 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) and South Korea (X tons) represented roughly X% of total exports in 2022. It was distantly followed by Japan (X tons), creating a X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest isocyanates supplying countries in Asia-Pacific were China ($X), South Korea ($X) and Japan ($X), together comprising X% of total exports.

Among the main exporting countries, China, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced mixed trends in the export price figures.

Isocyanates Imports

Imports in Asia-Pacific

In 2022, purchases abroad of isocyanates increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, isocyanates imports stood at $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of isocyanates imports in 2022 were India (X tons), China (X tons), Indonesia (X tons), Vietnam (X tons) and Taiwan (Chinese) (X tons), together finishing at X% of total import. Pakistan (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (X%). The Philippines (X tons), Japan (X tons), Malaysia (X tons), Singapore (X tons), South Korea (X tons) and Australia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Indonesia ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising X% of total imports. Vietnam, Taiwan (Chinese), Thailand, Japan, South Korea, Pakistan, the Philippines, Malaysia, Singapore and Australia lagged somewhat behind, together accounting for a further X%.

Vietnam, with a CAGR of X%, saw the highest growth rate of 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 Asia-Pacific amounted to $X per ton, remaining stable against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Malaysia ($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

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