Asia-Pacific: Phenolic Resins Market 2024

Phenolic Resins Market Size in Asia-Pacific

The Asia-Pacific phenolic resins market was estimated at $X in 2021, standing approx. at the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2019 when the market value increased by 9.7%. As a result, consumption attained the peak level of $X; afterwards, it flattened through to 2021.

Phenolic Resins Production in Asia-Pacific

In value terms, phenolic resins production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 8.7%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Phenolic Resins Exports

Exports in Asia-Pacific

In 2021, overseas shipments of phenolic resins in primary forms were finally on the rise to reach X tons after three years of decline. The total export volume increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when exports increased by 22% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in years to come.

In value terms, phenolic resins exports soared to $X in 2021. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons), distantly followed by Taiwan (Chinese) (X tons), Japan (X tons), Singapore (X tons), India (X tons) and South Korea (X tons) represented the key exporters of phenolic resins in primary forms, together comprising 93% of total exports. Indonesia (X tons) held a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +7.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Taiwan (Chinese) ($X) constituted the countries with the highest levels of exports in 2021, with a combined 65% share of total exports. These countries were followed by South Korea, Singapore, India and Indonesia, which together accounted for a further 31%.

In terms of the main exporting countries, Singapore, with a CAGR of +6.4%, recorded the highest growth rate of the value of exports, 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 2021, surging by 6.5% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 8.9% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 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 Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+3.8%), while the other leaders experienced mixed trends in the export price figures.

Phenolic Resins Imports

Imports in Asia-Pacific

In 2021, approx. X tons of phenolic resins in primary forms were imported in Asia-Pacific; growing by 21% on 2020 figures. 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 in certain years. As a result, imports reached 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 +2.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China represented the largest importing country with an import of around X tons, which accounted for 35% of total imports. Thailand (X tons) ranks second in terms of the total imports with a 9.5% share, followed by South Korea (8.3%), India (8.1%), Indonesia (6.8%), Vietnam (5.5%) and Japan (4.5%). Taiwan (Chinese) (X tons), Malaysia (X tons), Singapore (X tons), Cambodia (X tons), Australia (X tons) and Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to phenolic resins imports into China stood at +3.2%. At the same time, Cambodia (+27.3%), Vietnam (+9.5%), India (+7.0%), Australia (+3.5%), South Korea (+3.1%), Thailand (+3.0%), Taiwan (Chinese) (+2.8%) and Indonesia (+2.2%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +27.3% from 2012-2021. Singapore and Japan experienced a relatively flat trend pattern. By contrast, Malaysia (-4.5%) and Hong Kong SAR (-10.8%) illustrated a downward trend over the same period. While the share of India (+2.5 p.p.), Vietnam (+2.4 p.p.), Cambodia (+2 p.p.) and China (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-1.6 p.p.), Malaysia (-3.8 p.p.) and Hong Kong SAR (-4.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported phenolic resins in primary forms in Asia-Pacific, comprising 39% of total imports. The second position in the ranking was held by Thailand ($X), with an 8.9% share of total imports. It was followed by South Korea, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +3.5%. In the other countries, the average annual rates were as follows: Thailand (+1.1% per year) and South Korea (-0.5% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, picking up by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :