Asia-Pacific: Polyurethanes Market 2024

Polyurethanes Market Size in Asia-Pacific

After two years of decline, the Asia-Pacific polyurethanes market increased by 3.3% to $X in 2021. Overall, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Polyurethanes Production in Asia-Pacific

In value terms, polyurethanes production totaled $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 18% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Polyurethanes Exports

Exports in Asia-Pacific

Polyurethanes exports expanded markedly to X tons in 2021, picking up by 15% against the previous year's figure. Total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 21% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, polyurethanes exports skyrocketed to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the largest exporting country with an export of about X tons, which recorded 43% of total exports. Taiwan (Chinese) (X tons) held the second position in the ranking, followed by South Korea (X tons), Singapore (X tons) and Japan (X tons). All these countries together held near 43% share of total exports. The following exporters - India (X tons) and Hong Kong SAR (X tons) - together made up 7.1% of total exports.

China was also the fastest-growing in terms of the polyurethanes in primary forms exports, with a CAGR of +14.9% from 2012 to 2021. At the same time, India (+12.9%), South Korea (+5.7%), Japan (+3.7%) and Taiwan (Chinese) (+1.9%) displayed positive paces of growth. Singapore experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-5.3%) illustrated a downward trend over the same period. While the share of China (+22 p.p.) and India (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Hong Kong SAR (-5.9 p.p.), Singapore (-6.8 p.p.) and Taiwan (Chinese) (-6.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest polyurethanes supplier in Asia-Pacific, comprising 34% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 17% share of total exports. It was followed by South Korea, with a 15% share.

From 2012 to 2021, the average annual growth rate of value in China stood at +14.0%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+4.5% per year) and South Korea (+6.5% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, picking up by 20% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 Hong Kong SAR (+5.8%), while the other leaders experienced more modest paces of growth.

Polyurethanes Imports

Imports in Asia-Pacific

Polyurethanes imports rose sharply to X tons in 2021, with an increase of 11% on the year before. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 14% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

In value terms, polyurethanes imports skyrocketed to $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, 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 (X tons), India (X tons) and Vietnam (X tons) represented roughly 56% of total imports in 2021. Indonesia (X tons) took a 6.9% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (5.2%). Taiwan (Chinese) (X tons), South Korea (X tons), Pakistan (X tons), Malaysia (X tons), Bangladesh (X tons), Hong Kong SAR (X tons), Australia (X tons) and Singapore (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Bangladesh (with a CAGR of +24.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and India ($X) were the countries with the highest levels of imports in 2021, with a combined 57% share of total imports. Indonesia, Thailand, Taiwan (Chinese), South Korea, Hong Kong SAR, Malaysia, Bangladesh, Pakistan, Australia and Singapore lagged somewhat behind, together comprising a further 38%.

Bangladesh, with a CAGR of +25.0%, saw the highest growth rate of the value of imports, in terms of 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 2021, the import price in Asia-Pacific amounted to $X per ton, with an increase of 16% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Pakistan ($X per ton) was 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

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