Asia: Phenolic Resins Market 2024

Phenolic Resins Market Size in Asia

The Asian 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 +1.1% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 9.6%. As a result, consumption reached the peak level of $X; afterwards, it flattened through to 2021.

Phenolic Resins Production in Asia

In value terms, phenolic resins production stood at $X in 2021 estimated in export price. In general, production, however, saw a mild expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 8.6% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Phenolic Resins Exports

Exports in Asia

In 2021, after three years of decline, there was significant growth in shipments abroad of phenolic resins in primary forms, when their volume increased by 23% to X tons. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins exports soared to $X in 2021. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor 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

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) were the largest exporters of phenolic resins in primary forms, together mixing up 91% of total exports. Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Turkey (with a CAGR of +18.0%), while 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, together comprising 64% of total exports. These countries were followed by South Korea, Singapore, India and Turkey, which together accounted for a further 31%.

Turkey, with a CAGR of +7.9%, recorded the highest growth rate of the value of exports, among 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 stood at $X per ton in 2021, growing by 5.8% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the export price increased by 8.9%. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 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 ($X per ton), while Turkey ($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

In 2021, the amount of phenolic resins in primary forms imported in Asia soared to X tons, rising by 23% compared with the previous year's figure. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins imports surged to $X in 2021. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) represented the key importer of phenolic resins in primary forms, making up 30% of total imports. It was distantly followed by Turkey (X tons), Thailand (X tons), South Korea (X tons), India (X tons), Indonesia (X tons) and Vietnam (X tons), together mixing up a 40% share of total imports. Japan (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons), Singapore (X tons), the United Arab Emirates (X tons) and Saudi Arabia (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, Saudi Arabia (+12.5%), the United Arab Emirates (+10.2%), Vietnam (+9.5%), India (+7.0%), Turkey (+6.8%), South Korea (+3.1%), Thailand (+3.0%), Taiwan (Chinese) (+2.8%) and Indonesia (+2.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in Asia, with a CAGR of +12.5% from 2012-2021. Singapore and Japan experienced a relatively flat trend pattern. By contrast, Malaysia (-4.5%) illustrated a downward trend over the same period. While the share of Turkey (+2.7 p.p.), China (+2.4 p.p.), India (+2.3 p.p.) and Vietnam (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported phenolic resins in primary forms in Asia, comprising 35% of total imports. The second position in the ranking was taken by Thailand ($X), with a 7.9% share of total imports. It was followed by South Korea, with a 7.1% share.

From 2012 to 2021, the average annual growth rate 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 amounted to $X per ton, surging by 11% against the previous year. Overall, the import price 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) ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+2.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :