Asia: Polyurethanes Market 2024

Polyurethanes Market Size in Asia

In 2021, after two years of decline, there was growth in the Asian polyurethanes market, when its value increased by 3.6% to $X. Overall, consumption showed 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

In value terms, polyurethanes production rose remarkably to $X in 2021 estimated in export price. Over the period under review, production showed a modest expansion. The growth pace was the most rapid in 2018 when the production volume increased by 63% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Polyurethanes Exports

Exports in Asia

In 2021, polyurethanes exports in Asia stood at X tons, surging by 13% against the previous year's figure. Total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when exports increased by 22% 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 remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, 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.

Exports by Country

In 2021, China (X tons) was the major exporter of polyurethanes in primary forms, comprising 41% of total exports. Taiwan (Chinese) (X tons) held the second position in the ranking, followed by South Korea (X tons), Singapore (X tons), Japan (X tons) and Turkey (X tons). All these countries together held approx. 46% share of total exports. India (X tons) followed a long way behind the leaders.

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%), Turkey (+11.4%), South Korea (+5.7%), Japan (+3.7%) and Taiwan (Chinese) (+1.9%) displayed positive paces of growth. Singapore experienced a relatively flat trend pattern. While the share of China (+21 p.p.), Turkey (+1.7 p.p.) and India (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-6.5 p.p.) and Taiwan (Chinese) (-6.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest polyurethanes supplier in Asia, comprising 32% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 16% share of total exports. It was followed by South Korea, with a 15% share.

In China, polyurethanes exports expanded at an average annual rate of +14.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+4.5% per year) and South Korea (+6.5% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, rising by 20% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Taiwan (Chinese) (+2.6%), while the other leaders experienced more modest paces of growth.

Polyurethanes Imports

Imports in Asia

In 2021, polyurethanes imports in Asia stood at X tons, with an increase of 12% against the year before. Total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 15% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, polyurethanes imports skyrocketed to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the three major importers of polyurethanes in primary forms, namely China, India and Vietnam, represented more than third of total import. Indonesia (X tons) ranks next in terms of the total imports with a 5.8% share, followed by Turkey (4.8%). The following importers - Thailand (X tons), the United Arab Emirates (X tons), Taiwan (Chinese) (X tons), South Korea (X tons), Pakistan (X tons), Malaysia (X tons), Bangladesh (X tons) and Hong Kong SAR (X tons) - together made up 28% 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, the largest polyurethanes importing markets in Asia were China ($X), Vietnam ($X) and India ($X), together accounting for 50% of total imports. These countries were followed by Indonesia, Thailand, Taiwan (Chinese), South Korea, Turkey, Hong Kong SAR, the United Arab Emirates, Malaysia, Bangladesh and Pakistan, which together accounted for a further 38%.

Bangladesh, with a CAGR of +25.0%, saw the highest rates of growth with regard to 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

The import price in Asia stood at $X per ton in 2021, jumping by 16% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 Thailand (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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