Belgium: Phenolic Resins Market 2024

Phenolic Resins Market Size in Belgium

In 2021, after three years of growth, there was decline in the Belgian phenolic resins market, when its value decreased by -4.3% to $X. In general, consumption, however, saw prominent growth. Phenolic resins consumption peaked at $X in 2020, and then dropped slightly in the following year.

Phenolic Resins Production in Belgium

In value terms, phenolic resins production dropped to $X in 2021 estimated in export price. Over the period under review, the total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +62.3% against 2015 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 51% against the previous year. Phenolic resins production peaked at $X in 2020, and then contracted slightly in the following year.

Phenolic Resins Exports

Exports from Belgium

In 2021, shipments abroad of phenolic resins in primary forms was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. The total export volume increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when exports increased by 15%. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, phenolic resins exports surged to $X in 2021. The total export value increased at an average annual rate of +2.0% over the period from 2012 to 2021; 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

The Netherlands (X tons), Germany (X tons) and Romania (X tons) were the main destinations of phenolic resins exports from Belgium, together comprising 48% of total exports. Italy, Russia, Turkey, Hungary, Spain, France, Poland, Slovenia, India and Slovakia lagged somewhat behind, together comprising a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hungary (with a CAGR of +17.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for phenolic resins exported from Belgium were Germany ($X), the Netherlands ($X) and Italy ($X), with a combined 43% share of total exports. These countries were followed by Romania, France, Slovenia, Russia, Poland, Turkey, Hungary, Spain, India and Slovakia, which together accounted for a further 31%.

Hungary, with a CAGR of +16.4%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average phenolic resins export price stood at $X per ton in 2021, increasing by 16% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 16%. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Slovenia ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Phenolic Resins Imports

Imports into Belgium

In 2021, supplies from abroad of phenolic resins in primary forms increased by 58% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, saw a abrupt setback. The pace of growth appeared the most rapid in 2017 with an increase of 68%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, phenolic resins imports surged to $X in 2021. Overall, imports, however, recorded a pronounced contraction. The pace of growth was the most pronounced in 2017 with an increase of 127% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Austria (X tons) constituted the largest phenolic resins supplier to Belgium, accounting for a 49% share of total imports. Moreover, phenolic resins imports from Austria exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Austria amounted to +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-2.0% per year) and Germany (-23.6% per year).

In value terms, Germany ($X), Spain ($X) and Austria ($X) were the largest phenolic resins suppliers to Belgium, together accounting for 67% of total imports. These countries were followed by the United States, India, Italy, Poland, France, the UK and Norway, which together accounted for a further 28%.

India, with a CAGR of +59.1%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average phenolic resins import price stood at $X per ton in 2021, jumping by 21% against the previous year. Over the last nine years, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 35%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Austria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+21.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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