Belgium: Polyurethanes Market 2024

Polyurethanes Market Size in Belgium

The Belgian polyurethanes market shrank remarkably to $X in 2021, waning by -56.9% against the previous year. Overall, consumption faced a deep setback. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Polyurethanes Production in Belgium

In value terms, polyurethanes production declined significantly to $X in 2021 estimated in export price. In general, production saw a abrupt downturn. The growth pace was the most rapid in 2017 when the production volume increased by 37% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Polyurethanes Exports

Exports from Belgium

Polyurethanes exports from Belgium totaled X tons in 2021, picking up by 13% compared with the previous year. 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 most prominent rate of growth was recorded in 2020 when exports increased by 25%. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in the near future.

In value terms, polyurethanes exports surged to $X in 2021. Overall, total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +103.2% against 2015 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons) was the main destination for polyurethanes exports from Belgium, with a 29% share of total exports. Moreover, polyurethanes exports to Germany exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was held by Italy (X tons), with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany stood at +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+8.2% per year) and Italy (+0.9% per year).

In value terms, Germany ($X) remains the key foreign market for polyurethanes in primary forms exports from Belgium, comprising 27% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 10% share of total exports. It was followed by Italy, with a 9% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+7.6% per year) and Italy (+3.6% per year).

Export Prices by Country

In 2021, the average polyurethanes export price amounted to $X per ton, jumping by 17% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Polyurethanes Imports

Imports into Belgium

In 2021, purchases abroad of polyurethanes in primary forms decreased by -1.9% to X tons for the first time since 2018, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +5.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 26%. Imports peaked at X tons in 2020, and then contracted in the following year.

In value terms, polyurethanes imports skyrocketed to $X in 2021. In general, total imports indicated a buoyant expansion 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. Based on 2021 figures, imports increased by +42.7% against 2019 indices. The pace of growth was the most pronounced in 2013 when imports increased by 27%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

Germany (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of polyurethanes imports to Belgium, together comprising 68% of total imports. These countries were followed by Italy, China, Spain, France and the UK, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +59.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and Italy ($X) were the largest polyurethanes suppliers to Belgium, together comprising 68% of total imports. The Netherlands, China, the UK, France and Spain lagged somewhat behind, together accounting for a further 24%.

In terms of the main suppliers, China, with a CAGR of +58.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average polyurethanes import price amounted to $X per ton, surging by 21% against the previous year. In general, the import price recorded 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 supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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