China: Alkyd Resins Market 2024

Alkyd Resins Market Size in China

The Chinese alkyd resins market reduced modestly to $X in 2022, shrinking by -4.6% against the previous year. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Alkyd Resins Production in China

In value terms, alkyd resins production fell to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 14% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Alkyd Resins Exports

Exports from China

For the third year in a row, China recorded growth in shipments abroad of alkyd resins in primary forms, which increased by 47% to X tons in 2022. Over the period under review, exports showed a strong expansion. The growth pace was the most rapid in 2020 with an increase of 93% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, alkyd resins exports skyrocketed to $X in 2022. Overall, exports posted strong growth. The growth pace was the most rapid in 2018 when exports increased by 101% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Vietnam (X tons) was the main destination for alkyd resins exports from China, with a 63% share of total exports. Moreover, alkyd resins exports to Vietnam exceeded the volume sent to the second major destination, Russia (X tons), fourfold. The third position in this ranking was taken by Bangladesh (X tons), with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam totaled +50.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+87.0% per year) and Bangladesh (+51.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for alkyd resins in primary forms exports from China, comprising 52% of total exports. The second position in the ranking was taken by Russia ($X), with a 23% share of total exports. It was followed by Bangladesh, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam amounted to +53.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+106.8% per year) and Bangladesh (+58.2% per year).

Export Prices by Country

In 2022, the average alkyd resins export price amounted to $X per ton, rising by 15% against the previous year. In general, the export price, however, saw a mild descent. The most prominent rate of growth was recorded in 2021 when the average export price increased by 33%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Alkyd Resins Imports

Imports into China

In 2022, after two years of growth, there was significant decline in supplies from abroad of alkyd resins in primary forms, when their volume decreased by -40.6% to X tons. Overall, imports saw a deep reduction. The pace of growth was the most pronounced in 2021 with an increase of 61%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, alkyd resins imports shrank significantly to $X in 2022. In general, imports showed a drastic downturn. The pace of growth appeared the most rapid in 2021 when imports increased by 48%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest alkyd resins supplier to China, with a 16% share of total imports. Moreover, alkyd resins imports from Malaysia exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Thailand (X tons) ranked third in terms of total imports with a 7% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia totaled -10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.0% per year) and Thailand (+151.6% per year).

In value terms, Malaysia ($X), Germany ($X) and Thailand ($X) constituted the largest alkyd resins suppliers to China, together accounting for 35% of total imports. The United States, the Netherlands, Austria, Japan, Italy, South Korea and Vietnam lagged somewhat behind, together comprising a further 28%.

Vietnam, with a CAGR of +332.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average alkyd resins import price stood at $X per ton in 2022, jumping by 38% 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.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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