China: Melamine Resins Market 2024

Melamine Resins Market Size in China

In 2021, the Chinese melamine resins market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Melamine Resins Production in China

In value terms, melamine resins production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 21% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Melamine Resins Exports

Exports from China

In 2021, overseas shipments of melamine resins in primary forms increased by 31% to X tons, rising for the third consecutive year after three years of decline. Overall, total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +53.3% against 2018 indices. The pace of growth was the most pronounced in 2014 with an increase of 36% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, melamine resins exports skyrocketed to $X in 2021. Over the period under review, total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +9.7% 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 +72.1% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Bangladesh (X tons) was the main destination for melamine resins exports from China, accounting for a 31% share of total exports. Moreover, melamine resins exports to Bangladesh exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. India (X tons) ranked third in terms of total exports with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume to Bangladesh amounted to +15.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-6.2% per year) and India (+36.1% per year).

In value terms, Bangladesh ($X) remains the key foreign market for melamine resins in primary forms exports from China, comprising 28% of total exports. The second position in the ranking was held by Vietnam ($X), with an 11% share of total exports. It was followed by India, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value to Bangladesh stood at +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-0.4% per year) and India (+36.8% per year).

Export Prices by Country

In 2021, the average melamine resins export price amounted to $X per ton, jumping by 23% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.7%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Kenya ($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 Vietnam (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Melamine Resins Imports

Imports into China

After four years of decline, supplies from abroad of melamine resins in primary forms increased by 2.3% to X tons in 2021. Over the period under review, imports, however, saw a noticeable curtailment. The pace of growth was the most pronounced in 2016 with an increase of 42% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, melamine resins imports expanded notably to $X in 2021. In general, imports, however, saw a noticeable slump. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Taiwan (Chinese) (X tons), Japan (X tons) and the United States (X tons) were the main suppliers of melamine resins imports to China, with a combined 52% share of total imports. These countries were followed by Germany, Norway, Thailand, Malaysia, Indonesia and Spain, which together accounted for a further 40%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +55.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X), Taiwan (Chinese) ($X) and the United States ($X) constituted the largest melamine resins suppliers to China, with a combined 54% share of total imports. These countries were followed by Germany, Norway, Thailand, Spain, Indonesia and Malaysia, which together accounted for a further 38%.

Spain, with a CAGR of +49.6%, 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 mixed trend patterns.

Import Prices by Country

In 2021, the average melamine resins import price amounted to $X per ton, with an increase of 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2017 an increase of 37%. The import price peaked in 2021 and is expected to retain 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 Spain ($X per ton), while the price for Malaysia ($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 United States (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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