China: Phenolic Resins Market 2024

Phenolic Resins Market Size in China

The Chinese phenolic resins market stood at $X in 2021, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Phenolic Resins Production in China

In value terms, phenolic resins production expanded slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Phenolic Resins Exports

Exports from China

After two years of decline, overseas shipments of phenolic resins in primary forms increased by 20% to X tons in 2021. Over the period under review, total exports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine-year period. 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 exports increased by 69%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, phenolic resins exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern 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

Thailand (X tons), South Korea (X tons) and India (X tons) were the main destinations of phenolic resins exports from China, with a combined 40% share of total exports. These countries were followed by Vietnam, Japan, Indonesia, Russia, Taiwan (Chinese), Turkey, Brazil, Iran, the United States and Malaysia, which together accounted for a further 45%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +21.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for phenolic resins exported from China were Thailand ($X), South Korea ($X) and Japan ($X), together comprising 42% of total exports. Vietnam, India, Indonesia, Taiwan (Chinese), Iran, Turkey, Brazil, the United States, Malaysia and Russia lagged somewhat behind, together comprising a further 42%.

Vietnam, with a CAGR of +18.8%, recorded 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, with an increase of 8% against the previous year. In general, the export price, however, showed a slight downturn. The growth pace was the most rapid in 2016 an increase of 30%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Russia ($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 (+2.1%), while the prices for the other major destinations experienced more modest paces of growth.

Phenolic Resins Imports

Imports into China

In 2021, supplies from abroad of phenolic resins in primary forms increased by 25% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +3.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat 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.

In value terms, phenolic resins imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest supplier of phenolic resins to China, with a 48% share of total imports. Moreover, phenolic resins imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was held by South Korea (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Taiwan (Chinese) totaled +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.3% per year) and South Korea (+0.1% per year).

In value terms, the largest phenolic resins suppliers to China were Japan ($X), Taiwan (Chinese) ($X) and South Korea ($X), together accounting for 72% of total imports. These countries were followed by Germany, Singapore and the United States, which together accounted for a further 24%.

Among the main suppliers, Singapore, with a CAGR of +8.1%, saw 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

The average phenolic resins import price stood at $X per ton in 2021, rising by 10% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price reached 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 South Korea ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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