Eastern Asia: Phenolic Resins Market 2024

Phenolic Resins Market Size in Eastern Asia

In 2021, after five years of growth, there was decline in the East Asian phenolic resins market, when its value decreased by -3.1% to $X. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, the market reached the maximum level at $X in 2020, and then dropped slightly in the following year.

Phenolic Resins Production in Eastern Asia

In value terms, phenolic resins production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 10% against the previous year. The level of production peaked at $X in 2020, and then reduced modestly in the following year.

Phenolic Resins Exports

Exports in Eastern Asia

In 2021, overseas shipments of phenolic resins in primary forms increased by 18% to 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 +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 26% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, phenolic resins exports surged to $X in 2021. The total export value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons) represented the major exporter of phenolic resins in primary forms, comprising 43% of total exports. It was distantly followed by Taiwan (Chinese) (X tons), Japan (X tons) and South Korea (X tons), together comprising a 56% share of total exports. Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Taiwan (Chinese) (with a CAGR of +5.0%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Taiwan (Chinese) ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 82% of total exports.

Taiwan (Chinese), with a CAGR of +5.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, growing by 8.1% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 12% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($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 (+3.8%), while the other leaders experienced more modest paces of growth.

Phenolic Resins Imports

Imports in Eastern Asia

In 2021, purchases abroad of phenolic resins in primary forms increased by 22% 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 +1.9% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins imports soared to $X in 2021. The total import value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China represented the largest importing country with an import of around X tons, which finished at 65% of total imports. South Korea (X tons) took the second position in the ranking, followed by Japan (X tons) and Taiwan (Chinese) (X tons). All these countries together took approx. 32% share of total imports. Hong Kong SAR (X tons) held a little share of total imports.

China was also the fastest-growing in terms of the phenolic resins in primary forms imports, with a CAGR of +3.2% from 2012 to 2021. At the same time, South Korea (+3.1%) and Taiwan (Chinese) (+2.8%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-10.8%) illustrated a downward trend over the same period. While the share of China (+7.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-2.2 p.p.) and Hong Kong SAR (-7.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported phenolic resins in primary forms in Eastern Asia, comprising 65% of total imports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2021, the average annual growth rate of value in China totaled +3.5%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (-0.5% per year) and Taiwan (Chinese) (+1.8% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, picking up by 10% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2012; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :