Eastern Asia: Polyurethanes Market 2024

Polyurethanes Market Size in Eastern Asia

In 2021, the East Asian polyurethanes market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, showed a slight contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Polyurethanes Production in Eastern Asia

In value terms, polyurethanes production expanded slightly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 19%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Polyurethanes Exports

Exports in Eastern Asia

In 2021, approx. X tons of polyurethanes in primary forms were exported in Eastern Asia; jumping by 16% compared with 2020. Total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.2% 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 +57.7% against 2016 indices. The pace of growth was the most pronounced in 2017 when exports increased by 25%. The volume of export peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, polyurethanes exports skyrocketed to $X in 2021. Total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the largest exporter of polyurethanes in primary forms in Eastern Asia, with the volume of exports recording X tons, which was near 53% of total exports in 2021. Taiwan (Chinese) (X tons) took the second position in the ranking, followed by South Korea (X tons) and Japan (X tons). All these countries together held near 43% share of total exports. Hong Kong SAR (X tons) held a little share of total exports.

China was also the fastest-growing in terms of the polyurethanes in primary forms exports, with a CAGR of +14.9% from 2012 to 2021. At the same time, South Korea (+5.7%), Japan (+3.7%) and Taiwan (Chinese) (+1.9%) displayed positive paces of growth. By contrast, Hong Kong SAR (-5.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +25 percentage points.

In value terms, China ($X) remains the largest polyurethanes supplier in Eastern Asia, comprising 40% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 20% share of total exports. It was followed by South Korea, with an 18% share.

In China, polyurethanes exports expanded at an average annual rate of +14.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+4.5% per year) and South Korea (+6.5% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, with an increase of 20% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 Hong Kong SAR (+5.8%), while the other leaders experienced more modest paces of growth.

Polyurethanes Imports

Imports in Eastern Asia

In 2021, approx. X tons of polyurethanes in primary forms were imported in Eastern Asia; with an increase of 20% against the previous year. The total import volume increased at an average annual rate of +3.9% over the period from 2012 to 2021; however, 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.

In value terms, polyurethanes imports soared to $X in 2021. The total import value increased at an average annual rate of +5.3% from 2012 to 2021; however, 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 was the key importer of polyurethanes in primary forms in Eastern Asia, with the volume of imports accounting for X tons, which was near 63% of total imports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), South Korea (X tons) and Hong Kong SAR (X tons), together constituting a 33% share of total imports. Japan (X tons) held a minor share of total imports.

Imports into China increased at an average annual rate of +4.2% from 2012 to 2021. At the same time, Taiwan (Chinese) (+12.1%), South Korea (+5.6%) and Japan (+2.9%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +12.1% from 2012-2021. By contrast, Hong Kong SAR (-3.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Taiwan (Chinese), China and South Korea increased by +5.9, +1.8 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported polyurethanes in primary forms in Eastern Asia, comprising 63% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 11% share of total imports. It was followed by South Korea, with an 11% share.

In China, polyurethanes imports increased at an average annual rate of +6.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+9.9% per year) and South Korea (+5.6% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, with an increase of 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Japan ($X per ton) and Hong Kong SAR ($X per ton), while South Korea ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+3.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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