Finland: Phenolic Resins Market 2024

Phenolic Resins Market Size in Finland

In 2021, the Finnish phenolic resins market increased by 26% to $X, rising for the fifth year in a row after two years of decline. In general, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +105.9% against 2016 indices. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Phenolic Resins Production in Finland

In value terms, phenolic resins production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Phenolic Resins Exports

Exports from Finland

For the eighth year in a row, Finland recorded growth in overseas shipments of phenolic resins in primary forms, which increased by 14% to X tons in 2019. Over the period under review, total exports indicated a remarkable increase from 2012 to 2019: its volume increased at an average annual rate of +7.1% over the last seven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, exports increased by +62.1% against 2012 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins exports totaled $X in 2019. In general, total exports indicated a noticeable increase from 2012 to 2019: its value increased at an average annual rate of +4.2% over the last seven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, exports increased by +72.0% against 2015 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 24% against the previous year. The exports peaked in 2019 and are expected to retain growth in years to come.

Exports by Country

Russia (X tons), Estonia (X tons) and Sweden (X tons) were the main destinations of phenolic resins exports from Finland, with a combined 90% share of total exports. These countries were followed by Latvia and Poland, which together accounted for a further 8.3%.

From 2012 to 2019, the biggest increases were recorded for Poland (with a CAGR of +32.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) remains the key foreign market for phenolic resins in primary forms exports from Finland, comprising 48% of total exports. The second position in the ranking was taken by Estonia ($X), with a 23% share of total exports. It was followed by Sweden, with an 18% share.

From 2012 to 2019, the average annual growth rate of value to Russia stood at +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+15.1% per year) and Sweden (-2.8% per year).

Export Prices by Country

The average phenolic resins export price stood at $X per ton in 2019, declining by -5.5% against the previous year. Overall, the export price recorded a noticeable slump. The growth pace was the most rapid in 2013 an increase of 13% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2019, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2019, amid the top suppliers, the countries with the highest prices were Sweden ($X per ton) and Russia ($X per ton), while the average price for exports to Estonia ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Russia (-1.6%), while the prices for the other major destinations experienced a decline.

Phenolic Resins Imports

Imports into Finland

In 2021, the amount of phenolic resins in primary forms imported into Finland dropped rapidly to X tons, reducing by -25.9% compared with 2020 figures. In general, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 48%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, phenolic resins imports contracted to $X in 2021. Overall, imports continue to indicate a noticeable shrinkage. The growth pace was the most rapid in 2014 when imports increased by 56%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Sweden (X tons) constituted the largest phenolic resins supplier to Finland, with a 63% share of total imports. Moreover, phenolic resins imports from Sweden exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sevenfold. India (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume from Sweden stood at +29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+65.2% per year) and India (+24.1% per year).

In value terms, Sweden ($X) constituted the largest supplier of phenolic resins in primary forms to Finland, comprising 58% of total imports. The second position in the ranking was taken by France ($X), with a 13% share of total imports. It was followed by South Korea, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Sweden amounted to +29.0%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+2.1% per year) and South Korea (+62.3% per year).

Import Prices by Country

In 2021, the average phenolic resins import price amounted to $X per ton, surging by 26% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.4%. As a result, import price attained the peak level and is likely to continue 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 France ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+140.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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