Greece: Alkyd Resins Market 2024

Alkyd Resins Market Size in Greece

The Greek alkyd resins market contracted to $X in 2022, dropping by -9.4% against the previous year. Over the period under review, consumption recorded a noticeable downturn. Alkyd resins consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Alkyd Resins Production in Greece

In value terms, alkyd resins production fell slightly to $X in 2022 estimated in export price. In general, production, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 22%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Alkyd Resins Exports

Exports from Greece

In 2022, shipments abroad of alkyd resins in primary forms increased by 0.6% to X tons, rising for the third year in a row after four years of decline. In general, exports, however, continue to indicate a noticeable descent. The pace of growth appeared the most rapid in 2015 when exports increased by 86%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, alkyd resins exports soared to $X in 2022. Overall, exports, however, recorded a mild slump. The most prominent rate of growth was recorded in 2020 with an increase of 50% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Italy (X tons) was the main destination for alkyd resins exports from Greece, accounting for a 49% share of total exports. Moreover, alkyd resins exports to Italy exceeded the volume sent to the second major destination, Albania (X tons), threefold. The third position in this ranking was held by Spain (X tons), with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy totaled +48.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-5.3% per year) and Spain (+139.9% per year).

In value terms, Italy ($X) emerged as the key foreign market for alkyd resins in primary forms exports from Greece, comprising 59% of total exports. The second position in the ranking was held by Albania ($X), with a 13% share of total exports. It was followed by Cyprus, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy totaled +50.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-3.7% per year) and Cyprus (+3.2% per year).

Export Prices by Country

In 2022, the average alkyd resins export price amounted to $X per ton, jumping by 32% against the previous year. In general, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, alkyd resins export price increased by +98.5% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while the average price for exports to Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Angola (+25.1%), while the prices for the other major destinations experienced more modest paces of growth.

Alkyd Resins Imports

Imports into Greece

After two years of growth, purchases abroad of alkyd resins in primary forms decreased by -28% to X tons in 2022. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 50%. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, alkyd resins imports shrank to $X in 2022. The total import value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 50%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Turkey (X tons), Germany (X tons) and Bulgaria (X tons) were the main suppliers of alkyd resins imports to Greece, together accounting for 64% of total imports. The Netherlands, Egypt, South Korea, Poland, Italy, Austria, Spain, Romania, Belgium and France lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +133.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Germany ($X) and Bulgaria ($X) appeared to be the largest alkyd resins suppliers to Greece, together comprising 60% of total imports. The Netherlands, Poland, Italy, South Korea, Egypt, Austria, Spain, Romania, Belgium and France lagged somewhat behind, together comprising a further 38%.

South Korea, with a CAGR of +147.0%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average alkyd resins import price amounted to $X per ton, rising by 20% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. As a result, import price reached 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 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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