Hong Kong SAR, China: Polyurethanes Market 2024

Polyurethanes Market Size in Hong Kong SAR, China

In 2021, after two years of decline, there was significant growth in the Hong Kong polyurethanes market, when its value increased by 40% to $X. Over the period under review, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Polyurethanes Production in Hong Kong SAR, China

In value terms, polyurethanes production expanded markedly to $X in 2021 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 41%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Polyurethanes Exports

Exports from Hong Kong SAR, China

In 2021, the amount of polyurethanes in primary forms exported from Hong Kong SAR soared to X tons, increasing by 30% against 2020. Over the period under review, exports, however, continue to indicate a abrupt curtailment. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, polyurethanes exports surged to $X in 2021. In general, exports recorded a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for polyurethanes exports from Hong Kong SAR, with a 89% share of total exports. Moreover, polyurethanes exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to China totaled -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+21.6% per year) and Taiwan (Chinese) (-10.1% per year).

In value terms, China ($X) remains the key foreign market for polyurethanes in primary forms exports from Hong Kong SAR, comprising 93% of total exports. The second position in the ranking was held by Vietnam ($X), with a 2.3% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+16.1% per year) and Taiwan (Chinese) (-12.8% per year).

Export Prices by Country

The average polyurethanes export price stood at $X per ton in 2021, surging by 11% against the previous year. Overall, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, polyurethanes export price increased by +18.1% against 2019 indices. The pace of growth appeared the most rapid in 2017 an increase of 27%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a 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 China ($X per ton), while the average price for exports to Vietnam ($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 China (+6.5%), while the prices for the other major destinations experienced a decline.

Polyurethanes Imports

Imports into Hong Kong SAR, China

In 2021, imports of polyurethanes in primary forms into Hong Kong SAR skyrocketed to X tons, picking up by 42% against 2020. Overall, imports, however, showed a pronounced downturn. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, polyurethanes imports surged to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest polyurethanes supplier to Hong Kong SAR, accounting for a 37% share of total imports. Moreover, polyurethanes imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-0.3% per year) and Germany (-2.0% per year).

In value terms, the largest polyurethanes suppliers to Hong Kong SAR were China ($X), Taiwan (Chinese) ($X) and Germany ($X), with a combined 70% share of total imports.

Taiwan (Chinese), with a CAGR of +10.7%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average polyurethanes import price stood at $X per ton in 2021, with an increase of 7.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2020 an increase of 19%. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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