Hungary: Resinoids Market 2024

Resinoids Market Size in Hungary

The Hungarian resinoids market reduced rapidly to $X in 2022, which is down by -20.8% against the previous year. Overall, consumption recorded a abrupt shrinkage. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Resinoids Production in Hungary

In value terms, resinoids production fell to $X in 2022 estimated in export price. Overall, production saw a abrupt descent. The growth pace was the most rapid in 2021 with an increase of 36%. Resinoids production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Resinoids Exports

Exports from Hungary

In 2022, resinoids exports from Hungary skyrocketed to X tons, rising by 856% compared with the year before. Over the period under review, exports continue to indicate prominent growth. The growth pace was the most rapid in 2018 when exports increased by 2,315%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, resinoids exports surged to $X in 2022. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 4,845% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for resinoids exports from Hungary, accounting for a 92% share of total exports. Moreover, resinoids exports to the United States exceeded the volume sent to the second major destination, Serbia (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +1,429.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (-6.0% per year) and Croatia (-8.8% per year).

In value terms, the United States ($X) remains the key foreign market for resinoids exports from Hungary, comprising 98% of total exports. The second position in the ranking was taken by Serbia ($X), with a 0.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +4,484.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (-9.6% per year) and Croatia (-8.3% per year).

Export Prices by Country

In 2022, the average resinoids export price amounted to $X per ton, picking up by 64% against the previous year. Over the period under review, the export price continues to indicate significant growth. The most prominent rate of growth was recorded in 2021 an increase of 894%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Serbia ($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 the United States (+199.7%), while the prices for the other major destinations experienced more modest paces of growth.

Resinoids Imports

Imports into Hungary

In 2022, purchases abroad of resinoids decreased by -62.3% to X tons, falling for the second consecutive year after two years of growth. In general, imports continue to indicate a deep slump. The growth pace was the most rapid in 2019 when imports increased by 253%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, resinoids imports declined markedly to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 164% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest resinoids supplier to Hungary, accounting for a 75% share of total imports. Moreover, resinoids imports from the Netherlands exceeded the figures recorded by the second-largest supplier, India (X kg), more than tenfold. The third position in this ranking was held by Germany (X kg), with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled +48.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+101.4% per year) and Germany (-27.4% per year).

In value terms, the United States ($X), the Netherlands ($X) and Mexico ($X) were the largest resinoids suppliers to Hungary, together comprising 61% of total imports. India, Germany and Spain lagged somewhat behind, together comprising a further 15%.

Among the main suppliers, India, with a CAGR of +99.8%, saw the highest rates of growth with regard to the value of imports, 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 resinoids import price amounted to $X per ton, which is down by -18.2% against the previous year. Overall, the import price, however, posted a buoyant increase. The growth pace was the most rapid in 2014 when the average import price increased by 77%. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then declined rapidly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (+61.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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