India: Alkyd Resins Market 2024

Alkyd Resins Market Size in India

The Indian alkyd resins market reduced to $X in 2022, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the market value increased by 7.3% against the previous year. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Alkyd Resins Production in India

In value terms, alkyd resins production fell to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 6.8%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Alkyd Resins Exports

Exports from India

In 2022, approx. X tons of alkyd resins in primary forms were exported from India; declining by -17.7% against the previous year. Over the period under review, exports faced a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 44%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, alkyd resins exports fell slightly to $X in 2022. Overall, exports continue to indicate a deep setback. The growth pace was the most rapid in 2021 with an increase of 28%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nepal (X tons) was the main destination for alkyd resins exports from India, accounting for a 40% share of total exports. Moreover, alkyd resins exports to Nepal exceeded the volume sent to the second major destination, Bangladesh (X tons), threefold. The United Arab Emirates (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Nepal stood at +13.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+121.6% per year) and the United Arab Emirates (-12.2% per year).

In value terms, Nepal ($X) remains the key foreign market for alkyd resins in primary forms exports from India, comprising 38% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 14% share of total exports. It was followed by the United Arab Emirates, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Nepal amounted to +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+129.8% per year) and the United Arab Emirates (-11.9% per year).

Export Prices by Country

The average alkyd resins export price stood at $X per ton in 2022, surging by 18% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2021 an increase of 27%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the United Arab Emirates ($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 (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Alkyd Resins Imports

Imports into India

In 2022, the amount of alkyd resins in primary forms imported into India shrank significantly to X tons, dropping by -27.6% against the previous year's figure. Over the period under review, imports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 177%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, alkyd resins imports contracted modestly to $X in 2022. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 124% against the previous year. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Italy (X tons) constituted the largest supplier of alkyd resins to India, accounting for a 33% share of total imports. Moreover, alkyd resins imports from Italy exceeded the figures recorded by the second-largest supplier, Belgium (X tons), twofold. The United Arab Emirates (X tons) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy stood at +61.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+30.5% per year) and the United Arab Emirates (-2.2% per year).

In value terms, Italy ($X) constituted the largest supplier of alkyd resins in primary forms to India, comprising 44% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 13% share of total imports. It was followed by Belgium, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy totaled +58.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+7.8% per year) and Belgium (+28.5% per year).

Import Prices by Country

In 2022, the average alkyd resins import price amounted to $X per ton, jumping by 34% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2020 an increase of 51% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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