India: Polyurethanes Market 2024

Polyurethanes Market Size in India

In 2021, the Indian polyurethanes market was finally on the rise to reach $X after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 8.3%. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Polyurethanes Production in India

In value terms, polyurethanes production rose modestly to $X in 2021 estimated in export price. Overall, production, however, saw a mild shrinkage. The growth pace was the most rapid in 2018 with an increase of 11%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Polyurethanes Exports

Exports from India

In 2021, the amount of polyurethanes in primary forms exported from India skyrocketed to X tons, increasing by 18% compared with the previous year. Over the period under review, exports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 47% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, polyurethanes exports surged to $X in 2021. In general, exports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2018 when exports increased by 46%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Indonesia (X tons), Bangladesh (X tons) and Singapore (X tons) were the main destinations of polyurethanes exports from India, together comprising 37% of total exports. Malaysia, Pakistan, Nigeria, Italy, the United Arab Emirates, China, Turkey, Sri Lanka, Thailand and Vietnam lagged somewhat behind, together comprising a further 45%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Pakistan (with a CAGR of +66.4%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Bangladesh ($X) and Singapore ($X) constituted the largest markets for polyurethanes exported from India worldwide, together accounting for 35% of total exports. These countries were followed by Pakistan, Nigeria, Italy, Malaysia, the United Arab Emirates, Turkey, China, Sri Lanka, Thailand and Vietnam, which together accounted for a further 45%.

Among the main countries of destination, Pakistan, with a CAGR of +63.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average polyurethanes export price stood at $X per ton in 2021, increasing by 15% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 21% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Malaysia ($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 Turkey (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Polyurethanes Imports

Imports into India

In 2021, approx. X tons of polyurethanes in primary forms were imported into India; increasing by 11% on the year before. In general, imports recorded a resilient expansion. The growth pace was the most rapid in 2013 with an increase of 68% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, polyurethanes imports soared to $X in 2021. Over the period under review, imports posted strong growth. The most prominent rate of growth was recorded in 2013 when imports increased by 54%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

China (X tons), Singapore (X tons) and the Netherlands (X tons) were the main suppliers of polyurethanes imports to India, with a combined 70% share of total imports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +38.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Singapore ($X) and the Netherlands ($X) appeared to be the largest polyurethanes suppliers to India, together accounting for 66% of total imports.

Among the main suppliers, China, with a CAGR of +29.4%, 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

The average polyurethanes import price stood at $X per ton in 2021, rising by 33% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable contraction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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