Indonesia: Alkyd Resins Market 2024

Alkyd Resins Market Size in Indonesia

In 2022, the Indonesian alkyd resins market increased by 0.3% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, showed a perceptible reduction. The pace of growth appeared the most rapid in 2018 when the market value increased by 9.6%. Alkyd resins consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Alkyd Resins Production in Indonesia

In value terms, alkyd resins production fell modestly to $X in 2022 estimated in export price. Over the period under review, production showed a perceptible decline. The growth pace was the most rapid in 2017 when the production volume increased by 7.9% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Alkyd Resins Exports

Exports from Indonesia

In 2022, approx. X tons of alkyd resins in primary forms were exported from Indonesia; which is down by -20.8% against the previous year. Over the period under review, total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -50.4% against 2017 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 66%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, alkyd resins exports rose sharply to $X in 2022. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when exports increased by 57%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for alkyd resins exports from Indonesia, accounting for a 70% share of total exports. Moreover, alkyd resins exports to Vietnam exceeded the volume sent to the second major destination, Malaysia (X tons), eightfold. Myanmar (X tons) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam stood at +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-0.9% per year) and Myanmar (-10.0% per year).

In value terms, Vietnam ($X) remains the key foreign market for alkyd resins in primary forms exports from Indonesia, comprising 67% of total exports. The second position in the ranking was taken by Malaysia ($X), with an 8.6% share of total exports. It was followed by Pakistan, with a 4.4% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam totaled +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+0.3% per year) and Pakistan (+20.7% per year).

Export Prices by Country

In 2022, the average alkyd resins export price amounted to $X per ton, picking up by 35% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while the average price for exports to Myanmar ($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 Singapore (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Alkyd Resins Imports

Imports into Indonesia

In 2022, overseas purchases of alkyd resins in primary forms increased by 6.1% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports saw a remarkable increase. The pace of growth appeared the most rapid in 2017 with an increase of 89%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, alkyd resins imports surged to $X in 2022. Overall, imports saw buoyant growth. The pace of growth was the most pronounced in 2017 when imports increased by 133%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Thailand (X tons), Malaysia (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of alkyd resins imports to Indonesia, with a combined 83% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +67.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest alkyd resins suppliers to Indonesia were Thailand ($X), Malaysia ($X) and Taiwan (Chinese) ($X), together comprising 73% of total imports.

In terms of the main suppliers, Thailand, with a CAGR of +65.4%, 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

In 2022, the average alkyd resins import price amounted to $X per ton, with an increase of 19% against the previous year. Over the period under review, the import price, however, saw a perceptible contraction. The pace of growth was the most pronounced in 2017 an increase of 23%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for the Philippines ($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 States (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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