Japan: Phenolic Resins Market 2024

Phenolic Resins Market Size in Japan

After two years of growth, the Japanese phenolic resins market decreased by -6.7% to $X in 2021. In general, consumption, however, saw a relatively flat trend pattern. Phenolic resins consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Phenolic Resins Production in Japan

In value terms, phenolic resins production shrank modestly to $X in 2021 estimated in export price. Overall, the total production indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +81.8% against 2016 indices. The growth pace was the most rapid in 2017 with an increase of 45%. Phenolic resins production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Phenolic Resins Exports

Exports from Japan

In 2021, overseas shipments of phenolic resins in primary forms were finally on the rise to reach X tons after three years of decline. The total export volume increased at an average annual rate of +3.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for phenolic resins exports from Japan, accounting for a 40% share of total exports. Moreover, phenolic resins exports to China exceeded the volume sent to the second major destination, Singapore (X tons), fourfold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 9% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+3.7% per year) and Taiwan (Chinese) (+7.3% per year).

In value terms, China ($X) remains the key foreign market for phenolic resins in primary forms exports from Japan, comprising 37% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 11% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+3.7% per year) and South Korea (-5.2% per year).

Export Prices by Country

The average phenolic resins export price stood at $X per ton in 2021, falling by -1.8% against the previous year. Overall, the export price saw a slight downturn. The pace of growth appeared the most rapid in 2018 when the average export price increased by 7%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Singapore ($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 Malaysia (+0.6%), while the prices for the other major destinations experienced a decline.

Phenolic Resins Imports

Imports into Japan

In 2021, purchases abroad of phenolic resins in primary forms increased by 17% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, phenolic resins imports skyrocketed to $X in 2021. In general, imports, however, recorded a pronounced decline. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest phenolic resins supplier to Japan, accounting for a 55% share of total imports. Moreover, phenolic resins imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+2.2% per year) and Taiwan (Chinese) (+1.7% per year).

In value terms, China ($X) constituted the largest supplier of phenolic resins in primary forms to Japan, comprising 43% of total imports. The second position in the ranking was taken by South Korea ($X), with a 20% share of total imports. It was followed by Taiwan (Chinese), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+1.0% per year) and Taiwan (Chinese) (+3.2% per year).

Import Prices by Country

In 2021, the average phenolic resins import price amounted to $X per ton, increasing by 15% against the previous year. Over the period under review, the import price, however, recorded a mild descent. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Belgium ($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) (+1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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