Kenya: Phenolic Resins Market 2024

Phenolic Resins Market Size in Kenya

The Kenyan phenolic resins market surged to $X in 2021, with an increase of 24% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Phenolic Resins Exports

Exports from Kenya

In 2021, overseas shipments of phenolic resins in primary forms increased by 52% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 516% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, phenolic resins exports amounted to $X in 2021. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 1,483% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Denmark (X tons), Tanzania (X tons) and Uganda (X tons) were the main destinations of phenolic resins exports from Kenya, with a combined 95% share of total exports. Burundi and Rwanda lagged somewhat behind, together comprising a further 5.4%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Rwanda (with a CAGR of +74.8%), while the other leaders experienced more modest paces of growth.

In value terms, Tanzania ($X) remains the key foreign market for phenolic resins in primary forms exports from Kenya, comprising 72% of total exports. The second position in the ranking was taken by Denmark ($X), with a 21% share of total exports. It was followed by Uganda, with a 4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Tanzania stood at +69.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (0.0% per year) and Uganda (+36.2% per year).

Export Prices by Country

The average phenolic resins export price stood at $X per ton in 2021, waning by -27.3% against the previous year. Over the period under review, the export price, however, saw a noticeable increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by 157%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Tanzania ($X per ton), while the average price for exports to Denmark ($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 Tanzania (-0.1%), while the prices for the other major destinations experienced a decline.

Phenolic Resins Imports

Imports into Kenya

In 2021, phenolic resins imports into Kenya surged to X tons, growing by 20% on 2020 figures. The total import volume increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X tons), Spain (X tons) and China (X tons) were the main suppliers of phenolic resins imports to Kenya, together comprising 72% of total imports. The United Arab Emirates, the Netherlands, France, South Korea, South Africa and Egypt lagged somewhat behind, together comprising a further 6.4%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +74.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest phenolic resins suppliers to Kenya were India ($X), Spain ($X) and China ($X), with a combined 65% share of total imports. These countries were followed by the United Arab Emirates, France, the Netherlands, South Korea, South Africa and Egypt, which together accounted for a further 5.3%.

The United Arab Emirates, with a CAGR of +54.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average phenolic resins import price amounted to $X per ton, rising by 7.2% against the previous year. Overall, the import price, however, saw a mild decrease. The pace of growth was the most pronounced in 2013 when the average import price increased by 17% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 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 South Africa ($X per ton), while the price for the United Arab Emirates ($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 Africa (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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