Saudi Arabia: Phenolic Resins Market 2024

Phenolic Resins Market Size in Saudi Arabia

In 2021, the Saudi phenolic resins market decreased by -18.3% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, recorded a temperate expansion. As a result, consumption attained the peak level of $X, and then dropped remarkably in the following year.

Phenolic Resins Production in Saudi Arabia

In value terms, phenolic resins production contracted remarkably to $X in 2021 estimated in export price. Overall, production, however, posted measured growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 84%. As a result, production reached the peak level of $X, and then declined remarkably in the following year.

Phenolic Resins Exports

Exports from Saudi Arabia

Phenolic resins exports from Saudi Arabia fell markedly to X tons in 2021, declining by -48.3% against 2020. In general, exports faced a sharp decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 2,524%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, phenolic resins exports contracted to $X in 2021. Overall, exports faced a sharp setback. The pace of growth appeared the most rapid in 2015 when exports increased by 3,009%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Thailand (X tons) was the main destination for phenolic resins exports from Saudi Arabia, accounting for a 84% share of total exports. Moreover, phenolic resins exports to Thailand exceeded the volume sent to the second major destination, Singapore (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Thailand totaled -19.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-29.3% per year) and Bahrain (-46.0% per year).

In value terms, Thailand ($X) remains the key foreign market for phenolic resins in primary forms exports from Saudi Arabia, comprising 83% of total exports. The second position in the ranking was taken by Singapore ($X), with a 7.8% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Thailand stood at -15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-22.8% per year) and Bahrain (-44.5% per year).

Export Prices by Country

In 2021, the average phenolic resins export price amounted to $X per ton, with an increase of 68% against the previous year. Overall, the export price saw a resilient expansion. 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 Singapore ($X per ton), while the average price for exports to Bahrain ($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 China (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Phenolic Resins Imports

Imports into Saudi Arabia

For the third consecutive year, Saudi Arabia recorded growth in purchases abroad of phenolic resins in primary forms, which increased by 34% to X tons in 2021. In general, imports saw a strong increase. The pace of growth was the most pronounced in 2015 when imports increased by 85%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

In value terms, phenolic resins imports surged to $X in 2021. Over the period under review, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2015 with an increase of 88%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

South Korea (X tons), Singapore (X tons) and the UK (X tons) were the main suppliers of phenolic resins imports to Saudi Arabia, together accounting for 65% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +51.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of phenolic resins in primary forms to Saudi Arabia, comprising 35% of total imports. The second position in the ranking was held by the UK ($X), with a 16% share of total imports. It was followed by Germany, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore stood at +148.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-2.0% per year) and Germany (+25.0% per year).

Import Prices by Country

The average phenolic resins import price stood at $X per ton in 2021, reducing by -5.3% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 13%. Over the period under review, average import prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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