South Africa: Phenolic Resins Market 2024

Phenolic Resins Market Size in South Africa

In 2021, the South African phenolic resins market decreased by -9.3% to $X for the first time since 2016, thus ending a four-year rising trend. In general, the total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +62.8% against 2016 indices. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Phenolic Resins Production in South Africa

In value terms, phenolic resins production dropped to $X in 2021 estimated in export price. Over the period under review, the total production indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +68.4% against 2016 indices. The pace of growth was the most pronounced in 2020 with an increase of 41% against the previous year. As a result, production reached the peak level of $X, and then declined in the following year.

Phenolic Resins Exports

Exports from South Africa

In 2021, approx. X tons of phenolic resins in primary forms were exported from South Africa; reducing by -41.8% against the previous year. Over the period under review, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 44%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, phenolic resins exports shrank rapidly to $X in 2021. Overall, exports recorded a abrupt contraction. The growth pace was the most rapid in 2020 when exports increased by 53% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for phenolic resins exports from South Africa, accounting for a 31% share of total exports. Moreover, phenolic resins exports to Indonesia exceeded the volume sent to the second major destination, Australia (X tons), twofold. Malawi (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia totaled +17.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+8.2% per year) and Malawi (-12.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for phenolic resins in primary forms exports from South Africa, comprising 35% of total exports. The second position in the ranking was held by Australia ($X), with a 17% share of total exports. It was followed by Zambia, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia amounted to +15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+6.9% per year) and Zambia (+4.7% per year).

Export Prices by Country

In 2021, the average phenolic resins export price amounted to $X per ton, surging by 1.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2018 an increase of 19%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

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 Australia ($X per ton), while the average price for exports to China ($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 the United States (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Phenolic Resins Imports

Imports into South Africa

In 2021, after two years of decline, there was significant growth in purchases abroad of phenolic resins in primary forms, when their volume increased by 99% to X tons. Over the period under review, imports, however, showed a deep slump. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, phenolic resins imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a deep slump. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

India (X tons), China (X tons) and Brazil (X tons) were the main suppliers of phenolic resins imports to South Africa, together accounting for 55% of total imports. These countries were followed by Germany, the United States, Belgium, Taiwan (Chinese), Poland, South Korea, Portugal, the UK, France and Spain, which together accounted for a further 43%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +172.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Germany ($X) constituted the largest phenolic resins suppliers to South Africa, together comprising 52% of total imports. These countries were followed by the United States, the UK, Belgium, Brazil, Portugal, South Korea, France, Poland, Taiwan (Chinese) and Spain, which together accounted for a further 45%.

In terms of the main suppliers, Poland, with a CAGR of +151.2%, recorded the highest growth rate of 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 2021, the average phenolic resins import price amounted to $X per ton, waning by -3.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2017 when the average import price increased by 22% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 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 France ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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