South-Eastern Asia: Alkyd Resins Market 2024

Alkyd Resins Market Size in South-Eastern Asia

In 2022, the Southeast Asian alkyd resins market increased by 0.2% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, recorded a slight setback. The most prominent rate of growth was recorded in 2018 when the market value increased by 5.3% against the previous year. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Alkyd Resins Production in South-Eastern Asia

In value terms, alkyd resins production dropped to $X in 2022 estimated in export price. Overall, production showed a pronounced setback. The growth pace was the most rapid in 2018 when the production volume increased by 8.3%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Alkyd Resins Exports

Exports in South-Eastern Asia

In 2022, alkyd resins exports in South-Eastern Asia dropped to X tons, falling by -6.2% against 2021 figures. The total export volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 13% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, alkyd resins exports rose sharply to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 19%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the three major exporters of alkyd resins in primary forms, namely Malaysia, Thailand and Indonesia, represented more than two-thirds of total export. Myanmar (X tons) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +254.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest alkyd resins supplying countries in South-Eastern Asia were Malaysia ($X), Thailand ($X) and Indonesia ($X), together accounting for 96% of total exports. Myanmar lagged somewhat behind, comprising a further 0.7%.

In terms of the main exporting countries, Myanmar, with a CAGR of +129.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, growing by 12% against the previous year. Overall, the export price, however, saw a slight setback. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+0.8%), while the other leaders experienced mixed trends in the export price figures.

Alkyd Resins Imports

Imports in South-Eastern Asia

After two years of decline, overseas purchases of alkyd resins in primary forms increased by 7.9% to X tons in 2022. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 10%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, alkyd resins imports rose notably to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 11%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Vietnam was the main importing country with an import of about X tons, which accounted for 62% of total imports. Myanmar (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Cambodia (6.5%), Malaysia (5%) and Singapore (4.8%). Indonesia (X tons) and Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to alkyd resins imports into Vietnam stood at +3.7%. At the same time, Myanmar (+27.3%), Cambodia (+9.8%) and Indonesia (+8.4%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +27.3% from 2012-2022. By contrast, Malaysia (-2.5%), Thailand (-3.2%) and Singapore (-9.9%) illustrated a downward trend over the same period. Myanmar (+13 p.p.), Cambodia (+3 p.p.) and Vietnam (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Thailand, Malaysia and Singapore saw its share reduced by -1.9%, -3.9% and -14% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported alkyd resins in primary forms in South-Eastern Asia, comprising 61% of total imports. The second position in the ranking was taken by Myanmar ($X), with a 9.6% share of total imports. It was followed by Singapore, with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Vietnam was relatively modest. In the other countries, the average annual rates were as follows: Myanmar (+17.2% per year) and Singapore (-10.0% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, shrinking by -2.4% against the previous year. Over the period under review, the import price showed a perceptible contraction. The most prominent rate of growth was recorded in 2021 when the import price increased by 8% against the previous year. The level of import 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 importing countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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