Spain: Alkyd Resins Market 2024

Alkyd Resins Market Size in Spain

In 2022, the Spanish alkyd resins market decreased by -2.8% to $X, falling for the fourth year in a row after two years of growth. In general, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -46.8% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Alkyd Resins Production in Spain

In value terms, alkyd resins production declined to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 50%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Alkyd Resins Exports

Exports from Spain

In 2022, alkyd resins exports from Spain fell dramatically to X tons, waning by -32.5% on the year before. In general, exports recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2016 when exports increased by 23% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, alkyd resins exports reduced to $X in 2022. Over the period under review, exports saw a mild curtailment. The pace of growth was the most pronounced in 2021 with an increase of 36% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

France (X tons), Belgium (X tons) and Portugal (X tons) were the main destinations of alkyd resins exports from Spain, together comprising 52% of total exports. Italy, the UK, Germany, Morocco, Algeria, the United States, Poland, Mexico, Cuba and the Netherlands lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +10.3%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X) remains the key foreign market for alkyd resins in primary forms exports from Spain, comprising 27% of total exports. The second position in the ranking was taken by Belgium ($X), with a 10% share of total exports. It was followed by Germany, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to France was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+11.2% per year) and Germany (+5.0% per year).

Export Prices by Country

In 2022, the average alkyd resins export price amounted to $X per ton, rising by 30% against the previous year. In general, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, alkyd resins export price increased by +60.7% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Alkyd Resins Imports

Imports into Spain

In 2022, the amount of alkyd resins in primary forms imported into Spain shrank to X tons, which is down by -14% against the year before. The total import volume increased at an average annual rate of +2.3% 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 2021 with an increase of 15% against the previous year. As a result, imports attained the peak of X tons, and then shrank in the following year.

In value terms, alkyd resins imports amounted to $X in 2022. The total import value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 39%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Italy (X tons), Portugal (X tons) and Belgium (X tons) were the main suppliers of alkyd resins imports to Spain, together comprising 67% of total imports. The Netherlands, Germany, Turkey and the UK lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +12.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest alkyd resins suppliers to Spain were Italy ($X), Portugal ($X) and the Netherlands ($X), with a combined 65% share of total imports. Belgium, Germany, the UK and Turkey lagged somewhat behind, together accounting for a further 28%.

Among the main suppliers, Turkey, with a CAGR of +12.1%, saw the highest rates of growth with regard to 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

The average alkyd resins import price stood at $X per ton in 2022, increasing by 18% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 21% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+3.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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