Sri Lanka: Resinoids Market 2024

Resinoids Market Size in Sri Lanka

In 2022, the Sri Lankan resinoids market increased by 4.6% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, showed a drastic downturn. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Resinoids Production in Sri Lanka

In value terms, resinoids production declined to $X in 2022 estimated in export price. In general, production showed a abrupt slump. The most prominent rate of growth was recorded in 2015 when the production volume increased by 40% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Resinoids Exports

Exports from Sri Lanka

In 2022, after two years of growth, there was significant decline in shipments abroad of resinoids, when their volume decreased by -99.8% to X kg. Overall, exports faced a precipitous curtailment. The growth pace was the most rapid in 2017 with an increase of 7,640%. Over the period under review, the exports attained the maximum at X tons in 2021, and then fell rapidly in the following year.

In value terms, resinoids exports fell sharply to $X in 2022. Over the period under review, exports continue to indicate a precipitous decline. The most prominent rate of growth was recorded in 2017 when exports increased by 13,000% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Maldives (X kg) was the main destination for resinoids exports from Sri Lanka, accounting for a 70% share of total exports. Moreover, resinoids exports to Maldives exceeded the volume sent to the second major destination, France (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives amounted to -8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-30.2% per year) and Slovakia (0.0% per year).

In value terms, Maldives ($X) emerged as the key foreign market for resinoids exports from Sri Lanka, comprising 81% of total exports. The second position in the ranking was held by Slovakia ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Maldives totaled +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (0.0% per year) and France (-63.8% per year).

Export Prices by Country

The average resinoids export price stood at $X per ton in 2022, with a decrease of -21.7% against the previous year. Over the period under review, the export price showed a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when the average export price increased by 80%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to France ($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 Turkey (+64.2%), while the prices for the other major destinations experienced mixed trend patterns.

Resinoids Imports

Imports into Sri Lanka

In 2022, supplies from abroad of resinoids decreased by -69.7% to X kg, falling for the fourth consecutive year after seven years of growth. In general, imports recorded a deep reduction. The pace of growth was the most pronounced in 2018 when imports increased by 584%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, resinoids imports contracted remarkably to $X in 2022. Over the period under review, imports showed a perceptible decrease. The pace of growth appeared the most rapid in 2018 when imports increased by 452% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

India (X kg), China (X kg) and the United Arab Emirates (X kg) were the main suppliers of resinoids imports to Sri Lanka, together comprising 95% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +17.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of resinoids to Sri Lanka, comprising 71% of total imports. The second position in the ranking was taken by Australia ($X), with a 16% share of total imports. It was followed by China, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (0.0% per year) and China (-21.5% per year).

Import Prices by Country

In 2022, the average resinoids import price amounted to $X per ton, dropping by -6.3% against the previous year. Over the period under review, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, resinoids import price decreased by -8.8% against 2020 indices. The growth pace was the most rapid in 2016 when the average import price increased by 38%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+0.2%).

Source: IndexBox Platform

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