Thailand: Phenolic Resins Market 2024

Phenolic Resins Market Size in Thailand

In 2021, after two years of growth, there was decline in the Thai phenolic resins market, when its value decreased by -0.8% to $X. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2020, and then dropped in the following year.

Phenolic Resins Production in Thailand

In value terms, phenolic resins production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when the production volume increased by 12% against the previous year. Phenolic resins production peaked at $X in 2020, and then declined modestly in the following year.

Phenolic Resins Exports

Exports from Thailand

In 2021, overseas shipments of phenolic resins in primary forms were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 37% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, phenolic resins exports soared to $X in 2021. Overall, total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 37% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), the Philippines (X tons) and India (X tons) were the main destinations of phenolic resins exports from Thailand, with a combined 71% share of total exports. These countries were followed by Malaysia, Japan, Taiwan (Chinese), Australia and Indonesia, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for Australia (with a CAGR of +86.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for phenolic resins in primary forms exports from Thailand, comprising 58% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 16% share of total exports. It was followed by India, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam stood at +33.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+1.2% per year) and India (+18.2% per year).

Export Prices by Country

The average phenolic resins export price stood at $X per ton in 2021, stabilizing at the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 40% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Malaysia ($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 Vietnam (+4.7%), while the prices for the other major destinations experienced a decline.

Phenolic Resins Imports

Imports into Thailand

In 2021, the amount of phenolic resins in primary forms imported into Thailand expanded notably to X tons, surging by 13% compared with 2020 figures. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 17% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, phenolic resins imports soared to $X in 2021. The total import value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest phenolic resins supplier to Thailand, accounting for a 53% share of total imports. Moreover, phenolic resins imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. Indonesia (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.5% per year) and Indonesia (+8.7% per year).

In value terms, China ($X), Japan ($X) and Germany ($X) appeared to be the largest phenolic resins suppliers to Thailand, together accounting for 73% of total imports.

China, with a CAGR of +8.3%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average phenolic resins import price stood at $X per ton in 2021, rising by 7.7% against the previous year. Overall, the import price, however, saw a slight reduction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 8.6%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+6.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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