Turkey: Alkyd Resins Market 2024

Alkyd Resins Market Size in Turkey

The Turkish alkyd resins market reduced to $X in 2022, falling by -13.5% against the previous year. Overall, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Alkyd resins consumption peaked at $X in 2021, and then contracted in the following year.

Alkyd Resins Production in Turkey

In value terms, alkyd resins production reduced dramatically to $X in 2022 estimated in export price. Over the period under review, production, however, recorded strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 74% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Alkyd Resins Exports

Exports from Turkey

For the third consecutive year, Turkey recorded growth in overseas shipments of alkyd resins in primary forms, which increased by 11% to X tons in 2022. In general, exports showed strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 35% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, alkyd resins exports soared to $X in 2022. Over the period under review, exports posted a buoyant increase. The growth pace was the most rapid in 2021 when exports increased by 77%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for alkyd resins exports from Turkey, accounting for a 36% share of total exports. Moreover, alkyd resins exports to the United States exceeded the volume sent to the second major destination, Israel (X tons), fivefold. Azerbaijan (X tons) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +60.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+4.6% per year) and Azerbaijan (-6.4% per year).

In value terms, the United States ($X) remains the key foreign market for alkyd resins in primary forms exports from Turkey, comprising 40% of total exports. The second position in the ranking was held by Israel ($X), with a 6.6% share of total exports. It was followed by Russia, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +64.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+5.6% per year) and Russia (+60.9% per year).

Export Prices by Country

The average alkyd resins export price stood at $X per ton in 2022, growing by 35% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to the UK ($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 Guatemala (+12.5%), while the prices for the other major destinations experienced more modest paces of growth.

Alkyd Resins Imports

Imports into Turkey

In 2022, the amount of alkyd resins in primary forms imported into Turkey amounted to X tons, standing approx. at 2021 figures. In general, total imports indicated a mild expansion from 2012 to 2022: its volume 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, imports increased by +99.7% against 2018 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 82% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, alkyd resins imports surged to $X in 2022. Overall, imports, however, continue to indicate a mild decline. The pace of growth appeared the most rapid in 2021 when imports increased by 58%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Iran (X tons) constituted the largest alkyd resins supplier to Turkey, accounting for a 47% share of total imports. Moreover, alkyd resins imports from Iran exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was held by Germany (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Iran amounted to +70.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.8% per year) and Germany (+6.7% per year).

In value terms, Iran ($X), Italy ($X) and Germany ($X) constituted the largest alkyd resins suppliers to Turkey, with a combined 65% share of total imports. Belgium, Spain, the Netherlands and Austria lagged somewhat behind, together comprising a further 31%.

In terms of the main suppliers, Spain, with a CAGR of +112.6%, recorded 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, jumping by 22% against the previous year. Overall, the import price, however, recorded a perceptible setback. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Spain ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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