Turkey: Phenolic Resins Market 2024

Phenolic Resins Market Size in Turkey

The Turkish phenolic resins market amounted to $X in 2021, stabilizing at the previous year. In general, consumption, however, showed a relatively flat trend pattern. Phenolic resins consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Phenolic Resins Production in Turkey

In value terms, phenolic resins production fell to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume increased by 20% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Phenolic Resins Exports

Exports from Turkey

In 2021, the amount of phenolic resins in primary forms exported from Turkey surged to X tons, with an increase of 213% on 2020 figures. Over the period under review, exports saw a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins exports surged to $X in 2021. Overall, exports posted strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Greece (X tons), Bulgaria (X tons) and Moldova (X tons) were the main destinations of phenolic resins exports from Turkey, together accounting for 45% of total exports.

From 2012 to 2021, the biggest increases were recorded for Moldova (with a CAGR of +152.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Azerbaijan ($X), Pakistan ($X) and Greece ($X) constituted the largest markets for phenolic resins exported from Turkey worldwide, together comprising 38% of total exports. Bulgaria, Ukraine, Moldova, Russia, Egypt, Israel, Iran, Qatar and Saudi Arabia lagged somewhat behind, together accounting for a further 45%.

In terms of the main countries of destination, Moldova, with a CAGR of +165.6%, saw the highest rates of growth with regard to 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 average phenolic resins export price stood at $X per ton in 2021, rising by 8% against the previous year. Over the period under review, the export price, however, continues to indicate a deep slump. The pace of growth was the most pronounced in 2018 when the average export price increased by 13%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Iran ($X per ton), while the average price for exports to Greece ($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 Qatar (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Phenolic Resins Imports

Imports into Turkey

In 2021, purchases abroad of phenolic resins in primary forms increased by 48% to X tons, rising for the second consecutive year after two years of decline. Overall, total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +59.5% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins imports surged to $X in 2021. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), France (X tons) and Italy (X tons) were the main suppliers of phenolic resins imports to Turkey, with a combined 44% share of total imports. These countries were followed by Germany, India, Slovenia, Taiwan (Chinese), South Korea and Belgium, which together accounted for a further 47%.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +26.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest phenolic resins suppliers to Turkey were France ($X), Germany ($X) and Italy ($X), together accounting for 46% of total imports. China, South Korea, Slovenia, India, Belgium and Taiwan (Chinese) lagged somewhat behind, together comprising a further 39%.

In terms of the main suppliers, South Korea, with a CAGR of +30.9%, 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 phenolic resins import price stood at $X per ton in 2021, surging by 20% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+54.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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