United Kingdom: Alkyd Resins Market 2024

Alkyd Resins Market Size in the UK

In 2022, after four years of decline, there was significant growth in the UK alkyd resins market, when its value increased by 25% to $X. Over the period under review, consumption, however, showed a pronounced shrinkage. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Alkyd Resins Production in the UK

In value terms, alkyd resins production declined slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible slump. The pace of growth appeared the most rapid in 2018 when the production volume increased by 42%. Alkyd resins production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Alkyd Resins Exports

Exports from the UK

In 2022, after two years of growth, there was significant decline in shipments abroad of alkyd resins in primary forms, when their volume decreased by -16.5% to X tons. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 39% against the previous year. As a result, the exports attained the peak of X tons, and then shrank rapidly in the following year.

In value terms, alkyd resins exports dropped dramatically to $X in 2022. In general, total exports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +60.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 72%. As a result, the exports attained the peak of $X, and then fell notably in the following year.

Exports by Country

Germany (X tons), Italy (X tons) and Belgium (X tons) were the main destinations of alkyd resins exports from the UK, with a combined 53% share of total exports. Ireland, Norway, Finland, Sweden, Poland, France, the Netherlands and Spain lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Finland (with a CAGR of +47.7%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Belgium ($X) and Germany ($X) appeared to be the largest markets for alkyd resins exported from the UK worldwide, with a combined 52% share of total exports. Ireland, Sweden, Norway, Finland, France, Poland, the Netherlands and Spain lagged somewhat behind, together comprising a further 33%.

Finland, with a CAGR of +44.5%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average alkyd resins export price stood at $X per ton in 2022, remaining constant against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2021 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Ireland ($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 Israel (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Alkyd Resins Imports

Imports into the UK

In 2022, overseas purchases of alkyd resins in primary forms were finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, imports posted a notable increase. The most prominent rate of growth was recorded in 2015 when imports increased by 97%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, alkyd resins imports skyrocketed to $X in 2022. Over the period under review, imports showed a notable increase. The most prominent rate of growth was recorded in 2014 when imports increased by 56% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

The Netherlands (X tons), Germany (X tons) and Poland (X tons) were the main suppliers of alkyd resins imports to the UK, with a combined 73% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +64.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Germany ($X) and Poland ($X) appeared to be the largest alkyd resins suppliers to the UK, with a combined 74% share of total imports.

Poland, with a CAGR of +68.0%, 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

In 2022, the average alkyd resins import price amounted to $X per ton, with an increase of 20% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 24% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 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 Italy ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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