United Kingdom: Isocyanates Market 2024

Isocyanates Market Size in the UK

In 2022, the UK isocyanates market increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. Isocyanates consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Isocyanates Production in the UK

In value terms, isocyanates production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Isocyanates Exports

Exports from the UK

In 2022, shipments abroad of isocyanates increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, recorded a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, isocyanates exports soared to $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for isocyanates exports from the UK, accounting for a X% share of total exports. Moreover, isocyanates exports to India exceeded the volume sent to the second major destination, France (X tons), twofold. The third position in this ranking was held by the Netherlands (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (X% per year) and the Netherlands (X% per year).

In value terms, the largest markets for isocyanates exported from the UK were India ($X), the Netherlands ($X) and Norway ($X), together accounting for X% of total exports. Italy, Spain, France, the Czech Republic, Poland, Ireland, Kenya, Germany, the United States and Sweden lagged somewhat behind, together accounting for a further X%.

Kenya, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the average isocyanates export price amounted to $X per ton, growing by X% against the previous year. In general, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, isocyanates export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Sweden ($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 Norway (X%), while the prices for the other major destinations experienced more modest paces of growth.

Isocyanates Imports

Imports into the UK

In 2022, the amount of isocyanates imported into the UK shrank to X tons, reducing by X% on the previous year's figure. Over the period under review, imports recorded a noticeable reduction. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, isocyanates imports expanded notably to $X in 2022. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), South Korea (X tons) and China (X tons) were the main suppliers of isocyanates imports to the UK, with a combined X% share of total imports.

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

In value terms, the largest isocyanates suppliers to the UK were Germany ($X), South Korea ($X) and China ($X), with a combined X% share of total imports.

Among the main suppliers, South Korea, with a CAGR of X%, saw the highest growth rate of 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

In 2022, the average isocyanates import price amounted to $X per ton, growing by X% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, isocyanates import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

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 the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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