United Kingdom: Phenolic Resins Market 2024

Phenolic Resins Market Size in the UK

The UK phenolic resins market reduced modestly to $X in 2021, dropping by -4.1% against the previous year. In general, consumption, however, enjoyed resilient growth. Over the period under review, the market hit record highs at $X in 2020, and then shrank in the following year.

Phenolic Resins Production in the UK

In value terms, phenolic resins production contracted modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.0% against 2018 indices. The most prominent rate of growth was recorded in 2017 with an increase of 35%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Phenolic Resins Exports

Exports from the UK

For the fifth consecutive year, the UK recorded growth in shipments abroad of phenolic resins in primary forms, which increased by 0.3% to X tons in 2021. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 25% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, phenolic resins exports soared to $X in 2021. In general, exports, however, saw a mild descent. The pace of growth appeared the most rapid in 2014 with an increase of 59%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

France (X tons), Ireland (X tons) and Germany (X tons) were the main destinations of phenolic resins exports from the UK, together comprising 71% of total exports. Australia, Iraq, Saudi Arabia, the Netherlands and the United Arab Emirates lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the biggest increases were recorded for Australia (with a CAGR of +29.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Ireland ($X) and Germany ($X) were the largest markets for phenolic resins exported from the UK worldwide, together accounting for 56% of total exports. Iraq, Australia, the Netherlands, Saudi Arabia and the United Arab Emirates lagged somewhat behind, together accounting for a further 22%.

Australia, with a CAGR of +24.0%, 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 2021, the average phenolic resins export price amounted to $X per ton, picking up by 19% against the previous year. Over the period under review, the export price, however, continues to indicate a slight downturn. The pace of growth was the most pronounced in 2014 when the average export price increased by 27% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a 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 the Netherlands ($X per ton), while the average price for exports to Ireland ($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 the Netherlands (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Phenolic Resins Imports

Imports into the UK

After four years of decline, overseas purchases of phenolic resins in primary forms increased by 8.7% to X tons in 2021. Over the period under review, imports, however, continue to indicate a pronounced descent. The most prominent rate of growth was recorded in 2016 with an increase of 15%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, phenolic resins imports skyrocketed to $X in 2021. In general, imports, however, showed a mild downturn. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

France (X tons), Germany (X tons) and India (X tons) were the main suppliers of phenolic resins imports to the UK, together accounting for 61% of total imports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +30.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest phenolic resins suppliers to the UK were France ($X), Germany ($X) and India ($X), with a combined 58% share of total imports. These countries were followed by Belgium, Ireland, the United States, the Netherlands, Slovenia and Italy, which together accounted for a further 29%.

Among the main suppliers, Ireland, with a CAGR of +33.0%, saw 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, rising by 13% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2018; however, from 2019 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 the United States ($X per ton), while the price for Slovenia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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