Polyesters In Primary Forms Market

The global market for polyesters in primary forms is projected to continue growing with an anticipated CAGR of +2.8% in volume and +5.6% in value from 2022 to 2030. The article analyzes consumption, production, imports, and exports trends in the industry, highlighting fluctuations and growth rates in various countries over the past decade. Key insights include the highest consuming and producing countries, as well as changes in import and export prices over the years.

Market Forecast

Driven by increasing demand for polyesters in primary forms (excluding polyacetals, polyethers, epoxide resins, polycarbonates, alkyd resins, polyethylene terephthalate, other unsaturated polyesters) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 13M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.6% for the period from 2022 to 2030, which is projected to bring the market value to $54.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Polyesters in Primary Forms (excluding Polyacetals, Polyethers, Epoxide Resins, Polycarbonates, Alkyd Resins, Polyethylene Terephthalate, other Unsaturated Polyesters)

In 2022, after ten years of growth, there was decline in consumption of polyesters in primary forms (excluding polyacetals, polyethers, epoxide resins, polycarbonates, alkyd resins, polyethylene terephthalate, other unsaturated polyesters), when its volume decreased by -1.8% to 10M tons. The total consumption volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the maximum volume at 10M tons in 2021, and then reduced slightly in the following year.

The global polyesters in primary forms market value dropped slightly to $35.2B in 2022, with a decrease of -4.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +9.3% against 2020 indices. Over the period under review, the global market attained the peak level at $37B in 2021, and then reduced slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (2M tons), the United States (1M tons) and India (787K tons), together accounting for 37% of global consumption. Turkey, Japan, Indonesia, Pakistan, Mexico, Italy, Vietnam, Germany, Egypt and Spain lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Turkey (with a CAGR of +15.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Turkey ($7.9B), China ($4.1B) and the United States ($3.8B) appeared to be the countries with the highest levels of market value in 2022, together comprising 45% of the global market.

Among the main consuming countries, Turkey, with a CAGR of +15.8%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of polyesters in primary forms per capita consumption in 2022 were Turkey (8.2 kg per person), Italy (4.7 kg per person) and Japan (3.6 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +13.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Polyesters in Primary Forms (excluding Polyacetals, Polyethers, Epoxide Resins, Polycarbonates, Alkyd Resins, Polyethylene Terephthalate, other Unsaturated Polyesters)

In 2022, after five years of growth, there was decline in production of polyesters in primary forms (excluding polyacetals, polyethers, epoxide resins, polycarbonates, alkyd resins, polyethylene terephthalate, other unsaturated polyesters), when its volume decreased by -1.6% to 10M tons. The total output volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when the production volume increased by 12% against the previous year. Over the period under review, global production attained the peak volume at 10M tons in 2021, and then fell modestly in the following year.

In value terms, polyesters in primary forms production dropped to $31.4B in 2022 estimated in export price. Over the period under review, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +13.2% against 2020 indices. The growth pace was the most rapid in 2018 when the production volume increased by 37%. Over the period under review, global production reached the peak level at $43B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (2.1M tons), the United States (1.2M tons) and Turkey (720K tons), together accounting for 40% of global production.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +17.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Polyesters in Primary Forms (excluding Polyacetals, Polyethers, Epoxide Resins, Polycarbonates, Alkyd Resins, Polyethylene Terephthalate, other Unsaturated Polyesters)

After two years of growth, purchases abroad of polyesters in primary forms (excluding polyacetals, polyethers, epoxide resins, polycarbonates, alkyd resins, polyethylene terephthalate, other unsaturated polyesters) decreased by -4.5% to 3.8M tons in 2022. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +69.9% against 2012 indices. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. As a result, imports reached the peak of 4M tons, and then shrank in the following year.

In value terms, polyesters in primary forms imports expanded rapidly to $13.8B in 2022. Overall, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +37.1% against 2018 indices. The growth pace was the most rapid in 2021 with an increase of 41%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

China (420K tons) and Germany (373K tons) represented roughly 21% of total imports in 2022. Belgium (228K tons) held the next position in the ranking, followed by the United States (189K tons) and Italy (184K tons). All these countries together took approx. 16% share of total imports. Mexico (165K tons), France (158K tons), the Netherlands (152K tons), Japan (142K tons), South Korea (127K tons), India (105K tons), the UK (99K tons) and Thailand (88K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Mexico (with a CAGR of +9.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.7B), Germany ($1.4B) and Belgium ($843M) appeared to be the countries with the highest levels of imports in 2022, with a combined 29% share of global imports.

Belgium, with a CAGR of +7.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average polyesters in primary forms import price stood at $3,596 per ton in 2022, increasing by 11% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 18%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in China ($4,122 per ton) and the United States ($4,100 per ton), while the UK ($2,872 per ton) and India ($3,010 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+1.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Polyesters in Primary Forms (excluding Polyacetals, Polyethers, Epoxide Resins, Polycarbonates, Alkyd Resins, Polyethylene Terephthalate, other Unsaturated Polyesters)

In 2022, after two years of growth, there was decline in shipments abroad of polyesters in primary forms (excluding polyacetals, polyethers, epoxide resins, polycarbonates, alkyd resins, polyethylene terephthalate, other unsaturated polyesters), when their volume decreased by -4.2% to 3.7M tons. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 17%. As a result, the exports reached the peak of 3.8M tons, and then contracted slightly in the following year.

In value terms, polyesters in primary forms exports rose slightly to $13.1B in 2022. Over the period under review, total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +37.3% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of 38% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports By Country

China (554K tons), Germany (435K tons), Taiwan (Chinese) (400K tons), the United States (380K tons), Italy (287K tons), the Netherlands (196K tons), Belgium (160K tons), South Korea (144K tons), Malaysia (130K tons), Spain (111K tons), Japan (107K tons) and Turkey (104K tons) represented roughly 82% of total exports in 2022.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +13.1%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($1.7B), the United States ($1.7B) and China ($1.4B) appeared to be the countries with the highest levels of exports in 2022, with a combined 37% share of global exports.

China, with a CAGR of +13.3%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average polyesters in primary forms export price stood at $3,554 per ton in 2022, surging by 9.5% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 18%. The global export price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($6,041 per ton), while Malaysia ($2,474 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform