Resinoids Market

The article discusses the rising demand for resinoids worldwide, with forecasts projecting an upward consumption trend over the next eight years. The market performance is expected to increase slightly, with a forecasted CAGR of +5.7% for consumption and +7.1% for value from 2022 to 2030. In 2022, global consumption and production of resinoids saw declines, but key countries such as China, the United States, and India remained significant players. Import and export trends were also analyzed, with fluctuations in prices noted over the years.

Market Forecast

Driven by rising demand for resinoids worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +5.7% for the period from 2022 to 2030, which is projected to bring the market volume to 70K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.1% for the period from 2022 to 2030, which is projected to bring the market value to $1.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Resinoids

In 2022, the amount of resinoids consumed worldwide fell to 45K tons, waning by -8.2% compared with the previous year's figure. Overall, consumption showed a noticeable descent. As a result, consumption attained the peak volume of 83K tons. From 2016 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global resinoids market size contracted to $966M in 2022, with a decrease of -7.6% 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). Over the period under review, consumption recorded a perceptible decline. As a result, consumption attained the peak level of $3.5B. From 2016 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (10K tons), the United States (6.7K tons) and India (3.9K tons), with a combined 46% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by China (with a CAGR of +3.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($136M) led the market, alone. The second position in the ranking was held by Japan ($66M). It was followed by China.

In Germany, the resinoids market decreased by an average annual rate of -5.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-5.0% per year) and China (+2.6% per year).

In 2022, the highest levels of resinoids per capita consumption was registered in Spain (50 kg per 1000 persons), followed by the United States (20 kg per 1000 persons), Germany (18 kg per 1000 persons) and Japan (15 kg per 1000 persons), while the world average per capita consumption of resinoids was estimated at 0.1 kg per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the resinoids per capita consumption in Spain was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United States (+0.5% per year) and Germany (-6.4% per year).

Production

World Production of Resinoids

In 2022, the amount of resinoids produced worldwide contracted to 46K tons, reducing by -10.4% compared with the previous year. Over the period under review, production saw a pronounced decrease. The most prominent rate of growth was recorded in 2013 with an increase of 18%. Over the period under review, global production hit record highs at 85K tons in 2015; however, from 2016 to 2022, production failed to regain momentum.

In value terms, resinoids production fell to $854M in 2022 estimated in export price. In general, production showed a perceptible descent. The pace of growth appeared the most rapid in 2013 when the production volume increased by 18% against the previous year. Global production peaked at $2B in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (11K tons), the United States (7.4K tons) and India (4.2K tons), together accounting for 49% of global production.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +2.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Resinoids

In 2022, the amount of resinoids imported worldwide shrank modestly to 3.3K tons, remaining constant against 2021. In general, imports recorded a mild decline. The pace of growth appeared the most rapid in 2018 when imports increased by 17% against the previous year. Over the period under review, global imports attained the peak figure at 4.2K tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, resinoids imports reduced dramatically to $61M in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 15%. As a result, imports reached the peak of $80M. From 2019 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

Spain (260 tons), Haiti (239 tons), the United States (198 tons), the United Arab Emirates (186 tons), the UK (185 tons), Saudi Arabia (182 tons), France (177 tons), the Czech Republic (141 tons), Canada (128 tons), Singapore (100 tons), Qatar (96 tons) and Egypt (87 tons) represented roughly 61% of total imports in 2022. Iraq (80 tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +45.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($8.2M), the United States ($5.8M) and France ($4.5M) appeared to be the countries with the highest levels of imports in 2022, together accounting for 30% of global imports. The UK, Spain, Singapore, Canada, the United Arab Emirates, Qatar, Haiti, Egypt, the Czech Republic and Iraq lagged somewhat behind, together accounting for a further 27%.

Iraq, with a CAGR of +48.0%, recorded the highest rates of growth with regard to the value of imports, among 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 resinoids import price stood at $18,789 per ton in 2022, which is down by -16.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2016 when the average import price increased by 28% against the previous year. Global import price peaked at $22,502 per ton in 2021, and then fell notably in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Saudi Arabia ($45,022 per ton), while the Czech Republic ($3,583 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+19.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Resinoids

In 2022, global resinoids exports shrank dramatically to 3.8K tons, reducing by -26% on the previous year's figure. In general, exports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2017 with an increase of 49% against the previous year. Over the period under review, the global exports reached the peak figure at 12K tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, resinoids exports shrank sharply to $52M in 2022. Overall, exports continue to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2013 when exports increased by 49%. As a result, the exports reached the peak of $96M. From 2014 to 2022, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

The United States (918 tons) and China (692 tons) were the main exporters of resinoids in 2022, resulting at near 24% and 18% of total exports, respectively. Taiwan (Chinese) (387 tons) took the next position in the ranking, followed by the UK (366 tons), India (359 tons), the United Arab Emirates (246 tons) and Jamaica (177 tons). All these countries together took near 41% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Jamaica (with a CAGR of +20.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest resinoids supplying countries worldwide were the United States ($7.9M), China ($5.8M) and the UK ($4.9M), with a combined 36% share of global exports. India, the United Arab Emirates, Taiwan (Chinese) and Jamaica lagged somewhat behind, together comprising a further 14%.

Jamaica, with a CAGR of +19.8%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

In 2022, the average resinoids export price amounted to $13,814 per ton, almost unchanged from the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, resinoids export price increased by +35.5% against 2019 indices. The pace of growth was the most pronounced in 2014 when the average export price increased by 35% against the previous year. Over the period under review, the average export prices reached the maximum at $13,852 per ton in 2021, and then contracted in the following year.

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 the UK ($13,325 per ton), while Taiwan (Chinese) ($3,146 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform