Phenolic Resins Market

The article provides detailed insights into the global phenolic resins market, highlighting trends in consumption, production, imports, and exports. With forecasts projecting a steady increase in market volume and value, key countries such as China, the United States, and India are driving growth. From consumption patterns to export prices, the report offers a comprehensive analysis to help stakeholders stay ahead in this evolving industry.

Market Forecast

Driven by increasing demand for phenolic resins in primary forms worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 7.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.0% for the period from 2022 to 2030, which is projected to bring the market value to $19.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Phenolic Resins In Primary Forms

In 2022, the amount of phenolic resins in primary forms consumed worldwide dropped slightly to 5.9M tons, remaining constant against 2021 figures. The total consumption volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when the consumption volume increased by 9.1%. As a result, consumption reached the peak volume of 6.1M tons. From 2021 to 2022, the growth of the global consumption remained at a lower figure.

The global phenolic resins market revenue reached $13B in 2022, leveling off at 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). The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.3M tons), the United States (759K tons) and India (516K tons), together comprising 44% of global consumption.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +8.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.2B), Japan ($1.7B) and the United States ($1.4B) constituted the countries with the highest levels of market value in 2022, together accounting for 40% of the global market.

In terms of the main consuming countries, the United States, with a CAGR of +5.4%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of phenolic resins per capita consumption was registered in Finland (26 kg per person), followed by Canada (3.5 kg per person), Germany (2.6 kg per person) and South Korea (2.5 kg per person), while the world average per capita consumption of phenolic resins was estimated at 0.8 kg per person.

In Finland, phenolic resins per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+4.7% per year) and Germany (+0.5% per year).

Production

World Production of Phenolic Resins In Primary Forms

In 2022, approx. 5.9M tons of phenolic resins in primary forms were produced worldwide; almost unchanged from 2021 figures. The total output volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the production volume increased by 9.2%. As a result, production attained the peak volume of 6M tons. From 2021 to 2022, global production growth remained at a somewhat lower figure.

In value terms, phenolic resins production reduced modestly to $12.6B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 24% against the previous year. As a result, production reached the peak level of $13B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.3M tons), the United States (853K tons) and India (527K tons), with a combined 46% share of global production.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +9.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Phenolic Resins In Primary Forms

Global phenolic resins imports contracted to 1M tons in 2022, waning by -9.7% against the previous year. The total import volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 16% against the previous year. As a result, imports attained the peak of 1.1M tons, and then reduced in the following year.

In value terms, phenolic resins imports contracted slightly to $2.4B in 2022. The total import value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 32%. As a result, imports attained the peak of $2.4B, and then shrank in the following year.

Imports By Country

In 2022, Canada (118K tons), Germany (89K tons) and China (85K tons) represented the largest importer of phenolic resins in primary forms in the world, achieving 28% of total import. It was followed by the United States (55K tons), comprising a 5.3% share of total imports. France (41K tons), the Netherlands (35K tons), Italy (34K tons), Thailand (28K tons), South Korea (26K tons), India (24K tons), Poland (22K tons), the Czech Republic (21K tons) and Turkey (21K tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +10.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($334M), Germany ($178M) and the United States ($130M) constituted the countries with the highest levels of imports in 2022, together comprising 27% of global imports. Canada, France, Thailand, Italy, South Korea, India, the Netherlands, Turkey, Poland and the Czech Republic lagged somewhat behind, together accounting for a further 30%.

In terms of the main importing countries, the Netherlands, with a CAGR of +8.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average phenolic resins import price stood at $2,327 per ton in 2022, rising by 9.2% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 14% against the previous year. Over the period under review, average import prices hit record highs at $2,451 per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 China ($3,918 per ton), while Canada ($773 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 (+1.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Phenolic Resins In Primary Forms

In 2022, global phenolic resins exports shrank to 1M tons, which is down by -2.5% against the previous year's figure. The total export volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 15% against the previous year. As a result, the exports attained the peak of 1M tons, and then contracted slightly in the following year.

In value terms, phenolic resins exports stood at $2.2B in 2022. The total export value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 31% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, the United States (149K tons), China (106K tons), Poland (89K tons) and Germany (86K tons) was the key exporter of phenolic resins in primary forms in the world, comprising 43% of total export. Taiwan (Chinese) (55K tons) took a 5.4% share (based on physical terms) of total exports, which put it in second place, followed by Slovenia (5.3%). Belgium (43K tons), Canada (42K tons), the UK (39K tons), India (36K tons), Singapore (35K tons), Japan (34K tons) and France (30K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Poland (with a CAGR of +8.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the United States ($236M), Germany ($230M) and China ($209M) were the countries with the highest levels of exports in 2022, together accounting for 30% of global exports. Japan, Belgium, Taiwan (Chinese), France, the UK, Poland, Singapore, India, Canada and Slovenia lagged somewhat behind, together comprising a further 48%.

Poland, with a CAGR of +8.2%, 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

In 2022, the average phenolic resins export price amounted to $2,238 per ton, growing by 3.6% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 14%. Over the period under review, the average export prices reached the maximum at $2,374 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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 ($5,930 per ton), while Slovenia ($1,082 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform