Southern Asia: Isocyanates Market 2024

Isocyanates Market Size in Southern Asia

The South Asian isocyanates market rose modestly to $X in 2023, with an increase of X% against the previous year. Over the period under review, consumption, however, continues to indicate a perceptible contraction. The level of consumption peaked at $X in 2013; however, from 2014 to 2023, consumption remained at a lower figure.

Isocyanates Production in Southern Asia

In value terms, isocyanates production rose slightly to $X in 2023 estimated in export price. Over the period under review, production, however, saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. The level of production peaked at $X in 2013; however, from 2014 to 2023, production stood at a somewhat lower figure.

Isocyanates Exports

Exports in Southern Asia

In 2023, after four years of decline, there was significant growth in shipments abroad of isocyanates, when their volume increased by X% to X tons. In general, exports posted a buoyant increase. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2023, the exports failed to regain momentum.

In value terms, isocyanates exports surged to $X in 2023. Overall, exports continue to indicate strong growth. The growth pace was the most rapid in 2016 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

Exports by Country

India (X tons) represented roughly X% of total exports in 2023.

India was also the fastest-growing in terms of the isocyanates exports, with a CAGR of X% from 2012 to 2023. While the share of India (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest isocyanates supplier in Southern Asia.

From 2012 to 2023, the average annual growth rate of value in India totaled X%.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2023, dropping by X% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The growth pace was the most rapid in 2022 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2023, the rate of growth in terms of prices for India amounted to X% per year.

Isocyanates Imports

Imports in Southern Asia

In 2023, purchases abroad of isocyanates decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Overall, imports recorded a slight downturn. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, isocyanates imports fell notably to $X in 2023. Over the period under review, imports showed a mild decline. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, India (X tons) was the main importer of isocyanates, constituting X% of total imports. It was distantly followed by Pakistan (X tons), comprising a X% share of total imports. The following importers - Sri Lanka (X tons), Bangladesh (X tons) and Afghanistan (X tons) - together made up X% of total imports.

From 2012 to 2023, average annual rates of growth with regard to isocyanates imports into India stood at X%. At the same time, Afghanistan (X%), Pakistan (X%) and Bangladesh (X%) displayed positive paces of growth. Moreover, Afghanistan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of X% from 2012-2023. Sri Lanka experienced a relatively flat trend pattern. From 2012 to 2023, the share of Pakistan and Afghanistan increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported isocyanates in Southern Asia, comprising X% of total imports. The second position in the ranking was taken by Pakistan ($X), with a X% share of total imports. It was followed by Sri Lanka, with a X% share.

In India, isocyanates imports decreased by an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Pakistan (X% per year) and Sri Lanka (X% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2023, falling by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2023, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Afghanistan ($X per ton) and India ($X per ton), while Pakistan ($X per ton) and Sri Lanka ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by India (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform