Unsaturated Polyesters In Primary Forms Market

The article provides detailed insights into the global market for unsaturated polyesters in primary forms, with forecasts for consumption, production, imports, and exports. Key highlights include the expected growth in market volume and value, with China as the largest consumer and producer. Trends in consumption, production, import prices, and export prices are covered, offering a comprehensive overview of the market dynamics and key players in the industry.

Market Forecast

Driven by increasing demand for unsaturated polyesters 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 +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 7.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $23.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Unsaturated Polyesters In Primary Forms

In 2022, the amount of unsaturated polyesters in primary forms consumed worldwide shrank modestly to 6M tons, approximately equating the year before. The total consumption volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption attained the maximum volume at 6.1M tons in 2021, and then declined slightly in the following year.

The value of the market for unsaturated polyesters in primary forms worldwide contracted to $16.5B in 2022, waning by -4.9% 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). The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at $17.3B in 2021, and then dropped slightly in the following year.

Consumption By Country

The country with the largest volume of unsaturated polyesters in primary forms consumption was China (1.5M tons), accounting for 25% of total volume. Moreover, unsaturated polyesters in primary forms consumption in China exceeded the figures recorded by the second-largest consumer, India (613K tons), twofold. The third position in this ranking was taken by the United States (563K tons), with a 9.4% share.

In China, unsaturated polyesters in primary forms consumption expanded at an average annual rate of +4.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+4.0% per year) and the United States (+0.3% per year).

In value terms, the largest unsaturated polyesters in primary forms markets worldwide were Turkey ($3.3B), China ($2.8B) and Japan ($1.6B), with a combined 47% share of the global market.

In terms of the main consuming countries, Turkey, with a CAGR of +13.9%, 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.

The countries with the highest levels of unsaturated polyesters in primary forms per capita consumption in 2022 were Turkey (2.6 kg per person), Spain (2.3 kg per person) and Japan (2.2 kg per person).

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +11.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Unsaturated Polyesters In Primary Forms

In 2022, approx. 6.1M tons of unsaturated polyesters in primary forms were produced worldwide; with a decrease of -2.3% compared with 2021. The total output volume increased at an average annual rate of +2.8% 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 2015 with an increase of 7.7%. Over the period under review, global production hit record highs at 6.2M tons in 2021, and then shrank in the following year.

In value terms, unsaturated polyesters in primary forms production declined to $17.7B in 2022 estimated in export price. Over the period under review, production, however, posted a noticeable expansion. The most prominent rate of growth was recorded in 2018 with an increase of 44% against the previous year. Global production peaked at $25.2B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of unsaturated polyesters in primary forms production was China (1.5M tons), comprising approx. 25% of total volume. Moreover, unsaturated polyesters in primary forms production in China exceeded the figures recorded by the second-largest producer, the United States (607K tons), threefold. India (585K tons) ranked third in terms of total production with a 9.6% share.

In China, unsaturated polyesters in primary forms production increased at an average annual rate of +5.1% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+0.2% per year) and India (+4.1% per year).

Imports

World Imports of Unsaturated Polyesters In Primary Forms

In 2022, approx. 1.2M tons of unsaturated polyesters in primary forms were imported worldwide; remaining constant against the previous year. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 17% against the previous year. As a result, imports reached the peak of 1.2M tons, and then reduced modestly in the following year.

In value terms, unsaturated polyesters in primary forms imports amounted to $3.7B in 2022. Over the period under review, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +58.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 49%. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

In 2022, Germany (106K tons) and Spain (99K tons) represented the largest importers of unsaturated polyesters in primary formsin the world, together generating 17% of total imports. Poland (62K tons) held the next position in the ranking, followed by the United States (60K tons) and Canada (59K tons). All these countries together took near 15% share of total imports. The following importers - Vietnam (52K tons), India (51K tons), Mexico (47K tons), the UK (47K tons), France (40K tons), Italy (32K tons), the Czech Republic (27K tons) and Sweden (26K tons) - together made up 27% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Mexico (with a CAGR of +8.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest unsaturated polyesters in primary forms importing markets worldwide were Germany ($341M), the United States ($251M) and Spain ($249M), with a combined 23% share of global imports.

In terms of the main importing countries, Spain, with a CAGR of +12.3%, 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

In 2022, the average import price for unsaturated polyesters in primary forms amounted to $3,034 per ton, with an increase of 7.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 28%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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 the United States ($4,179 per ton), while Spain ($2,513 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+8.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Unsaturated Polyesters In Primary Forms

In 2022, the amount of unsaturated polyesters in primary forms exported worldwide shrank to 1.3M tons, falling by -6.3% against the previous year's figure. The total export volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 20%. As a result, the exports attained the peak of 1.4M tons, and then shrank in the following year.

In value terms, unsaturated polyesters in primary forms exports expanded slightly to $3.7B in 2022. In general, total exports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +54.3% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 51%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports By Country

The biggest shipments were from Italy (145K tons), Turkey (135K tons), the United States (104K tons), France (92K tons), China (86K tons) and Taiwan (Chinese) (85K tons), together amounting to 50% of total export. The Netherlands (51K tons), South Korea (50K tons), Germany (49K tons), Poland (49K tons), the United Arab Emirates (44K tons), Malaysia (39K tons) and Spain (38K tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +22.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest unsaturated polyesters in primary forms supplying countries worldwide were Italy ($481M), the United States ($352M) and Turkey ($294M), with a combined 30% share of global exports.

Turkey, with a CAGR of +23.2%, 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 export price for unsaturated polyesters in primary forms amounted to $2,873 per ton, with an increase of 9.2% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 26% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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 Germany ($3,784 per ton), while Taiwan (Chinese) ($1,635 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+2.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform