Global Resins Market's Value to Rise at 1.8% CAGR Through 2035 Amid Slowing Volume Growth

IndexBox has just published a new report: World - Amino-Resins, Phenolic Resins And Polyurethanes (In Primary Forms) - Market Analysis, Forecast, Size, Trends and Insights.

The article provides a comprehensive analysis of the global market for amino-resins, phenolic resins, and polyurethanes (in primary forms). It details that the market reached 78 million tons in consumption and $208.3 billion in value in 2024, following a period of modest growth. The United States is the dominant player, accounting for 47% of global consumption volume. The market is forecast to grow slowly, with volume projected to reach 82 million tons (CAGR +0.5%) and value to reach $254.6 billion (CAGR +1.8%) by 2035. The report also covers production data, international trade flows (imports/exports), key country-level insights, and price analysis by product type and region, highlighting China's rising role in exports and the varying price points of different resin categories.

Key Findings

• Market forecast to grow slowly to 82M tons and $254.6B by 2035, with value growth (CAGR +1.8%) outpacing volume (CAGR +0.5%)
• United States dominates, consuming 47% of global volume (36M tons) and representing $124.9B in market value
• China and India are significant growing markets, while Kuwait has the highest per capita consumption at 403 kg
• Global trade is significant, with amino resins being the most traded type by volume and polyurethanes commanding the highest price
• Import and export prices declined in 2024, with polyurethanes consistently the most expensive product category

Market Forecast

Driven by increasing demand for amino-resins, phenolic resins and polyurethanes (in primary forms) worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 82M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% for the period from 2024 to 2035, which is projected to bring the market value to $254.6B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Amino-Resins, Phenolic Resins And Polyurethanes (In Primary Forms)

In 2024, consumption of amino-resins, phenolic resins and polyurethanes (in primary forms) increased by 1.3% to 78M tons for the first time since 2021, thus ending a two-year declining trend. The total consumption volume increased at an average annual rate of +1.3% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 7.9%. Global consumption peaked at 81M tons in 2021; however, from 2022 to 2024, consumption failed to regain momentum.

The global amino-resin market value contracted to $208.3B in 2024, declining by -1.7% 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). The market value increased at an average annual rate of +1.7% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the peak level at $220.4B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

Consumption By Country

The country with the largest volume of amino-resin consumption was the United States (36M tons), comprising approx. 47% of total volume. Moreover, amino-resin consumption in the United States exceeded the figures recorded by the second-largest consumer, China (12M tons), threefold. India (4.9M tons) ranked third in terms of total consumption with a 6.3% share.

From 2013 to 2024, the average annual growth rate of volume in the United States was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+1.9% per year) and India (+2.2% per year).

In value terms, the United States ($124.9B) led the market, alone. The second position in the ranking was taken by China ($24.7B). It was followed by India.

From 2013 to 2024, the average annual growth rate of value in the United States amounted to +2.2%. The remaining consuming countries recorded the following average annual rates of market growth: China (+1.4% per year) and India (+1.7% per year).

In 2024, the highest levels of amino-resin per capita consumption was registered in Kuwait (403 kg per person), followed by the United States (107 kg per person), Germany (21 kg per person) and Japan (18 kg per person), while the world average per capita consumption of amino-resin was estimated at 9.6 kg per person.

In Kuwait, amino-resin per capita consumption increased at an average annual rate of +2.0% over the period from 2013-2024. In the other countries, the average annual rates were as follows: the United States (+0.3% per year) and Germany (+0.5% per year).

Production

World's Production of Amino-Resins, Phenolic Resins And Polyurethanes (In Primary Forms)

In 2024, production of amino-resins, phenolic resins and polyurethanes (in primary forms) increased by 1.9% to 78M tons for the first time since 2020, thus ending a three-year declining trend. The total output volume increased at an average annual rate of +1.3% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 8.2%. Over the period under review, global production reached the maximum volume at 81M tons in 2020; however, from 2021 to 2024, production remained at a lower figure.

In value terms, amino-resin production reduced modestly to $205.9B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 20% against the previous year. Over the period under review, global production hit record highs at $213.6B in 2022; however, from 2023 to 2024, production failed to regain momentum.

Production By Country

The country with the largest volume of amino-resin production was the United States (36M tons), comprising approx. 47% of total volume. Moreover, amino-resin production in the United States exceeded the figures recorded by the second-largest producer, China (13M tons), threefold. The third position in this ranking was held by India (4.6M tons), with a 6% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in the United States was relatively modest. In the other countries, the average annual rates were as follows: China (+3.1% per year) and India (+1.9% per year).

Imports

World's Imports of Amino-Resins, Phenolic Resins And Polyurethanes (In Primary Forms)

In 2024, supplies from abroad of amino-resins, phenolic resins and polyurethanes (in primary forms) decreased by -1.4% to 9.2M tons, falling for the third consecutive year after nine years of growth. The total import volume increased at an average annual rate of +2.6% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 17% against the previous year. As a result, imports reached the peak of 10M tons. From 2022 to 2024, the growth of global imports remained at a somewhat lower figure.

In value terms, amino-resin imports fell to $19.2B in 2024. In general, total imports indicated a tangible expansion from 2013 to 2024: its value increased at an average annual rate of +2.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -22.1% against 2022 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 51%. Over the period under review, global imports attained the maximum at $24.6B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

Imports By Country

The purchases of the nine major importers of amino-resins, phenolic resins and polyurethanes (in primary forms), namely Germany, the United States, China, France, Poland, India, Italy, Canada and the Netherlands, represented more than third of total import. Belgium (341K tons) took a little share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by India (with a CAGR of +12.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest amino-resin importing markets worldwide were China ($1.5B), the United States ($1.3B) and Germany ($1.2B), with a combined 21% share of global imports. Italy, India, France, Canada, the Netherlands, Belgium and Poland lagged somewhat behind, together accounting for a further 29%.

In terms of the main importing countries, Belgium, with a CAGR of +10.9%, recorded 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.

Imports By Type

Amino resins was the key type of amino-resins, phenolic resins and polyurethanes (in primary forms) in the world, with the volume of imports recording 4.3M tons, which was near 47% of total imports in 2024. It was distantly followed by polyurethanes in primary forms (1.7M tons), urea resins and thiourea resins in primary forms (1.7M tons), phenolic resins in primary forms (1M tons) and melamine resins in primary forms (0.5M tons), together generating a 53% share of total imports.

Amino resins was also the fastest-growing in terms of imports, with a CAGR of +5.3% from 2013 to 2024. At the same time, melamine resins in primary forms (+2.4%) and polyurethanes in primary forms (+1.4%) displayed positive paces of growth. Phenolic resins in primary forms and urea resins and thiourea resins in primary forms experienced a relatively flat trend pattern. Amino resins (+12 p.p.) significantly strengthened its position in terms of the global imports, while phenolic resins in primary forms, polyurethanes in primary forms and urea resins and thiourea resins in primary forms saw its share reduced by -2.5%, -2.7% and -6.4% from 2013 to 2024, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of imported amino-resins, phenolic resins and polyurethanes (in primary forms) were amino resins ($8.3B), polyurethanes in primary forms ($7B) and phenolic resins in primary forms ($2.1B), together accounting for 91% of global imports.

Amino resins, with a CAGR of +3.6%, saw the highest growth rate of the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2024, the average amino-resin import price amounted to $2,091 per ton, with a decrease of -5.9% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 30% against the previous year. Global import price peaked at $2,503 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was polyurethanes in primary forms ($4,046 per ton), while the price for urea resins and thiourea resins in primary forms ($663 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by urea and thiourea resins (+0.2%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

The average amino-resin import price stood at $2,091 per ton in 2024, waning by -5.9% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 30% against the previous year. Global import price peaked at $2,503 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($2,693 per ton), while France ($1,586 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by France (+1.8%), while the other global leaders experienced a decline in the import price figures.

Exports

World's Exports of Amino-Resins, Phenolic Resins And Polyurethanes (In Primary Forms)

In 2024, after two years of decline, there was growth in shipments abroad of amino-resins, phenolic resins and polyurethanes (in primary forms), when their volume increased by 3% to 9.5M tons. The total export volume increased at an average annual rate of +2.3% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 11%. As a result, the exports attained the peak of 10M tons. From 2022 to 2024, the growth of the global exports failed to regain momentum.

In value terms, amino-resin exports dropped to $19.7B in 2024. Overall, total exports indicated a modest expansion from 2013 to 2024: its value increased at an average annual rate of +1.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -19.6% against 2022 indices. The pace of growth was the most pronounced in 2021 when exports increased by 49%. Over the period under review, the global exports attained the peak figure at $24.5B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

Exports By Country

In 2024, China (1.9M tons), distantly followed by Germany (1,248K tons), Belgium (915K tons), the United States (578K tons), Poland (547K tons), the Netherlands (510K tons) and South Korea (488K tons) represented the key exporters of amino-resins, phenolic resins and polyurethanes (in primary forms), together mixing up 65% of total exports. The following exporters - Japan (297K tons), Portugal (277K tons) and Hungary (275K tons) - each recorded an 8.9% share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +13.7%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest amino-resin supplying countries worldwide were China ($3.4B), Germany ($2.9B) and the United States ($1.8B), together comprising 41% of global exports.

Among the main exporting countries, China, with a CAGR of +11.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Amino resins was the main type of amino-resins, phenolic resins and polyurethanes (in primary forms) in the world, with the volume of exports amounting to 4.5M tons, which was near 47% of total exports in 2024. Polyurethanes in primary forms (1.8M tons) held a 19% share (based on physical terms) of total exports, which put it in second place, followed by urea resins and thiourea resins in primary forms (18%), phenolic resins in primary forms (10%) and melamine resins in primary forms (5.9%).

Amino resins was also the fastest-growing in terms of exports, with a CAGR of +4.6% from 2013 to 2024. At the same time, melamine resins in primary forms (+1.9%) and polyurethanes in primary forms (+1.2%) displayed positive paces of growth. Phenolic resins in primary forms and urea resins and thiourea resins in primary forms experienced a relatively flat trend pattern. From 2013 to 2024, the share of amino resins increased by +10 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported amino-resins, phenolic resins and polyurethanes (in primary forms) were amino resins ($8.7B), polyurethanes in primary forms ($7B) and phenolic resins in primary forms ($2.1B), with a combined 91% share of global exports.

Amino resins, with a CAGR of +3.3%, recorded the highest growth rate of the value of exports, among the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2024, the average amino-resin export price amounted to $2,063 per ton, declining by -7.9% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 35%. The global export price peaked at $2,513 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was polyurethanes in primary forms ($3,937 per ton), while the average price for exports of urea resins and thiourea resins in primary forms ($650 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by urea and thiourea resins (+0.5%), while the other products experienced a decline in the export price figures.

Export Prices By Country

The average amino-resin export price stood at $2,063 per ton in 2024, reducing by -7.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 35% against the previous year. The global export price peaked at $2,513 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($3,146 per ton), while Poland ($721 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Poland (+2.0%), while the other global leaders experienced more modest paces of growth.