Phenolic resins in primary forms market in Italy

Earlier Report Observations

The Italian market for phenolic resins in primary forms experienced significant fluctuations in volume between 2018 and 2024. The market started at 137.3 thousand tons in 2018, but dropped sharply to 81.2 thousand tons in 2019. This decline coincided with the introduction of stricter formaldehyde emission standards under Decree 151 of December 22, 2018, which mandated the use of resins with low free formaldehyde content to reduce occupational and environmental exposure, prompting a period of industry adjustment.

After a partial recovery to 97.1 thousand tons in 2020, the market contracted again in 2021 to 78.6 thousand tons. A strong rebound followed in 2022, with volume reaching 108.6 thousand tons. This growth was supported by the adoption of new environmental criteria for expanded phenolic resin insulation panels under the June 23, 2022 decree, which set minimum requirements for thermal conductivity and environmental impact. Additionally, the launch of innovative products and advanced processing technologies aimed at vehicle weight reduction and improved insulation performance further stimulated demand.

The market volume declined to 84.0 thousand tons in 2023 before rising again to 112.1 thousand tons in 2024, indicating ongoing volatility. In value terms, the market peaked at 228.3 million US dollars in 2022, reflecting not only higher volume but also a shift towards more specialized, higher-value resin applications.

Production phenolic resins in primary forms in Italy

In value, 2017-2020, M $ US

In 2020, Italy's production of phenolic resins in primary forms was valued at 108.0 million US dollars, marking a modest increase of 7.4% compared to 2019. The lowest production value was recorded in 2019 at 100.6 million US dollars, while the peak occurred in 2018 at 184.3 million US dollars. Over the period from 2017 to 2020, production declined by 37.1%, which translates to an annualized decrease of 14.3%. The most significant drop was observed in 2019 with a 45.4% decline, whereas the largest rise was in 2018 at 7.5%.

Annual dynamics of production in Italy in value, 2017-2020, M $ US

In kind, 2017-2020, K t

In 2020, Italy produced 92.1 thousand tonnes of phenolic resins in primary forms, showing a substantial increase of 17.4% from the previous year. The lowest output was in 2019 at 78.5 thousand tonnes, while the highest was in 2018 at 139.4 thousand tonnes. From 2017 to 2020, production fell by 32.2%, with a compound annual growth rate of -12.2%. The most pronounced decline occurred in 2019, dropping by 43.7%.

Annual dynamics of production in Italy in kind, 2017-2020, K t

Exports phenolic resins in primary forms from Italy

Exports in kind, t

Italy's exports of phenolic resins in primary forms declined for the second year in a row. In 2020, exports totaled 23 864 tonnes, reflecting a gradual decrease of 9.3% compared to 2019. The peak export volume was in 2018 at 32 079 tonnes. Over the 2017-2020 period, exports decreased by 20.9%, with a compound annual growth rate of -7.5%. The largest drop was in 2019 at 18.0%, while the biggest increase was in 2018 at 6.4%.

Annual dynamics of product's exports from Italy in kind, 2017-2020, t

From 2017 to 2020, Germany, Turkey, and Spain remained the top buyers of Italy's phenolic resins in primary forms by volume. Germany accounted for 36.7% of exports, Turkey for 11.8%, and Spain for 8.6%. Together, these three countries represented 57.1% of Italy's total exports in kind.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Italy in kind, 2017-2020

Exports in value, K $ US

Italy's exports of phenolic resins in primary forms in value terms declined for the second consecutive year. In 2020, exports amounted to 40 770 thousand US dollars, showing a significant drop of 15.2% from 2019. The highest export value was recorded in 2018 at 57 951 thousand US dollars. Between 2017 and 2020, exports fell by 25.7%, equivalent to an annualized decrease of 9.4%. The most substantial decline was in 2019 at 17.1%, while the largest increase was in 2018 at 5.6%.

Annual dynamics of product's exports from Italy in value, 2017-2020, K $ US

During 2017-2020, Germany, Turkey, and Spain continued to be the leading buyers of Italy's phenolic resins in primary forms by value. Germany held a 32.5% share of exports, Turkey 12.8%, and Spain 9.8%. Collectively, these three markets accounted for 55.1% of Italy's total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Italy in value, 2017-2020

Imports phenolic resins in primary forms to Italy

Imports in kind, t

Italy's imports of phenolic resins in primary forms declined for the third year in a row. In 2020, imports stood at 28 868 tonnes, showing little change from 2019. From 2017 to 2020, imports decreased by 9.8%, which corresponds to an annualized decline of 3.4%.

Annual dynamics of product's imports to Italy in kind, 2017-2020, t

Between 2017 and 2020, Slovenia, Germany, and Spain were the main suppliers of phenolic resins in primary forms to Italy by volume. Slovenia contributed 31.2% of imports, Germany 28.0%, and Spain 13.0%. Together, these three countries made up 72.2% of Italy's total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Italy in kind, 2017-2020

Imports in value, K $ US

Italy's imports of phenolic resins in primary forms in value terms fell for the second consecutive year. In 2020, imports were approximately 57 619 thousand US dollars, down by 3.5% compared to 2019. The peak import value was in 2018 at 64 287 thousand US dollars. Over the 2017-2020 period, imports declined by 9.7%, with an annualized decrease of 3.3%. The largest drop occurred in 2019 at 7.1%, while the biggest increase was in 2018 at 0.7%.

Annual dynamics of product's imports to Italy in value, 2017-2020, K $ US

From 2017 to 2020, Germany, France, and Slovenia formed the core of Italy's imports of phenolic resins in primary forms by value. Germany accounted for 28.4% of imports, France for 17.8%, and Slovenia for 16.9%. Combined, these three suppliers represented 63.0% of Italy's total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Italy in value, 2017-2020