Phenolic resins in primary forms market in Spain

Earlier Report Observations

The Spanish market for phenolic resins in primary forms experienced notable shifts between 2018 and 2024. After a period of relative stability around 46 000 t, market volume surged to 53 633 t in 2021, marking a significant expansion. This peak was followed by a contraction over the next two years, with the market settling at 46 503 t in 2023, before a slight recovery to 47 140 t in 2024.

In 2023, key industry players launched initiatives that shaped market dynamics. Hexion Inc. introduced a new line of low-emission phenolic resins designed to meet stricter indoor air quality standards, which spurred a reported 37% growth in wood adhesive demand in Spain. Simultaneously, Sumitomo Bakelite increased its production of phenolic molding compounds by 28% to address rising needs from the automotive and electronics sectors, reflecting a broader shift toward sustainable and high-performance materials.

The market's modest rebound in 2024 coincided with ongoing regulatory changes and capacity investments. Tighter European and Spanish regulations on formaldehyde emissions favored low-emission phenolic resins, while Sumitomo Bakelite expanded its production capacity in Spain to serve growing automotive and electronics demand. These developments, alongside sustained demand from the furniture industry for moisture-resistant engineered wood, provided underlying support to the market amid global raw material price volatility.

Production phenolic resins in primary forms in Spain

In value, 2017-2020, M $ US

Spain's production of phenolic resins in primary forms declined for the second consecutive year. In 2020, output was valued at 71.1 million US dollars, marking a 17.5% decrease compared to 2019. Production peaked in 2018 at 103.2 million US dollars, which represented a 15.8% increase from the previous year. Over the period from 2017 to 2020, production fell by 20.2%, equivalent to an annualized decline of 7.2%.

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

In kind, 2017-2020, t

Spain's production of phenolic resins in primary forms declined for the second consecutive year. In 2020, 59,432 tonnes were produced, showing a significant 14.7% drop from the previous year. Production reached its highest level in 2018 at 73,234 tonnes, which was a 6.8% increase from 2017. From 2017 to 2020, production decreased by 13.3%, with a compound annual growth rate of -4.7%.

Annual dynamics of production in Spain in kind, 2017-2020, t

Exports phenolic resins in primary forms from Spain

Exports in kind, t

Exports of phenolic resins in primary forms from Spain declined for the second consecutive year. In 2020, exports totaled 26,551 tonnes, which is 30.4% lower than in 2019. The peak was recorded in 2018 at 42,053 tonnes, reflecting a 3.0% increase from the previous year. Between 2017 and 2020, exports fell by 34.9%, corresponding to an annualized decline of 13.3%.

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

From 2017 to 2020, France, Germany, and Italy were the main markets for Spain's exports of phenolic resins in primary forms by volume. France accounted for 46.5% of exports, Germany for 12.1%, and Italy for 10.1%. Together, these three countries represented 68.7% of total export flows.

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

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

Exports in value, K $ US

Exports of phenolic resins in primary forms from Spain declined for the third consecutive year. In 2020, exports amounted to 32.363 million US dollars, down by 40.8% compared to 2019. Over the period from 2017 to 2020, exports decreased by 48.8%, with a compound annual growth rate of -20.0%.

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

From 2017 to 2020, France, Germany, and Italy remained the principal buyers of phenolic resins in primary forms from Spain by value. France accounted for 30.9% of exports, Germany for 20.3%, and Italy for 11.9%. Collectively, these three countries made up 63.2% of total export value.

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

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

Imports phenolic resins in primary forms to Spain

Imports in kind, t

Imports of phenolic resins in primary forms into Spain declined for the second consecutive year. In 2020, imports stood at 13,023 tonnes, a 12.2% decrease from 2019. The highest volume was recorded in 2018 at 15,364 tonnes, which saw a slight 0.4% increase from the previous year. From 2017 to 2020, imports fell by 14.9%, with a compound annual growth rate of -5.2%.

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

From 2017 to 2020, France, Germany, and Portugal were the main sources for Spain's imports of phenolic resins in primary forms by volume. France accounted for 28.0% of imports, Germany for 18.6%, and Portugal for 15.9%. Together, these three countries represented 62.6% of total import flows.

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

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

Imports in value, K $ US

Spain's imports of phenolic resins in primary forms declined for the second consecutive year. In 2020, import value reached 28.412 million US dollars, down by 12.2% from 2019. The peak was in 2018 at 34.369 million US dollars, which marked an 8.7% increase from the previous year. Between 2017 and 2020, imports decreased by 10.1%, equivalent to an annualized decline of 3.5%.

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

From 2017 to 2020, Germany, France, and Portugal were the principal sources for Spain's imports of phenolic resins in primary forms by value. Germany accounted for 22.9% of imports, France for 19.3%, and Portugal for 15.6%. Collectively, these three countries accounted for 57.8% of total import flows.

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

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