PU in primary forms market in Spain

Earlier Report Observations

Between 2018 and 2020, the volume of the Spanish polyurethane market shrank from 125.6 K t to 98.1 K t, while its value showed recovery, reaching 298.1 M $ US in 2020. During this period, production initially dipped but then rebounded to 127.2 K t by 2020. Import volumes fell significantly from 60.6 K t to 28.9 K t, while exports remained relatively stable.

From 2021 through 2024, import volumes, having peaked at 53.0 K t in 2021, then entered a consistent downward trend, reaching 43.3 K t by 2024. Conversely, export volumes exhibited steady growth, rising from 59.7 K t in 2018 to 71.1 K t by 2024. This shift in trade dynamics aligns with evolving regulatory and demand conditions affecting the market.

The introduction of stringent EU-wide legislation, including REACH restrictions on diisocyanates requiring mandatory worker training from 2023, alongside harmonized rules for construction products under Regulation (EU) 2024/3110, reshaped market access. Concurrently, growing demand for polyurethane in thermal insulation, driven by energy efficiency standards, and innovations in recyclable materials from major players like Covestro and BASF supported shifts in production and trade.

Production PU in primary forms in Spain

In value, 2017-2020, M $ US

In 2020, Spain's production of PU in primary forms was valued at 378.8 million US dollars, marking a moderate increase of 7.8% from 2019. Over the period from 2017 to 2020, production decreased by 8.3%, with a compound annual growth rate of 2.8%. The lowest value was recorded in 2019 at 351.3 million US dollars, while the highest was in 2018 at 446.0 million US dollars. The largest decline occurred in 2019, dropping by 21.2%, whereas the largest increase was in 2018, rising by 8.0%.

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

In kind, 2017-2020, K t

Following a two-year decline, Spain's production of PU in primary forms rebounded in 2020. That year, 127.2 thousand tonnes were produced, representing a 10.9% increase compared to 2019. The lowest production level was recorded in 2019 at 114.6 thousand tonnes, with the largest decline that year at 8.1%.

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

Exports PU in primary forms from Spain

Exports in kind, t

In 2020, Spain exported 57,972 tonnes of PU in primary forms, showing a solid increase of 14.6% from the previous year. From 2017 to 2020, exports grew by 8.3%, with a compound annual growth rate of 2.7%. The lowest export volume was in 2019 at 50,589 tonnes, while the highest was in 2018 at 59,715 tonnes. The largest decline occurred in 2019, falling by 15.3%.

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

An analysis of exports in kind from 2017 to 2020 reveals a broad distribution across numerous markets. Italy accounted for 8.6% of exports in kind, Portugal for 6.9%, and China for 6.9%, together making up only 22.5% of total flows. The remaining 77.5% was distributed among other trading partners.

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, M $ US

Exports of PU in primary forms from Spain declined for the second consecutive year in 2020, with a value of 228.0 million US dollars, representing an 8.4% year-over-year decrease. Over the period from 2017 to 2020, exports fell by 7.3%, with a compound annual growth rate of 2.5%. The highest value was recorded in 2018 at 278.9 million US dollars. The largest decline occurred in 2019, dropping by 10.7%, while the largest increase was in 2018, rising by 13.4%.

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

From 2017 to 2020, PU in primary forms from Spain were exported to a wide range of markets. Germany accounted for 13.5% of exports in value terms, Italy for 9.9%, and Portugal for 6.1%, together comprising only 29.5% of total exports. The remaining 70.5% came from many smaller destinations.

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

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

Imports PU in primary forms to Spain

Imports in kind, t

Imports of PU in primary forms into Spain declined for the second consecutive year in 2020, with 28,899 tonnes imported, down 22.5% from 2019. Between 2017 and 2020, imports decreased by 43.7%, equating to an annualized rate of 17.4%. The highest import volume was in 2018 at 60,566 tonnes. The largest decline occurred in 2019, falling by 38.4%, while the largest increase was in 2018, rising by 18.0%.

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

From 2017 to 2020, Germany, Italy, and the Netherlands remained the principal suppliers of PU in primary forms to Spain. Germany accounted for 24.0% of imports in kind, Italy for 17.1%, and the Netherlands for 13.4%, jointly representing 54.5% of total imports.

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, M $ US

Spain's imports of PU in primary forms declined for the second consecutive year in 2020, amounting to 147.4 million US dollars, a robust decrease of 12.5% compared to 2019. Over the period from 2017 to 2020, imports decreased by 5.7%, with a compound annual growth rate of 1.9%. The highest value was recorded in 2018 at 193.3 million US dollars. The largest decline occurred in 2019, dropping by 12.9%, while the largest increase was in 2018, rising by 23.8%.

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

Throughout 2017 to 2020, Germany, Italy, and the Netherlands were the key sources for imports in value terms. Germany accounted for 37.6% of imports in value terms, Italy for 13.9%, and the Netherlands for 10.1%, together taking 61.6% of total flows.

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

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