Analysis of isocyanate imports in Southeast Asia in June 2022

Represented by Vietnam, Thailand, Indonesia and Malaysia, Southeast Asian countries have a wide demand for isocyanate raw materials in end industries such as upholstered furniture industry, construction industry and textile industry. Southeast Asian countries lack local isocyanate production capacity, so local isocyanate consumption is supplied by Chinese, Japanese and Korean manufacturers. The following will analyze the import situation of TDI, PMDI and MMDI products in Southeast Asia in June 2022.

TDI

In June 2022, Southeast Asian countries will import from Chinese, Japanese and Korean manufacturers11,664 tons of TDI, a decrease of 3.2% compared to the same month in 2021. Among Southeast Asian countries, the top 4 in terms of TDI consumption in June 2022 are Indonesia, Vietnam, the Philippines and Malaysia.

Among the major TDI consuming countries, Indonesia’s TDI consumption in June 2022 far exceeded Other Southeast Asian countries, and achieved a rapid growth of 42.10% compared with the same period last year. On the one hand, Indonesia's exports in June 2022 increased by 40.68% compared with the same period last year, of which manufacturing exports increased by 29.82% year-on-year. Under the trend of export growth, the good export of Indonesian upholstered furniture products drives the growth of TDI consumption. On the other hand, Indonesian car sales in June 2022 reached 79,000 units, an increase of 8.9% year-on-year. Since TDI is widely used in car seats and other parts, the growth of the local car consumption market also promotes the increase of TDI consumption.

Table1. Comparison of TDI imports in Southeast Asia in June 2022 and 2021 (unit: tons, %)

Overall,In June 2022, Southeast Asia will import from China, Japan and South Korea11,664 Tons of TDI, 12,172tPMDIand3,263tMMDI . In this month, for TDI and PMDI, the export volume of Chinese manufacturers to Southeast Asia was greater than the sum of Japanese and Korean manufacturers; for MMDI, the export volume of Chinese manufacturers to Southeast Asia It is still higher than that of Japanese and Korean manufacturers, but there is no significant gap in the export volume of the three countries. 6TDI and PMDI imports by Southeast Asian countries in June SameCompareNo significant changes in 2021 . As for the significant reduction in MMDI imports, as mentioned above, the specific conditions of each country are different.