The forecasted import values of phenolic resins into South Africa indicate a steady growth from 2024 to 2028. The value is projected to rise from 8.7518 million US dollars in 2024 to 9.2329 million US dollars in 2028. This suggests a consistent year-on-year increase, reflecting a positive market demand.
Given that we are in 2024, the value for 2023 stood at 8.6324 million US dollars. The year-on-year variation is as follows:
- From 2023 to 2024: Approximately 1.3% increase
- From 2024 to 2025: Approximately 1.4% increase
- From 2025 to 2026: Approximately 1.4% increase
- From 2026 to 2027: Approximately 1.3% increase
- From 2027 to 2028: Approximately 1.3% increase
The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is estimated to be around 1.35%, indicating a stable upward trend in the import value of phenolic resins.
Future trends to watch for include potential changes in global supply chains, advancements in phenolic resin applications, and the impact of South African industrial growth on demand. Additionally, any trade policy adjustments or economic shifts in key supplier countries could significantly influence import values.