ASEAN: Chromates Market 2024

Chromates Market Size in ASEAN

The ASEAN chromates market surged to $X in 2022, growing by 31% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Chromates Production in ASEAN

In value terms, chromates production rose markedly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when the production volume increased by 38% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chromates Exports

Exports in ASEAN

In 2022, approx. X tons of chromates, dichromates and peroxochromates were exported in ASEAN; reducing by -20.8% on the previous year's figure. Over the period under review, exports showed a abrupt decrease. The growth pace was the most rapid in 2014 with an increase of 224%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, chromates exports fell markedly to $X in 2022. Overall, exports continue to indicate a noticeable downturn. The pace of growth appeared the most rapid in 2014 when exports increased by 267% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia represented the key exporter of chromates, dichromates and peroxochromates in ASEAN, with the volume of exports resulting at X tons, which was near 65% of total exports in 2022. Singapore (X tons) ranks second in terms of the total exports with a 19% share, followed by Indonesia (13%). Thailand (X tons) followed a long way behind the leaders.

Exports from Malaysia decreased at an average annual rate of -2.2% from 2012 to 2022. At the same time, Indonesia (+10.5%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +10.5% from 2012-2022. By contrast, Singapore (-11.8%) and Thailand (-15.0%) illustrated a downward trend over the same period. Malaysia (+19 p.p.) and Indonesia (+11 p.p.) significantly strengthened its position in terms of the total exports, while Thailand and Singapore saw its share reduced by -5.3% and -18.6% from 2012 to 2022, respectively.

In value terms, Singapore ($X), Malaysia ($X) and Indonesia ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 96% share of total exports.

Malaysia, with a CAGR of -1.9%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, with a decrease of -15% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 39%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+6.7%), while the other leaders experienced more modest paces of growth.

Chromates Imports

Imports in ASEAN

For the third consecutive year, ASEAN recorded growth in overseas purchases of chromates, dichromates and peroxochromates, which increased by 46% to X tons in 2022. In general, imports posted measured growth. The pace of growth was the most pronounced in 2020 with an increase of 53%. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, chromates imports surged to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 38%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Thailand was the main importer of chromates, dichromates and peroxochromates in ASEAN, with the volume of imports accounting for X tons, which was approx. 73% of total imports in 2022. Indonesia (X tons) ranks second in terms of the total imports with an 11% share, followed by Vietnam (7.3%) and Malaysia (6.5%).

From 2012 to 2022, average annual rates of growth with regard to chromates imports into Thailand stood at +3.7%. At the same time, Vietnam (+6.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +6.0% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, Malaysia (-1.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand and Vietnam increased by +11 and +2.3 percentage points, respectively.

In value terms, Thailand ($X) constitutes the largest market for imported chromates, dichromates and peroxochromates in ASEAN, comprising 54% of total imports. The second position in the ranking was held by Indonesia ($X), with a 17% share of total imports. It was followed by Vietnam, with a 13% share.

In Thailand, chromates imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+2.9% per year) and Vietnam (+4.2% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, with a decrease of -6% against the previous year. Overall, the import price continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2019 an increase of 25% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform