ASEAN: Ethylene Market 2024

Ethylene Market Size in ASEAN

After three years of decline, the ASEAN ethylene market increased by 3.6% to $X in 2021. In general, consumption, however, saw a pronounced decrease. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Ethylene Production in ASEAN

In value terms, ethylene production rose rapidly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a mild reduction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 20% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Ethylene Exports

Exports in ASEAN

In 2021, approx. X tons of ethylene were exported in ASEAN; increasing by 9.2% against 2020. In general, exports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2014 when exports increased by 51%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, ethylene exports soared to $X in 2021. Overall, exports recorded resilient growth. The growth pace was the most rapid in 2017 when exports increased by 65%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Singapore (X tons) and Malaysia (X tons) were the key exporters of ethylene in ASEAN, together creating 77% of total exports. Thailand (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (8.3%). The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Philippines (with a CAGR of +33.8%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Malaysia ($X) and Thailand ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 89% share of total exports. These countries were followed by Indonesia and the Philippines, which together accounted for a further 11%.

The Philippines, with a CAGR of +25.5%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, picking up by 41% against the previous year. Overall, the export price, however, saw a noticeable decline. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Thailand ($X per ton) and the Philippines ($X per ton), while Malaysia ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-0.2%), while the other leaders experienced a decline in the export price figures.

Ethylene Imports

Imports in ASEAN

In 2021, purchases abroad of ethylene decreased by -11.5% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 17% against the previous year. The volume of import peaked at X tons in 2020, and then declined in the following year.

In value terms, ethylene imports soared to $X in 2021. Overall, imports showed a pronounced decrease. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Indonesia prevails in imports structure, resulting at X tons, which was near 92% of total imports in 2021. It was distantly followed by Thailand (X tons), achieving a 4.8% share of total imports. Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to ethylene imports into Indonesia stood at +1.6%. At the same time, Malaysia (+4.4%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +4.4% from 2012-2021. By contrast, Thailand (-10.4%) illustrated a downward trend over the same period. While the share of Indonesia (+18 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Thailand (-7.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported ethylene in ASEAN, comprising 92% of total imports. The second position in the ranking was held by Thailand ($X), with a 4.6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Indonesia was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-12.6% per year) and Malaysia (+1.9% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, with an increase of 36% against the previous year. Over the period under review, the import price, however, showed a mild setback. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform