ASEAN: M-Xylene And Xylenes Market 2024

M-Xylene And Xylenes Market Size in ASEAN

In 2022, the ASEAN m-xylene and xylenes market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, continues to indicate a deep reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

M-Xylene And Xylenes Production in ASEAN

In value terms, m-xylene and xylenes production contracted to $X in 2022 estimated in export price. Overall, production recorded a sharp shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 30%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

M-Xylene And Xylenes Exports

Exports in ASEAN

In 2022, the amount of m-xylene and mixed xylene isomers exported in ASEAN fell significantly to X tons, declining by -28% against 2021 figures. In general, exports continue to indicate a precipitous setback. The most prominent rate of growth was recorded in 2021 when exports increased by 244%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, m-xylene and xylenes exports rose remarkably to $X in 2022. Overall, exports continue to indicate a sharp decline. The most prominent rate of growth was recorded in 2021 with an increase of 239% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines was the largest exporting country with an export of around X tons, which recorded 59% of total exports. Singapore (X tons) took a 27% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (12%). Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to m-xylene and xylenes exports from the Philippines stood at -26.7%. At the same time, Vietnam (+7.8%) and Malaysia (+4.9%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +7.8% from 2012-2022. By contrast, Singapore (-22.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia, Singapore and Vietnam increased by +12, +6.1 and +1.6 percentage points, respectively.

In value terms, the Philippines ($X) remains the largest m-xylene and xylenes supplier in ASEAN, comprising 61% of total exports. The second position in the ranking was taken by Singapore ($X), with a 29% share of total exports. It was followed by Malaysia, with an 8.7% share.

In the Philippines, m-xylene and xylenes exports declined by an average annual rate of -27.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Singapore (-23.3% per year) and Malaysia (+2.5% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, rising by 47% against the previous year. Over the period under review, the export price, however, showed a slight decrease. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+1.1%), while the other leaders experienced a decline in the export price figures.

M-Xylene And Xylenes Imports

Imports in ASEAN

In 2022, purchases abroad of m-xylene and mixed xylene isomers was finally on the rise to reach X tons after two years of decline. Overall, imports saw a notable expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, m-xylene and xylenes imports soared to $X in 2022. In general, imports, however, showed a slight slump. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Singapore dominates imports structure, accounting for X tons, which was near 91% of total imports in 2022. Indonesia (X tons), Malaysia (X tons) and Thailand (X tons) followed a long way behind the leaders.

Imports into Singapore increased at an average annual rate of +10.2% from 2012 to 2022. At the same time, Thailand (+56.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +56.5% from 2012-2022. By contrast, Malaysia (-7.8%) and Indonesia (-19.4%) illustrated a downward trend over the same period. Singapore (+47 p.p.) and Thailand (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and Indonesia saw its share reduced by -4.2% and -36.1% from 2012 to 2022, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported m-xylene and mixed xylene isomers in ASEAN, comprising 90% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 3.2% share of total imports. It was followed by Thailand, with a 3% share.

In Singapore, m-xylene and xylenes imports increased at an average annual rate of +3.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (-22.6% per year) and Thailand (+51.2% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, with an increase of 23% against the previous year. Overall, the import price, however, saw a noticeable reduction. The pace of growth was the most pronounced in 2021 when the import price increased by 28%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-3.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform