ASEAN: Polystyrene Market 2024

Polystyrene Market Size in ASEAN

The ASEAN polystyrene market reached $X in 2022, surging by 3.3% against the previous year. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2016; afterwards, it flattened through to 2022.

Polystyrene Production in ASEAN

In value terms, polystyrene production fell to $X in 2022 estimated in export price. Overall, production, however, saw a noticeable setback. The most prominent rate of growth was recorded in 2021 when the production volume increased by 8.1% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Polystyrene Exports

Exports in ASEAN

In 2022, overseas shipments of polystyrene decreased by -11.8% to X tons, falling for the third year in a row after three years of growth. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 50% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, polystyrene exports fell dramatically to $X in 2022. Over the period under review, exports continue to indicate a perceptible curtailment. The growth pace was the most rapid in 2018 with an increase of 42% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Malaysia (X tons) represented the key exporter of polystyrene, comprising 47% of total exports. Thailand (X tons) ranks second in terms of the total exports with a 22% share, followed by Singapore (13%), Indonesia (8.9%) and Vietnam (7.2%).

Exports from Malaysia increased at an average annual rate of +8.6% from 2012 to 2022. At the same time, Indonesia (+20.1%) and Vietnam (+16.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +20.1% from 2012-2022. By contrast, Thailand (-3.1%) and Singapore (-12.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia, Indonesia and Vietnam increased by +27, +7.5 and +5.7 percentage points, respectively.

In value terms, Malaysia ($X), Thailand ($X) and Singapore ($X) were the countries with the highest levels of exports in 2022, with a combined 85% share of total exports. Vietnam and Indonesia lagged somewhat behind, together comprising a further 14%.

Vietnam, with a CAGR of +12.3%, recorded the highest growth rate of the value of exports, in terms of 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

In 2022, the export price in ASEAN amounted to $X per ton, with a decrease of -6% against the previous year. Over the period under review, the export price saw a perceptible descent. The most prominent rate of growth was recorded in 2021 when the export price increased by 24% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 (+0.1%), while the other leaders experienced a decline in the export price figures.

Polystyrene Imports

Imports in ASEAN

In 2022, approx. X tons of polystyrene were imported in ASEAN; rising by 5.3% on the previous year's figure. In general, imports recorded a resilient increase. The growth pace was the most rapid in 2019 with an increase of 25%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, polystyrene imports amounted to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +38.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 38%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Malaysia (X tons) and Vietnam (X tons) represented roughly 65% of total imports in 2022. Indonesia (X tons) ranks next in terms of the total imports with a 14% share, followed by Thailand (9.2%) and the Philippines (8.8%).

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +12.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest polystyrene importing markets in ASEAN were Vietnam ($X), Indonesia ($X) and Malaysia ($X), together comprising 70% of total imports. Thailand and the Philippines lagged somewhat behind, together comprising a further 26%.

The Philippines, with a CAGR of +10.0%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, which is down by -4.8% against the previous year. In general, the import price saw a noticeable contraction. The growth pace was the most rapid in 2021 an increase of 36% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform