ASEAN: Silicone Market 2024

Silicone Market Size in ASEAN

The ASEAN silicone market reduced to $X in 2021, which is down by -6.8% against the previous year. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Silicone Production in ASEAN

In value terms, silicone production dropped to $X in 2021 estimated in export price. The total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +73.0% against 2016 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 38%. The level of production peaked at $X in 2020, and then shrank in the following year.

Silicone Exports

Exports in ASEAN

In 2021, approx. X tons of silicones (in primary forms) were exported in ASEAN; with an increase of 11% against 2020 figures. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +101.4% against 2013 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 25% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the near future.

In value terms, silicone exports skyrocketed to $X in 2021. Total exports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 30% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Thailand was the key exporter of silicones (in primary forms) in ASEAN, with the volume of exports finishing at X tons, which was near 65% of total exports in 2021. It was distantly followed by Vietnam (X tons), Singapore (X tons) and Malaysia (X tons), together achieving a 30% share of total exports. Indonesia (X tons) held a relatively small share of total exports.

Exports from Thailand increased at an average annual rate of +6.8% from 2012 to 2021. At the same time, Vietnam (+78.5%), Indonesia (+31.6%), Malaysia (+14.7%) and Singapore (+1.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +78.5% from 2012-2021. Vietnam (+15 p.p.), Indonesia (+3.5 p.p.) and Malaysia (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while Thailand and Singapore saw its share reduced by -3.6% and -6% from 2012 to 2021, respectively.

In value terms, Thailand ($X) remains the largest silicone supplier in ASEAN, comprising 59% of total exports. The second position in the ranking was held by Singapore ($X), with a 20% share of total exports. It was followed by Vietnam, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Thailand amounted to +6.0%. In the other countries, the average annual rates were as follows: Singapore (-0.1% per year) and Vietnam (+67.1% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, growing by 15% against the previous year. Over the period under review, the export price, however, showed a pronounced shrinkage. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-0.4%), while the other leaders experienced a decline in the export price figures.

Silicone Imports

Imports in ASEAN

In 2021, supplies from abroad of silicones (in primary forms) increased by 18% to X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +5.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when imports increased by 30% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, silicone imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 29% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

Vietnam was the largest importer of silicones (in primary forms) in ASEAN, with the volume of imports accounting for X tons, which was near 34% of total imports in 2021. Thailand (X tons) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (16%), Malaysia (16%), Singapore (9.1%) and the Philippines (4.8%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +18.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Thailand ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 68% share of total imports.

Among the main importing countries, Vietnam, with a CAGR of +17.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, picking up by 9.6% against the previous year. In general, the import price, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2018 when the import price increased by 13%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Singapore ($X per ton) and the Philippines ($X per ton), while Indonesia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform