ASEAN: Styrene Market 2024

Styrene Market Size in ASEAN

The ASEAN styrene market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Styrene Production in ASEAN

In value terms, styrene production expanded sharply to $X in 2021 estimated in export price. Over the period under review, production, however, saw a mild contraction. The pace of growth was the most pronounced in 2017 when the production volume increased by 31%. The level of production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Styrene Exports

Exports in ASEAN

In 2021, styrene exports in ASEAN soared to X tons, rising by 36% against the year before. In general, exports recorded a relatively flat trend pattern. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, styrene exports skyrocketed to $X in 2021. Overall, exports, however, saw a noticeable descent. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Singapore dominates exports structure, reaching X tons, which was approx. 85% of total exports in 2021. It was distantly followed by Indonesia (X tons) and Malaysia (X tons), together comprising a 15% share of total exports.

Singapore experienced a relatively flat trend pattern with regard to volume of exports of styrene. At the same time, Malaysia (+4.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +4.6% from 2012-2021. By contrast, Indonesia (-5.0%) illustrated a downward trend over the same period. Singapore (+5.9 p.p.) and Malaysia (+2 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -5.2% from 2012 to 2021, respectively.

In value terms, Singapore ($X) remains the largest styrene supplier in ASEAN, comprising 85% of total exports. The second position in the ranking was taken by Indonesia ($X), with an 8.5% share of total exports.

In Singapore, styrene exports shrank by an average annual rate of -1.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (-7.3% per year) and Malaysia (+2.4% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, growing by 61% against the previous year. Overall, the export price, however, continues to indicate a noticeable decline. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, 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 Malaysia (-2.1%), while the other leaders experienced a decline in the export price figures.

Styrene Imports

Imports in ASEAN

For the third consecutive year, ASEAN recorded growth in overseas purchases of styrene, which increased by 6.2% to X tons in 2021. The total import volume increased at an average annual rate of +4.4% 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 2019 with an increase of 35% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, styrene imports surged to $X in 2021. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Malaysia (X tons), Thailand (X tons) and Vietnam (X tons) represented the largest importer of styrene in ASEAN, comprising 97% of total import. Indonesia (X tons) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +11.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest styrene importing markets in ASEAN were Malaysia ($X), Thailand ($X) and Vietnam ($X), with a combined 97% share of total imports.

Among the main importing countries, Thailand, with a CAGR of +8.4%, recorded the highest rates of growth with regard to 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

In 2021, the import price in ASEAN amounted to $X per ton, rising by 50% against the previous year. Over the period under review, the import price, however, showed a perceptible slump. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Indonesia ($X per ton) and Malaysia ($X per ton), while Vietnam ($X per ton) and Thailand ($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 (-2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform