Asia: Propylene Oxide Market 2024

Propylene Oxide Market Size in Asia

In 2021, the Asian propylene oxide market increased by 7.1% to $X, rising for the fourth year in a row after four years of decline. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Propylene Oxide Production in Asia

In value terms, propylene oxide production rose slightly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a mild descent. The growth pace was the most rapid in 2019 with an increase of 9.3%. The level of production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Propylene Oxide Exports

Exports in Asia

In 2021, propylene oxide exports in Asia skyrocketed to X tons, picking up by 26% against 2020. Overall, exports, however, showed a perceptible reduction. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, propylene oxide exports surged to $X in 2021. In general, exports, however, showed a pronounced curtailment. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Saudi Arabia (X tons) and Thailand (X tons) were the main exporters of methyloxirane (propylene oxide) in Asia, together accounting for approx. 67% of total exports. South Korea (X tons) took the next position in the ranking, distantly followed by Singapore (X tons). All these countries together held near 32% share of total exports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +37.5%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Saudi Arabia ($X), Thailand ($X) and South Korea ($X) were the countries with the highest levels of exports in 2021, with a combined 91% share of total exports.

South Korea, with a CAGR of +38.7%, recorded 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 mixed trends in the exports figures.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, jumping by 58% against the previous year. Export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, propylene oxide export price increased by +59.0% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.1%), while the other leaders experienced mixed trends in the export price figures.

Propylene Oxide Imports

Imports in Asia

In 2021, purchases abroad of methyloxirane (propylene oxide) decreased by -4.2% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports showed a perceptible decrease. The most prominent rate of growth was recorded in 2019 when imports increased by 23%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, propylene oxide imports surged to $X in 2021. In general, imports recorded a relatively flat trend pattern. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

China represented the main importing country with an import of about X tons, which recorded 65% of total imports. Taiwan (Chinese) (X tons) took the second position in the ranking, distantly followed by South Korea (X tons). All these countries together took approx. 26% share of total imports. The following importers - Indonesia (X tons) and India (X tons) - each amounted to a 6.9% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to propylene oxide imports into China stood at -1.9%. At the same time, India (+8.1%), Taiwan (Chinese) (+2.4%) and Indonesia (+1.5%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia, with a CAGR of +8.1% from 2012-2021. By contrast, South Korea (-12.5%) illustrated a downward trend over the same period. While the share of China (+6.9 p.p.), Taiwan (Chinese) (+6.7 p.p.) and India (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-13.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported methyloxirane (propylene oxide) in Asia, comprising 67% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 17% share of total imports. It was followed by South Korea, with a 6.9% share.

In China, propylene oxide imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+4.7% per year) and South Korea (-13.3% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, picking up by 59% against the previous year. Import price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, propylene oxide import price increased by +63.8% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :