Asia: Ethylene Oxide Market 2024

Ethylene Oxide Market Size in Asia

In 2022, the Asian ethylene oxide market decreased by -2.5% to $X, falling for the sixth year in a row after two years of growth. Overall, consumption, however, recorded a pronounced slump. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Ethylene Oxide Production in Asia

In value terms, ethylene oxide production fell to $X in 2022 estimated in export price. Overall, production, however, saw a noticeable contraction. The most prominent rate of growth was recorded in 2018 with an increase of 5.7% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Ethylene Oxide Exports

Exports in Asia

In 2022, the amount of oxirane (ethylene oxide) exported in Asia stood at X tons, increasing by 15% against 2021 figures. In general, exports showed a buoyant expansion. The growth pace was the most rapid in 2019 with an increase of 47%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, ethylene oxide exports amounted to $X in 2022. Total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +78.2% against 2018 indices. The growth pace was the most rapid in 2014 with an increase of 30% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, India (X tons) represented the main exporter of oxirane (ethylene oxide), constituting 50% of total exports. China (X tons) held the second position in the ranking, distantly followed by Malaysia (X tons) and South Korea (X tons). All these countries together took near 41% share of total exports. Thailand (X tons), Hong Kong SAR (X tons) and Israel (X tons) held a relatively small share of total exports.

Exports from India increased at an average annual rate of +13.8% from 2012 to 2022. At the same time, Hong Kong SAR (+32.7%), Israel (+31.8%), China (+10.8%), Thailand (+8.3%), South Korea (+1.9%) and Malaysia (+1.2%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in Asia, with a CAGR of +32.7% from 2012-2022. While the share of India (+18 p.p.), China (+3.8 p.p.), Hong Kong SAR (+1.9 p.p.) and Israel (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-7.9 p.p.) and Malaysia (-9.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X), China ($X) and Malaysia ($X) constituted the countries with the highest levels of exports in 2022, with a combined 71% share of total exports. These countries were followed by Thailand, South Korea, Hong Kong SAR and Israel, which together accounted for a further 20%.

Hong Kong SAR, with a CAGR of +35.1%, saw 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 Asia amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the export price recorded a perceptible descent. The pace of growth appeared the most rapid in 2018 when the export price increased by 9.3% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+12.1%), while the other leaders experienced mixed trends in the export price figures.

Ethylene Oxide Imports

Imports in Asia

In 2022, overseas purchases of oxirane (ethylene oxide) increased by 13% to X tons, rising for the fourth year in a row after two years of decline. Total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +7.8% 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 +38.5% against 2018 indices. The growth pace was the most rapid in 2014 with an increase of 55%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, ethylene oxide imports expanded rapidly to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +46.8% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 39%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, Malaysia (X tons), Turkey (X tons), Vietnam (X tons), Thailand (X tons) and Singapore (X tons) was the major importer of oxirane (ethylene oxide) in Asia, committing 70% of total import. Japan (X tons), Israel (X tons), Indonesia (X tons), India (X tons), Pakistan (X tons), the United Arab Emirates (X tons), Bangladesh (X tons) and the Philippines (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Vietnam (with a CAGR of +22.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest ethylene oxide importing markets in Asia were Thailand ($X), Singapore ($X) and Malaysia ($X), together comprising 44% of total imports. These countries were followed by Turkey, India, Vietnam, Japan, Indonesia, Pakistan, the United Arab Emirates, Israel, Bangladesh and the Philippines, which together accounted for a further 43%.

In terms of the main importing countries, India, with a CAGR of +16.4%, saw 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

The import price in Asia stood at $X per ton in 2022, falling by -4.9% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the import price increased by 29%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while Israel ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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