Asia: P-Xylene Market 2024

P-Xylene Market Size in Asia

The Asian p-xylene market rose remarkably to $X in 2021, picking up by 7.8% against the previous year. The total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -0.3% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

P-Xylene Production in Asia

In value terms, p-xylene production expanded rapidly to $X in 2021 estimated in export price. The total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.2% against 2019 indices. The pace of growth appeared the most rapid in 2018 with an increase of 38% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

P-Xylene Exports

Exports in Asia

In 2021, overseas shipments of p-xylene increased by 0.3% to X tons for the first time since 2018, thus ending a two-year declining trend. Total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -12.1% against 2018 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 30% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, p-xylene exports surged to $X in 2021. Overall, exports, however, saw a relatively flat trend pattern. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

South Korea was the major exporter of p-xylene in Asia, with the volume of exports finishing at X tons, which was approx. 36% of total exports in 2021. India (X tons) ranks second in terms of the total exports with a 15% share, followed by Japan (12%), Taiwan (Chinese) (7.6%), Singapore (6.4%), Saudi Arabia (5.8%) and Kuwait (5.5%).

Exports from South Korea increased at an average annual rate of +12.3% from 2012 to 2021. At the same time, Saudi Arabia (+24.2%), India (+15.4%), Taiwan (Chinese) (+9.0%) and Singapore (+5.8%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +24.2% from 2012-2021. Kuwait experienced a relatively flat trend pattern. By contrast, Japan (-4.2%) illustrated a downward trend over the same period. While the share of South Korea (+15 p.p.), India (+7.9 p.p.), Saudi Arabia (+4.4 p.p.) and Taiwan (Chinese) (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Kuwait (-2.9 p.p.) and Japan (-17.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest p-xylene supplier in Asia, comprising 37% of total exports. The second position in the ranking was held by India ($X), with a 15% share of total exports. It was followed by Japan, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in South Korea totaled +5.3%. The remaining exporting countries recorded the following average annual rates of exports growth: India (+8.9% per year) and Japan (-10.8% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, rising by 38% against the previous year. Over the period under review, the export price, however, showed a abrupt descent. 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 remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Kuwait ($X per ton) and India ($X per ton), while Japan ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-3.3%), while the other leaders experienced a decline in the export price figures.

P-Xylene Imports

Imports in Asia

For the third year in a row, Asia recorded decline in overseas purchases of p-xylene, which decreased by -1.5% to X tons in 2021. Total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -13.1% against 2018 indices. The growth pace was the most rapid in 2018 when imports increased by 31%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, p-xylene imports skyrocketed to $X in 2021. In general, imports recorded a relatively flat trend pattern. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China dominates imports structure, amounting to X tons, which was near 78% of total imports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), comprising a 9.4% share of total imports. The following importers - Indonesia (X tons), India (X tons), Malaysia (X tons) and Pakistan (X tons) - together made up 12% of total imports.

China was also the fastest-growing in terms of the p-xylene imports, with a CAGR of +9.0% from 2012 to 2021. At the same time, Malaysia (+4.2%), Taiwan (Chinese) (+2.2%), India (+1.4%) and Pakistan (+1.4%) displayed positive paces of growth. Indonesia experienced a relatively flat trend pattern. From 2012 to 2021, the share of China increased by +17 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported p-xylene in Asia, comprising 78% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 9.4% share of total imports. It was followed by Indonesia, with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +2.1%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-4.1% per year) and Indonesia (-5.8% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, increasing by 44% against the previous year. Over the period under review, the import price, however, saw a deep downturn. The level of import peaked 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 Pakistan ($X per ton) and China ($X per ton), while Indonesia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (-6.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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