Asia-Pacific: P-Xylene Market 2024

P-Xylene Market Size in Asia-Pacific

The Asia-Pacific p-xylene market totaled $X in 2021, growing by 8.4% against the previous year. The total consumption indicated a noticeable increase 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 -0.0% against 2019 indices. The level of consumption peaked at $X in 2019; afterwards, it flattened through to 2021.

P-Xylene Production in Asia-Pacific

In value terms, p-xylene production rose significantly to $X in 2021 estimated in export price. The total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.9% against 2019 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 41%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

P-Xylene Exports

Exports in Asia-Pacific

In 2021, overseas shipments of p-xylene decreased by -1.7% to X tons, falling for the third consecutive year after four years of growth. Total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -20.8% against 2018 indices. The pace of growth was the most pronounced in 2013 when exports increased by 33% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, p-xylene exports skyrocketed to $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

South Korea was the major exporting country with an export of around X tons, which recorded 44% of total exports. It was distantly followed by India (X tons), Japan (X tons), Taiwan (Chinese) (X tons) and Singapore (X tons), together constituting a 49% share of total exports. The following exporters - Thailand (X tons) and Malaysia (X tons) - each accounted for a 6.4% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to p-xylene exports from South Korea stood at +12.3%. At the same time, India (+15.4%), Taiwan (Chinese) (+9.0%), Singapore (+5.8%) and Malaysia (+3.2%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +15.4% from 2012-2021. Thailand experienced a relatively flat trend pattern. By contrast, Japan (-4.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of South Korea, India and Taiwan (Chinese) increased by +17, +9.3 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest p-xylene supplier in Asia-Pacific, comprising 44% of total exports. The second position in the ranking was taken by India ($X), with an 18% share of total exports. It was followed by Japan, with a 14% share.

In South Korea, p-xylene exports increased at an average annual rate of +5.3% over the period from 2012-2021. 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-Pacific amounted to $X per ton, picking up by 40% against the previous year. Overall, the export price, however, continues to indicate a abrupt curtailment. The level of export peaked 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 Thailand ($X per ton) and India ($X per ton), while Japan ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-5.5%), while the other leaders experienced a decline in the export price figures.

P-Xylene Imports

Imports in Asia-Pacific

For the third year in a row, Asia-Pacific recorded decline in overseas purchases of p-xylene, which decreased by -0.7% to X tons in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +6.1% 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 -12.9% against 2018 indices. The pace of growth was the most pronounced in 2018 with an increase of 31% against the previous year. 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. Over the period under review, imports saw a relatively flat trend pattern. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China dominates imports structure, resulting at X tons, which was approx. 78% of total imports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), generating a 9.5% 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. China (+17 p.p.) significantly strengthened its position in terms of the total imports, while India, Indonesia and Taiwan (Chinese) saw its share reduced by -1.8%, -2.3% and -3.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported p-xylene in Asia-Pacific, comprising 78% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 9.5% share of total imports. It was followed by Indonesia, with a 3.8% share.

In China, p-xylene imports increased at an average annual rate of +2.1% over the period from 2012-2021. 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

In 2021, the import price in Asia-Pacific amounted to $X per ton, jumping by 43% against the previous year. Overall, the import price, however, continues to indicate a abrupt decrease. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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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