Asia-Pacific: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in Asia-Pacific

The Asia-Pacific polypropylene in primary forms market was estimated at $X in 2022, with an increase of 1.6% against the previous year. The market value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Polypropylene in Primary Forms in Asia-Pacific

In value terms, polypropylene in primary forms production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 27%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Polypropylene in Primary Forms

Exports in Asia-Pacific

In 2022, shipments abroad of polypropylene in primary forms decreased by -9.6% to X tons for the first time since 2016, thus ending a five-year rising trend. Total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.9% 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 +47.3% against 2012 indices. The growth pace was the most rapid in 2021 when exports increased by 16% against the previous year. As a result, the exports attained the peak of X tons, and then reduced in the following year.

In value terms, polypropylene in primary forms exports contracted to $X in 2022. The total export value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 45% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

In 2022, South Korea (X tons), distantly followed by China (X tons), Singapore (X tons), Thailand (X tons), Malaysia (X tons), Taiwan (Chinese) (X tons), Japan (X tons), India (X tons) and Vietnam (X tons) were the largest exporters of polypropylene in primary forms, together comprising 97% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by China (with a CAGR of +23.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest polypropylene in primary forms supplying countries in Asia-Pacific were South Korea ($X), China ($X) and Singapore ($X), together accounting for 63% of total exports.

Among the main exporting countries, China, with a CAGR of +22.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, reducing by -5.5% against the previous year. Overall, the export price continues to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2021 when the export price increased by 25% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.8%), while the other leaders experienced a decline in the export price figures.

Imports of Polypropylene in Primary Forms

Imports in Asia-Pacific

In 2022, the amount of polypropylene in primary forms imported in Asia-Pacific reached X tons, therefore, remained relatively stable against 2021 figures. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2020 with an increase of 9.2% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, polypropylene in primary forms imports declined to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 16%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) was the major importer of polypropylene in primary forms, making up 33% of total imports. It was distantly followed by India (X tons), Indonesia (X tons), Vietnam (X tons), Malaysia (X tons), Pakistan (X tons) and Bangladesh (X tons), together mixing up a 52% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to polypropylene in primary forms imports into China stood at -2.8%. At the same time, Malaysia (+17.5%), India (+11.7%), Bangladesh (+11.1%), Pakistan (+7.8%), Indonesia (+5.3%) and Vietnam (+4.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +17.5% from 2012-2022. From 2012 to 2022, the share of India, Malaysia, Indonesia, Bangladesh, Vietnam and Pakistan increased by +7.7, +5.1, +3.5, +3, +2.9 and +2.7 percentage points, respectively.

In value terms, China ($X) constitutes the largest market for imported polypropylene in primary forms in Asia-Pacific, comprising 31% of total imports. The second position in the ranking was taken by India ($X), with a 13% share of total imports. It was followed by Indonesia, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to -4.7%. In the other countries, the average annual rates were as follows: India (+10.4% per year) and Indonesia (+5.2% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, shrinking by -3.6% against the previous year. Over the period under review, the import price saw a slight descent. The pace of growth was the most pronounced in 2021 an increase of 27% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Indonesia ($X per ton) and Pakistan ($X per ton), while Malaysia ($X per ton) and Bangladesh ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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