Asia-Pacific: Polystyrene Market 2024

Polystyrene Market Size in Asia-Pacific

The Asia-Pacific polystyrene market declined modestly to $X in 2022, falling by -3% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Polystyrene Production in Asia-Pacific

In value terms, polystyrene production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a slight contraction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 8.2%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Polystyrene Exports

Exports in Asia-Pacific

In 2022, exports of polystyrene in Asia-Pacific reduced slightly to X tons, falling by -2.5% on the year before. Overall, exports showed a slight setback. The most prominent rate of growth was recorded in 2018 when exports increased by 17% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, polystyrene exports shrank to $X in 2022. In general, exports recorded a noticeable reduction. The growth pace was the most rapid in 2021 when exports increased by 36%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Taiwan (Chinese) (X tons), distantly followed by China (X tons), Malaysia (X tons), South Korea (X tons), Hong Kong SAR (X tons), Japan (X tons) and Thailand (X tons) were the main exporters of polystyrene, together mixing up 89% of total exports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +8.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), China ($X) and South Korea ($X) constituted the countries with the highest levels of exports in 2022, with a combined 61% share of total exports. Hong Kong SAR, Malaysia, Japan and Thailand lagged somewhat behind, together comprising a further 27%.

Malaysia, with a CAGR of +2.7%, recorded the highest rates of growth with regard to the value of exports, among 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-Pacific amounted to $X per ton, with a decrease of -4% against the previous year. Over the period under review, the export price recorded a pronounced reduction. The most prominent rate of growth was recorded in 2021 an increase of 34% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 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 China ($X per ton), while Malaysia ($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 (-0.0%), while the other leaders experienced a decline in the export price figures.

Polystyrene Imports

Imports in Asia-Pacific

In 2022, purchases abroad of polystyrene decreased by -13.6% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 28%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, polystyrene imports declined sharply to $X in 2022. In general, imports showed a slight descent. The most prominent rate of growth was recorded in 2018 with an increase of 26%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China represented the key importer of polystyrene in Asia-Pacific, with the volume of imports accounting for X tons, which was approx. 47% of total imports in 2022. Malaysia (X tons) held the second position in the ranking, followed by Vietnam (X tons) and Indonesia (X tons). All these countries together held approx. 31% share of total imports. Thailand (X tons), the Philippines (X tons), India (X tons), Australia (X tons), Bangladesh (X tons) and Hong Kong SAR (X tons) held a little share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of polystyrene. At the same time, India (+12.7%), Malaysia (+12.6%), the Philippines (+9.5%), Bangladesh (+8.9%), Vietnam (+5.6%), Thailand (+4.0%) and Indonesia (+2.8%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +12.7% from 2012-2022. Australia experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-18.2%) illustrated a downward trend over the same period. Malaysia (+9.6 p.p.), Vietnam (+4 p.p.), India (+2 p.p.) and the Philippines (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while China and Hong Kong SAR saw its share reduced by -7.1% and -11.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported polystyrene in Asia-Pacific, comprising 45% of total imports. The second position in the ranking was taken by Vietnam ($X), with an 11% share of total imports. It was followed by Indonesia, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to -3.0%. In the other countries, the average annual rates were as follows: Vietnam (+2.4% per year) and Indonesia (+4.0% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, which is down by -3% against the previous year. In general, the import price showed a perceptible slump. The growth pace was the most rapid in 2021 when the import price increased by 32% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a 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 Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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