Asia-Pacific: Propene Market 2024

Propene Market Size in Asia-Pacific

In 2021, the Asia-Pacific propene market decreased by -0.6% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Propene Production in Asia-Pacific

In value terms, propene production totaled $X in 2021 estimated in export price. Overall, production continues to indicate a slight decline. The pace of growth was the most pronounced in 2014 when the production volume increased by 13%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Propene Exports

Exports in Asia-Pacific

In 2021, exports of propene (propylene) in Asia-Pacific expanded significantly to X tons, increasing by 7.5% against the previous year's figure. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2013 when exports increased by 22% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, propene exports skyrocketed to $X in 2021. Overall, exports, however, saw a slight shrinkage. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, South Korea (X tons) represented the major exporter of propene (propylene), making up 49% of total exports. It was distantly followed by Taiwan (Chinese) (X tons), Japan (X tons) and Thailand (X tons), together committing a 42% share of total exports. The following exporters - China (X tons) and Singapore (X tons) - each accounted for a 5.2% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to propene exports from South Korea stood at +3.6%. At the same time, China (+183.4%), Thailand (+6.7%), Taiwan (Chinese) (+2.1%) and Singapore (+1.4%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +183.4% from 2012-2021. By contrast, Japan (-4.1%) illustrated a downward trend over the same period. South Korea (+8.3 p.p.), China (+2.7 p.p.) and Thailand (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while Japan saw its share reduced by -11% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest propene supplier in Asia-Pacific, comprising 49% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 18% share of total exports. It was followed by Japan, with a 16% share.

From 2012 to 2021, the average annual growth rate of value in South Korea was relatively modest. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-0.6% per year) and Japan (-7.1% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, surging by 32% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable curtailment. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-0.8%), while the other leaders experienced a decline in the export price figures.

Propene Imports

Imports in Asia-Pacific

In 2021, propene imports in Asia-Pacific expanded slightly to X tons, surging by 2.1% on the previous year. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 13% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, propene imports skyrocketed to $X in 2021. In general, imports, however, showed a perceptible slump. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

China dominates imports structure, finishing at X tons, which was near 75% of total imports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), creating a 7.9% share of total imports. The following importers - Indonesia (X tons), Japan (X tons), South Korea (X tons), Singapore (X tons) and Malaysia (X tons) - together made up 14% of total imports.

Imports into China increased at an average annual rate of +1.7% from 2012 to 2021. At the same time, Singapore (+29.0%), Japan (+7.4%) and Malaysia (+7.0%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +29.0% from 2012-2021. By contrast, Taiwan (Chinese) (-4.3%), Indonesia (-8.2%) and South Korea (-8.9%) illustrated a downward trend over the same period. While the share of China (+7.4 p.p.), Singapore (+2.1 p.p.) and Japan (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-4.3 p.p.), South Korea (-4.5 p.p.) and Indonesia (-5.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported propene (propylene) in Asia-Pacific, comprising 74% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 7.9% share of total imports. It was followed by Indonesia, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value in China totaled -1.3%. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-6.9% per year) and Indonesia (-9.9% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, growing by 28% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2017 an increase of 31% against the previous year. 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 Malaysia ($X per ton) and Japan ($X per ton), while Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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