Asia-Pacific: Silicone Market 2024

Silicone Market Size in Asia-Pacific

The Asia-Pacific silicone market declined to $X in 2021, reducing by -6.6% against the previous year. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2020, and then dropped in the following year.

Silicone Production in Asia-Pacific

In value terms, silicone production contracted slightly to $X in 2021 estimated in export price. The total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -2.6% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 30% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Silicone Exports

Exports in Asia-Pacific

In 2021, exports of silicones (in primary forms) in Asia-Pacific surged to X tons, picking up by 32% against the previous year's figure. Total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +7.6% 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 increased by +20.6% against 2018 indices. The pace of growth appeared the most rapid in 2017 with an increase of 43%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, silicone exports surged to $X in 2021. Total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the key exporting country with an export of about X tons, which amounted to 55% of total exports. It was distantly followed by Japan (X tons), Thailand (X tons) and South Korea (X tons), together comprising a 32% share of total exports. The following exporters - India (X tons), Vietnam (X tons), Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) - together made up 9.5% of total exports.

From 2012 to 2021, average annual rates of growth with regard to silicone exports from China stood at +16.3%. At the same time, Vietnam (+78.5%), Thailand (+6.8%), India (+6.6%) and Japan (+2.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +78.5% from 2012-2021. By contrast, South Korea (-1.8%), Taiwan (Chinese) (-2.6%) and Hong Kong SAR (-9.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Vietnam increased by +27 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and South Korea ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 79% share of total exports. These countries were followed by Thailand, Hong Kong SAR, Taiwan (Chinese), India and Vietnam, which together accounted for a further 18%.

In terms of the main exporting countries, Vietnam, with a CAGR of +67.1%, saw the highest growth rate of 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

In 2021, the export price in Asia-Pacific amounted to $X per ton, jumping by 16% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.5%), while the other leaders experienced more modest paces of growth.

Silicone Imports

Imports in Asia-Pacific

After two years of decline, purchases abroad of silicones (in primary forms) increased by 7.7% to X tons in 2021. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, silicone imports soared to $X in 2021. The total import value increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons) and South Korea (X tons) were the key importers of silicones (in primary forms) in 2021, accounting for near 23% and 22% of total imports, respectively. It was distantly followed by India (X tons), Vietnam (X tons), Taiwan (Chinese) (X tons), Japan (X tons) and Thailand (X tons), together generating a 36% share of total imports. Indonesia (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +18.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and India ($X) were the countries with the highest levels of imports in 2021, together accounting for 54% of total imports. Vietnam, Taiwan (Chinese), Japan, Thailand and Indonesia lagged somewhat behind, together accounting for a further 28%.

In terms of the main importing countries, Vietnam, with a CAGR of +17.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, picking up by 20% against the previous year. Overall, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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