Asia-Pacific: Styrene Market 2024

Styrene Market Size in Asia-Pacific

After two years of decline, the Asia-Pacific styrene market increased by 4.4% to $X in 2021. In general, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Styrene Production in Asia-Pacific

In value terms, styrene production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 31%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Styrene Exports

Exports in Asia-Pacific

After three years of decline, shipments abroad of styrene increased by 6.2% to X tons in 2021. In general, exports, however, showed a perceptible shrinkage. The pace of growth was the most pronounced in 2013 with an increase of 13%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, styrene exports soared to $X in 2021. Over the period under review, exports, however, recorded a drastic downturn. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Singapore (X tons), South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons), together resulting at 86% of total export. It was distantly followed by China (X tons), committing a 7.8% share of total exports. The following exporters - Indonesia (X tons) and Malaysia (X tons) - together made up 4.9% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +22.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest styrene supplying countries in Asia-Pacific were Singapore ($X), South Korea ($X) and Japan ($X), together accounting for 72% of total exports. Taiwan (Chinese), China, Indonesia and Malaysia lagged somewhat behind, together accounting for a further 27%.

China, with a CAGR of +22.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, growing by 61% against the previous year. Over the period under review, the export price, however, saw a pronounced reduction. The level of export peaked at $X per ton in 2013; however, from 2014 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 Indonesia ($X per ton) and South Korea ($X per ton) were amongst the lowest.

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

Styrene Imports

Imports in Asia-Pacific

Styrene imports fell sharply to X tons in 2021, waning by -19.2% against the year before. Over the period under review, imports continue to indicate a pronounced curtailment. The growth pace was the most rapid in 2019 when imports increased by 13% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, styrene imports surged to $X in 2021. In general, imports recorded a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 28%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the major importer of styrene, mixing up 39% of total imports. India (X tons) took the second position in the ranking, distantly followed by Taiwan (Chinese) (X tons), South Korea (X tons) and Hong Kong SAR (X tons). All these countries together took near 48% share of total imports. The following importers - Malaysia (X tons), Thailand (X tons) and Vietnam (X tons) - together made up 9.5% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +11.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Taiwan (Chinese) ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 70% of total imports. These countries were followed by South Korea, Hong Kong SAR, Malaysia, Thailand and Vietnam, which together accounted for a further 27%.

Among the main importing countries, Thailand, with a CAGR of +8.4%, 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, growing by 55% against the previous year. Overall, the import price, however, saw a pronounced decline. 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 ($X per ton) and Thailand ($X per ton), while Taiwan (Chinese) ($X per ton) and Hong Kong SAR ($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 (-2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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