Asia: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in Asia

The Asian polypropylene in primary forms market totaled $X in 2022, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +3.1% 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 peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Polypropylene in Primary Forms in Asia

In value terms, polypropylene in primary forms production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 26% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Polypropylene in Primary Forms

Exports in Asia

In 2022, overseas shipments of polypropylene in primary forms decreased by -6.1% to X tons for the first time since 2011, thus ending a ten-year rising trend. The total export volume increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 11% against the previous year. As a result, the exports attained the peak of X tons, and then dropped in the following year.

In value terms, polypropylene in primary forms exports reduced sharply 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 in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 47%. As a result, the exports attained the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Saudi Arabia was the largest exporter of polypropylene in primary forms in Asia, with the volume of exports reaching X tons, which was approx. 35% of total exports in 2022. South Korea (X tons) took the second position in the ranking, followed by the United Arab Emirates (X tons), China (X tons) and Singapore (X tons). All these countries together took near 38% share of total exports. The following exporters - Thailand (X tons), Malaysia (X tons), Oman (X tons), Taiwan (Chinese) (X tons), Japan (X tons), India (X tons) and Vietnam (X tons) - together made up 22% of total exports.

From 2012 to 2022, average annual rates of growth with regard to polypropylene in primary forms exports from Saudi Arabia stood at +2.5%. At the same time, China (+23.4%), Vietnam (+15.3%), Malaysia (+10.3%), Oman (+9.0%), the United Arab Emirates (+9.0%), Japan (+7.2%), South Korea (+6.5%), Taiwan (Chinese) (+3.0%), Thailand (+1.7%) and Singapore (+1.1%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of +23.4% from 2012-2022. By contrast, India (-5.1%) illustrated a downward trend over the same period. While the share of China (+6.9 p.p.), South Korea (+3.3 p.p.), the United Arab Emirates (+3.3 p.p.), Malaysia (+1.7 p.p.) and Vietnam (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-1.9 p.p.), India (-3.9 p.p.) and Saudi Arabia (-4.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest polypropylene in primary forms supplier in Asia, comprising 34% of total exports. The second position in the ranking was taken by South Korea ($X), with a 15% share of total exports. It was followed by China, with a 10% share.

In Saudi Arabia, polypropylene in primary forms exports increased at an average annual rate of +1.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+4.4% per year) and China (+22.4% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, which is down by -9.5% against the previous year. In general, the export price saw a mild setback. The growth pace was the most rapid in 2021 an increase of 33% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Oman ($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

In 2022, supplies from abroad of polypropylene in primary forms decreased by -0.4% to X tons, falling for the second year in a row after two years of growth. The total import volume increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 9.3%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, polypropylene in primary forms imports contracted to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons) and Turkey (X tons) represented roughly 43% of total imports in 2022. India (X tons) held a 9.7% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (8.6%), Vietnam (8.6%), Malaysia (5.1%) and Pakistan (4.6%). Bangladesh (X tons), Singapore (X tons), Thailand (X tons) and the United Arab Emirates (X tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Malaysia (with a CAGR of +17.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest polypropylene in primary forms importing markets in Asia were China ($X), Turkey ($X) and India ($X), together comprising 52% of total imports. Indonesia, Vietnam, Pakistan, Malaysia, Bangladesh, Singapore, Thailand and the United Arab Emirates lagged somewhat behind, together accounting for a further 36%.

Malaysia, with a CAGR of +12.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, waning by -4.6% against the previous year. Over the period under review, the import price showed a mild descent. The most prominent rate of growth was recorded in 2021 when the import price increased by 33%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Turkey ($X per ton) and Thailand ($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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