Asia: Polystyrene Market 2024

Polystyrene Market Size in Asia

The Asian polystyrene market fell modestly to $X in 2022, remaining relatively unchanged against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Polystyrene Production in Asia

In value terms, polystyrene production fell to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 7.8% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Polystyrene Exports

Exports in Asia

Polystyrene exports shrank to X tons in 2022, with a decrease of -4.7% compared with the year before. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 13% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, polystyrene exports shrank to $X in 2022. Over the period under review, exports recorded a mild setback. The pace of growth appeared the most rapid in 2021 with an increase of 49% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat 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), Iran (X tons), Turkey (X tons) and Japan (X tons) were the main exporters of polystyrene, together achieving 82% of total exports. Thailand (X tons) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Iran (with a CAGR of +49.7%), while the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), China ($X) and Turkey ($X) were the countries with the highest levels of exports in 2022, with a combined 49% share of total exports. South Korea, Iran, Hong Kong SAR, Malaysia, Japan and Thailand lagged somewhat behind, together comprising a further 37%.

In terms of the main exporting countries, Iran, with a CAGR of +49.9%, 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

The export price in Asia stood at $X per ton in 2022, dropping by -3.7% against the previous year. Overall, the export price continues to indicate a slight reduction. The pace of growth was the most pronounced in 2021 when the export price increased by 41% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+2.8%), while the other leaders experienced mixed trends in the export price figures.

Polystyrene Imports

Imports in Asia

In 2022, supplies from abroad of polystyrene decreased by -9.6% to X tons, falling for the second consecutive year after three years of growth. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 20%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, polystyrene imports fell to $X in 2022. Over the period under review, imports recorded a perceptible reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 27%. Over the period under review, imports attained 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, with the volume of imports resulting at X tons, which was approx. 40% of total imports in 2022. It was distantly followed by Malaysia (X tons), Vietnam (X tons), Turkey (X tons) and Indonesia (X tons), together creating a 32% share of total imports. The following importers - the United Arab Emirates (X tons), Thailand (X tons), the Philippines (X tons), India (X tons), Bangladesh (X tons) and Israel (X tons) - together made up 16% 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 United Arab Emirates (+10.4%), 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, with a CAGR of +12.7% from 2012-2022. Israel experienced a relatively flat trend pattern. By contrast, Turkey (-9.6%) illustrated a downward trend over the same period. Malaysia (+8.8 p.p.), Vietnam (+4.3 p.p.), the United Arab Emirates (+2.5 p.p.), India (+1.9 p.p.) and the Philippines (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Turkey saw its share reduced by -9.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported polystyrene in Asia, comprising 36% of total imports. The second position in the ranking was held by Turkey ($X), with a 9.2% share of total imports. It was followed by Vietnam, with an 8.6% share.

In China, polystyrene imports contracted by an average annual rate of -3.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (-8.7% per year) and Vietnam (+2.4% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, remaining constant against the previous year. Overall, the import price continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when the import price increased by 35% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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