Asia: Propene Market 2024

Propene Market Size in Asia

In 2021, the Asian propene market decreased by -0.6% to $X, falling for the third consecutive year after two years of growth. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Propene Production in Asia

In value terms, propene production reached $X in 2021 estimated in export price. Overall, production continues to indicate a slight slump. The most prominent rate of growth was recorded in 2018 with an increase of 13%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Propene Exports

Exports in Asia

Propene exports rose notably to X tons in 2021, picking up by 11% compared with the year before. In general, exports continue to indicate a relatively flat trend pattern. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, propene exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a slight slump. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

South Korea represented the major exporting country with an export of about X tons, which finished at 42% of total exports. It was distantly followed by Taiwan (Chinese) (X tons), Japan (X tons), the United Arab Emirates (X tons), Thailand (X tons) and Saudi Arabia (X tons), together committing a 49% share of total exports. China (X tons) followed a long way behind the leaders.

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%), the United Arab Emirates (+33.3%), Thailand (+6.7%) and Taiwan (Chinese) (+2.1%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of +183.4% from 2012-2021. By contrast, Japan (-4.1%) and Saudi Arabia (-12.0%) illustrated a downward trend over the same period. South Korea (+8.7 p.p.), the United Arab Emirates (+7.5 p.p.), Thailand (+2.5 p.p.), China (+2.3 p.p.) and Taiwan (Chinese) (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Japan and Saudi Arabia saw its share reduced by -8.3% and -11.5% from 2012 to 2021, respectively.

In value terms, South Korea ($X) remains the largest propene supplier in Asia, comprising 42% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 16% share of total exports. It was followed by Japan, with a 13% 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

In 2021, the export price in Asia amounted to $X per ton, rising by 34% against the previous year. In general, the export price, however, showed a perceptible contraction. 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 ($X per ton) and Saudi Arabia ($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 Saudi Arabia (-0.4%), while the other leaders experienced a decline in the export price figures.

Propene Imports

Imports in Asia

In 2021, approx. X tons of propene (propylene) were imported in Asia; increasing by 2.3% on the year before. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 13% against the previous year. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, propene imports surged to $X in 2021. Overall, imports, however, saw a noticeable shrinkage. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China prevails in imports structure, resulting at X tons, which was near 74% of total imports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), comprising a 7.8% share of total imports. Indonesia (X tons), Japan (X tons), South Korea (X tons), Singapore (X tons) and Malaysia (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to propene imports into China stood at +1.7%. 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, 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. China (+6.7 p.p.) and Singapore (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), South Korea and Indonesia saw its share reduced by -4.4%, -4.5% and -5.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported propene (propylene) in Asia, comprising 74% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 7.9% share of total imports. It was followed by Indonesia, with a 4.1% share.

In China, propene imports plunged by an average annual rate of -1.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-6.9% per year) and Indonesia (-9.9% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, with an increase of 27% against the previous year. Overall, the import price, however, continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2017 when the import price increased by 31%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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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