Asia: Silicone Market 2024

Silicone Market Size in Asia

The Asian silicone market expanded slightly to $X in 2021, surging by 2.1% against the previous year. The total consumption indicated a buoyant 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, consumption decreased by -10.1% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Silicone Production in Asia

In value terms, silicone production expanded remarkably to $X in 2021 estimated in export price. Overall, production, however, posted a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 38%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Silicone Exports

Exports in Asia

In 2021, the amount of silicones (in primary forms) exported in Asia soared to X tons, picking up by 32% on the previous year. Total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +20.5% against 2018 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 43% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, silicone exports surged to $X in 2021. Total exports indicated a resilient expansion 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

In 2021, China (X tons) represented the major exporter of silicones (in primary forms), constituting 54% of total exports. Japan (X tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (12%) and South Korea (6.5%). India (X tons), Vietnam (X tons), Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +16.3% from 2012 to 2021. 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, 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. China (+27 p.p.) and Vietnam (+2.8 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese), Hong Kong SAR, Japan and South Korea saw its share reduced by -2.5%, -7.4%, -8% and -8.3% from 2012 to 2021, 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) constituted the countries with the highest levels of exports in 2021, with a combined 78% share of total exports. These countries were followed by Thailand, Hong Kong SAR, Taiwan (Chinese), India and Vietnam, which together accounted for a further 17%.

Vietnam, with a CAGR of +67.1%, saw the highest growth rate of the value of exports, in terms of the main exporting countries 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 amounted to $X per ton, increasing by 16% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat 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

In 2021, purchases abroad of silicones (in primary forms) was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.7% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, silicone imports surged to $X in 2021. The total import value increased at an average annual rate of +3.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons) and South Korea (X tons) represented the key importers of silicones (in primary forms) in 2021, recording approx. 20% and 19% of total imports, respectively. India (X tons) ranks next in terms of the total imports with an 11% share, followed by Vietnam (7.5%), Turkey (6.8%) and Taiwan (Chinese) (4.7%). The following importers - Japan (X tons), Thailand (X tons), Indonesia (X tons), Malaysia (X tons), the United Arab Emirates (X tons), Pakistan (X tons) and Hong Kong SAR (X tons) - together made up 23% 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 +18.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest silicone importing markets in Asia were China ($X), South Korea ($X) and India ($X), with a combined 49% share of total imports. Vietnam, Taiwan (Chinese), Turkey, Japan, Thailand, Malaysia, Hong Kong SAR, Indonesia, the United Arab Emirates and Pakistan lagged somewhat behind, together accounting for a further 43%.

Among the main importing countries, Vietnam, with a CAGR of +17.9%, saw the highest growth rate of 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

The import price in Asia stood at $X per ton in 2021, picking up by 20% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Pakistan ($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 (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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