China: Silicone Market 2024

Silicone Market Size in China

The Chinese silicone market shrank markedly to $X in 2021, which is down by -25% against the previous year. In general, the total consumption indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2020, and then contracted significantly in the following year.

Silicone Production in China

In value terms, silicone production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, posted prominent growth. The pace of growth was the most pronounced in 2018 when the production volume increased by 45%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Silicone Exports

Exports from China

Silicone exports from China skyrocketed to X tons in 2021, jumping by 55% compared with 2020. Over the period under review, exports posted a resilient increase. The most prominent rate of growth was recorded in 2017 when exports increased by 124% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, silicone exports surged to $X in 2021. In general, exports continue to indicate a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

South Korea (X tons) was the main destination for silicone exports from China, with a 21% share of total exports. Moreover, silicone exports to South Korea exceeded the volume sent to the second major destination, the United States (X tons), twofold. India (X tons) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea stood at +11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+24.8% per year) and India (+13.5% per year).

In value terms, South Korea ($X) remains the key foreign market for silicones (in primary forms) exports from China, comprising 19% of total exports. The second position in the ranking was taken by the United States ($X), with a 9.1% share of total exports. It was followed by India, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea amounted to +12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+27.0% per year) and India (+19.0% per year).

Export Prices by Country

In 2021, the average silicone export price amounted to $X per ton, rising by 41% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.7%. As a result, the export 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 suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Silicone Imports

Imports into China

In 2021, after two years of growth, there was significant decline in purchases abroad of silicones (in primary forms), when their volume decreased by -11.1% to X tons. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 13% against the previous year. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, silicone imports rose remarkably to $X in 2021. The total import value increased at an average annual rate of +2.6% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X tons), Thailand (X tons) and Germany (X tons) were the main suppliers of silicone imports to China, with a combined 51% share of total imports. Japan, Vietnam, South Korea and France lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +109.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest silicone suppliers to China were Japan ($X), the United States ($X) and Germany ($X), with a combined 61% share of total imports. These countries were followed by Thailand, South Korea, Vietnam and France, which together accounted for a further 24%.

In terms of the main suppliers, Vietnam, with a CAGR of +123.0%, 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 average silicone import price amounted to $X per ton, jumping by 29% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.6%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :