China: Styrene Market 2024

Styrene Market Size in China

In 2021, the Chinese styrene market decreased by -14.9% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption recorded a noticeable descent. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Styrene Production in China

In value terms, styrene production declined sharply to $X in 2021 estimated in export price. Overall, production, however, showed a significant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 908% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then contracted rapidly in the following year.

Styrene Exports

Exports from China

In 2021, styrene exports from China soared to X tons, picking up by 683% against the previous year's figure. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 111,858%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, styrene exports surged to $X in 2021. Over the period under review, exports recorded significant growth. The pace of growth appeared the most rapid in 2017 when exports increased by 146,123%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

Exports by Country

South Korea (X tons), India (X tons) and Turkey (X tons) were the main destinations of styrene exports from China, together accounting for 69% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +366.5%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Turkey ($X) and India ($X) appeared to be the largest markets for styrene exported from China worldwide, together comprising 71% of total exports.

In terms of the main countries of destination, Turkey, with a CAGR of +208.2%, recorded 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 average styrene export price stood at $X per ton in 2021, picking up by 49% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to India ($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 India (-1.0%), while the prices for the other major destinations experienced a decline.

Styrene Imports

Imports into China

In 2021, the amount of styrene imported into China reduced markedly to X tons, waning by -39.9% compared with 2020 figures. Over the period under review, imports showed a abrupt setback. The growth pace was the most rapid in 2019 when imports increased by 11% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, styrene imports reduced to $X in 2021. Overall, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 with an increase of 32%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Saudi Arabia (X tons) constituted the largest supplier of styrene to China, with a 45% share of total imports. Moreover, styrene imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. Kuwait (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Saudi Arabia stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.5% per year) and Kuwait (+6.4% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of styrene to China, comprising 46% of total imports. The second position in the ranking was held by Japan ($X), with a 13% share of total imports. It was followed by Kuwait, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from Saudi Arabia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-9.0% per year) and Kuwait (+4.0% per year).

Import Prices by Country

The average styrene import price stood at $X per ton in 2021, rising by 56% against the previous year. Over the period under review, the import price, however, showed a noticeable decline. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Kuwait ($X per ton) and Saudi Arabia ($X per ton), while the price for the United States ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (-2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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