Eastern Asia: Propylene Oxide Market 2024

Propylene Oxide Market Size in Eastern Asia

In 2021, the East Asian propylene oxide market increased by 32% to $X, rising for the fifth consecutive year after two years of decline. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Propylene Oxide Production in Eastern Asia

In value terms, propylene oxide production expanded to $X in 2021 estimated in export price. The total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.2% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 70%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Propylene Oxide Exports

Exports in Eastern Asia

In 2021, overseas shipments of methyloxirane (propylene oxide) decreased by -7.3% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, recorded a slight expansion. The pace of growth was the most pronounced in 2018 when exports increased by 258% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, propylene oxide exports skyrocketed to $X in 2021. Overall, exports, however, enjoyed a tangible increase. The pace of growth was the most pronounced in 2018 when exports increased by 254% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea prevails in exports structure, recording X tons, which was near 95% of total exports in 2021. The following exporters - Japan (X tons) and China (X tons) - together made up 4.7% of total exports.

From 2012 to 2021, average annual rates of growth with regard to propylene oxide exports from South Korea stood at +37.5%. At the same time, China (+39.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +39.5% from 2012-2021. By contrast, Japan (-32.0%) illustrated a downward trend over the same period. While the share of South Korea (+89 p.p.) and China (+2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Japan (-91 p.p.) displayed negative dynamics.

In value terms, South Korea ($X) remains the largest propylene oxide supplier in Eastern Asia, comprising 96% of total exports. The second position in the ranking was held by China ($X), with a 2.2% share of total exports.

In South Korea, propylene oxide exports expanded at an average annual rate of +38.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: China (+40.5% per year) and Japan (-34.5% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, growing by 52% against the previous year. Export price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, propylene oxide export price increased by +81.7% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 China ($X per ton), while Japan ($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 (+0.9%), while the other leaders experienced mixed trends in the export price figures.

Propylene Oxide Imports

Imports in Eastern Asia

In 2021, overseas purchases of methyloxirane (propylene oxide) decreased by -2.7% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a noticeable slump. The most prominent rate of growth was recorded in 2019 when imports increased by 33%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, propylene oxide imports soared to $X in 2021. In general, imports recorded a relatively flat trend pattern. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

China was the largest importing country with an import of about X tons, which resulted at 71% of total imports. Taiwan (Chinese) (X tons) held the second position in the ranking, distantly followed by South Korea (X tons). All these countries together took near 29% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to propylene oxide imports into China stood at -1.9%. At the same time, Taiwan (Chinese) (+2.4%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +2.4% from 2012-2021. By contrast, South Korea (-12.5%) illustrated a downward trend over the same period. While the share of China (+7.7 p.p.) and Taiwan (Chinese) (+7.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-15.1 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported methyloxirane (propylene oxide) in Eastern Asia, comprising 73% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 19% share of total imports.

From 2012 to 2021, the average annual growth rate of value in China was relatively modest. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+4.7% per year) and South Korea (-13.3% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, growing by 63% against the previous year. Import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, propylene oxide import price increased by +67.7% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :