Eastern Asia: Market for Polyethylene in Primary Forms 2024

Market Size for Polyethylene in Primary Forms in Eastern Asia

In 2021, after two years of decline, there was growth in the East Asian polyethylene in primary forms market, when its value increased by 1.1% to $X. Overall, consumption recorded a pronounced contraction. The pace of growth was the most pronounced in 2018 when the market value increased by 3.3% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Polyethylene in Primary Forms in Eastern Asia

In value terms, polyethylene in primary forms production stood at $X in 2021 estimated in export price. Over the period under review, production continues to indicate a abrupt shrinkage. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Polyethylene in Primary Forms

Exports in Eastern Asia

In 2021, overseas shipments of polyethylene in primary forms increased by 10% to X tons, rising for the fourth consecutive year after two years of decline. The total export volume increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, polyethylene in primary forms exports surged to $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, South Korea (X tons) was the major exporter of polyethylene in primary forms, achieving 61% of total exports. It was distantly followed by Taiwan (Chinese) (X tons), Japan (X tons), China (X tons) and Hong Kong SAR (X tons), together creating a 39% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to polyethylene in primary forms exports from South Korea stood at +2.0%. At the same time, China (+8.6%), Taiwan (Chinese) (+3.0%) and Japan (+2.9%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +8.6% from 2012-2021. By contrast, Hong Kong SAR (-10.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and South Korea increased by +4.9 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest polyethylene in primary forms supplier in Eastern Asia, comprising 60% of total exports. The second position in the ranking was held by China ($X), with a 14% share of total exports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in South Korea was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: China (+9.6% per year) and Taiwan (Chinese) (+1.3% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, jumping by 29% against the previous year. Overall, the export price, however, saw a slight slump. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in China ($X per ton) and Hong Kong SAR ($X per ton), while Taiwan (Chinese) ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.9%), while the other leaders experienced a decline in the export price figures.

Imports of Polyethylene in Primary Forms

Imports in Eastern Asia

In 2021, purchases abroad of polyethylene in primary forms decreased by -21.3% to X tons for the first time since 2016, thus ending a four-year rising trend. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 34%. The volume of import peaked at X tons in 2020, and then shrank remarkably in the following year.

In value terms, polyethylene in primary forms imports expanded slightly to $X in 2021. The total import value increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 23% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China prevails in imports structure, reaching X tons, which was approx. 90% of total imports in 2021. The following importers - Taiwan (Chinese) (X tons), South Korea (X tons), Japan (X tons) and Hong Kong SAR (X tons) - together made up 9.9% of total imports.

Imports into China increased at an average annual rate of +6.3% from 2012 to 2021. At the same time, South Korea (+7.9%), Japan (+2.8%) and Taiwan (Chinese) (+1.5%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +7.9% from 2012-2021. By contrast, Hong Kong SAR (-8.9%) illustrated a downward trend over the same period. While the share of China (+6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-1.6 p.p.) and Hong Kong SAR (-4.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported polyethylene in primary forms in Eastern Asia, comprising 89% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 4.3% share of total imports. It was followed by South Korea, with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +4.7%. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+0.9% per year) and South Korea (+6.4% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, growing by 33% against the previous year. Over the period under review, the import price, however, continues to indicate a slight contraction. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in South Korea ($X per ton) and Taiwan (Chinese) ($X per ton), while China ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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