Eastern Asia: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in Eastern Asia

The East Asian polypropylene in primary forms market reduced slightly to $X in 2022, almost unchanged from the previous year. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Polypropylene in Primary Forms in Eastern Asia

In value terms, polypropylene in primary forms production shrank modestly to $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.6% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 32% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Polypropylene in Primary Forms

Exports in Eastern Asia

After seven years of growth, shipments abroad of polypropylene in primary forms decreased by -10% to X tons in 2022. Total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +75.9% against 2014 indices. The growth pace was the most rapid in 2021 when exports increased by 40% against the previous year. As a result, the exports attained the peak of X tons, and then declined in the following year.

In value terms, polypropylene in primary forms exports dropped to $X in 2022. Total exports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +45.9% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 70% against the previous year. As a result, the exports reached the peak of $X, and then contracted in the following year.

Exports by Country

South Korea was the key exporter of polypropylene in primary forms in Eastern Asia, with the volume of exports resulting at X tons, which was approx. 49% of total exports in 2022. China (X tons) held the second position in the ranking, distantly followed by Taiwan (Chinese) (X tons) and Japan (X tons). All these countries together took near 48% share of total exports. Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +23.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest polypropylene in primary forms supplying countries in Eastern Asia were South Korea ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 89% share of total exports.

In terms of the main exporting countries, China, with a CAGR of +22.4%, saw 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

In 2022, the export price in Eastern Asia amounted to $X per ton, dropping by -4.9% against the previous year. In general, the export price saw a mild setback. The growth pace was the most rapid in 2021 when the export price increased by 22% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+0.1%), while the other leaders experienced a decline in the export price figures.

Imports of Polypropylene in Primary Forms

Imports in Eastern Asia

In 2022, overseas purchases of polypropylene in primary forms decreased by -10.2% to X tons, falling for the second consecutive year after four years of growth. Overall, imports continue to indicate a pronounced slump. The growth pace was the most rapid in 2020 when imports increased by 24%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, polypropylene in primary forms imports contracted to $X in 2022. Over the period under review, imports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2018 with an increase of 9.6% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China dominates imports structure, accounting for X tons, which was approx. 88% of total imports in 2022. The following importers - Japan (X tons), Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) - together made up 12% of total imports.

Imports into China decreased at an average annual rate of -2.8% from 2012 to 2022. At the same time, Japan (+3.5%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +3.5% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-15.1%) illustrated a downward trend over the same period. While the share of China (+5.5 p.p.) and Japan (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (-9.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported polypropylene in primary forms in Eastern Asia, comprising 86% of total imports. The second position in the ranking was taken by Japan ($X), with a 5.3% share of total imports. It was followed by Taiwan (Chinese), with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value in China totaled -4.7%. In the other countries, the average annual rates were as follows: Japan (+2.4% per year) and Taiwan (Chinese) (-0.4% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, reducing by -4.1% against the previous year. Overall, the import price showed a slight curtailment. The pace of growth appeared the most rapid in 2021 when the import price increased by 26% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per ton) and Hong Kong SAR ($X per ton), while China ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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