Eastern Asia: Polystyrene Market 2024

Polystyrene Market Size in Eastern Asia

In 2022, the East Asian polystyrene market decreased by -6.3% to $X, falling for the fourth consecutive year after two years of growth. In general, consumption recorded a noticeable shrinkage. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Polystyrene Production in Eastern Asia

In value terms, polystyrene production declined slightly to $X in 2022 estimated in export price. In general, production recorded a noticeable slump. The pace of growth was the most pronounced in 2013 with an increase of 6.7%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Polystyrene Exports

Exports in Eastern Asia

Polystyrene exports was estimated at X tons in 2022, therefore, remained relatively stable against the year before. Over the period under review, exports, however, recorded a slight descent. The growth pace was the most rapid in 2018 with an increase of 7.3% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, polystyrene exports contracted slightly to $X in 2022. In general, exports, however, recorded a noticeable decline. The most prominent rate of growth was recorded in 2021 with an increase of 42% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Taiwan (Chinese) (X tons) represented the major exporter of polystyrene, generating 42% of total exports. It was distantly followed by China (X tons), South Korea (X tons), Hong Kong SAR (X tons) and Japan (X tons), together comprising a 58% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Japan (with a CAGR of +8.9%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Taiwan (Chinese) ($X), China ($X) and South Korea ($X) constituted the countries with the highest levels of exports in 2022, with a combined 80% share of total exports. Hong Kong SAR and Japan lagged somewhat behind, together comprising a further 20%.

Among the main exporting countries, Japan, with a CAGR of +2.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, waning by -5.1% against the previous year. In general, the export price showed a noticeable decrease. The pace of growth was the most pronounced in 2021 when the export price increased by 35%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in China ($X per ton) and South Korea ($X per ton), while Japan ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.0%), while the other leaders experienced a decline in the export price figures.

Polystyrene Imports

Imports in Eastern Asia

In 2022, supplies from abroad of polystyrene decreased by -24.7% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports continue to indicate a noticeable downturn. The pace of growth was the most pronounced in 2018 when imports increased by 44%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, polystyrene imports declined notably to $X in 2022. Overall, imports recorded a perceptible reduction. The pace of growth appeared the most rapid in 2018 when imports increased by 39% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

China dominates imports structure, amounting to X tons, which was near 91% of total imports in 2022. Hong Kong SAR (X tons), South Korea (X tons) and Japan (X tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of imports of polystyrene. At the same time, South Korea (+8.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +8.3% from 2012-2022. By contrast, Japan (-14.2%) and Hong Kong SAR (-18.2%) illustrated a downward trend over the same period. China (+16 p.p.) and South Korea (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Japan and Hong Kong SAR saw its share reduced by -3.9% and -14.6% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported polystyrene in Eastern Asia, comprising 90% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 3.7% share of total imports. It was followed by South Korea, with a 3.4% share.

In China, polystyrene imports plunged by an average annual rate of -3.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (-18.8% per year) and South Korea (+5.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, dropping by -3.7% against the previous year. Over the period under review, the import price recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when the import price increased by 28% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied somewhat 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 ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :