Eastern Asia: Propene Market 2024

Propene Market Size in Eastern Asia

After four years of growth, the East Asian propene market decreased by -1.7% to $X in 2021. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Propene Production in Eastern Asia

In value terms, propene production reduced slightly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a slight reduction. The pace of growth was the most pronounced in 2014 when the production volume increased by 21%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Propene Exports

Exports in Eastern Asia

In 2021, exports of propene (propylene) in Eastern Asia was estimated at X tons, growing by 9.6% on the previous year's figure. The total export volume increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 26%. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, propene exports skyrocketed to $X in 2021. In general, exports, however, showed a slight downturn. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, South Korea (X tons) was the key exporter of propene (propylene), comprising 57% of total exports. It was distantly followed by Taiwan (Chinese) (X tons) and Japan (X tons), together making up a 40% share of total exports. China (X tons) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to propene exports from South Korea stood at +3.6%. At the same time, China (+183.4%) and Taiwan (Chinese) (+2.1%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +183.4% from 2012-2021. By contrast, Japan (-4.1%) illustrated a downward trend over the same period. While the share of South Korea (+9 p.p.) and China (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Japan (-13.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) remains the largest propene supplier in Eastern Asia, comprising 57% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 21% share of total exports. It was followed by Japan, with an 18% 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: Taiwan (Chinese) (-0.6% per year) and Japan (-7.1% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, picking up by 33% against the previous year. Overall, the export price, however, recorded a noticeable contraction. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-2.7%), while the other leaders experienced a decline in the export price figures.

Propene Imports

Imports in Eastern Asia

In 2021, the amount of propene (propylene) imported in Eastern Asia reached X tons, picking up by 2.2% against 2020 figures. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 17%. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, propene imports surged to $X in 2021. In general, imports, however, continue to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2017 with an increase of 32% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China prevails in imports structure, resulting at X tons, which was near 84% of total imports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), comprising an 8.9% share of total imports. The following importers - Japan (X tons) and South Korea (X tons) - each resulted at a 7.3% share of total imports.

Imports into China increased at an average annual rate of +1.7% from 2012 to 2021. At the same time, Japan (+7.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +7.4% from 2012-2021. By contrast, Taiwan (Chinese) (-4.3%) and South Korea (-8.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Japan increased by +8.2 and +1.7 percentage points, respectively.

In value terms, China ($X) constitutes the largest market for imported propene (propylene) in Eastern Asia, comprising 84% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 8.9% share of total imports. It was followed by Japan, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value in China totaled -1.3%. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-6.9% per year) and Japan (+7.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, growing by 28% against the previous year. In general, the import price, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 when the import price increased by 32%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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