Eastern Asia: Silicone Market 2024

Silicone Market Size in Eastern Asia

The East Asian silicone market shrank to $X in 2021, falling by -8.6% against the previous year. The total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Silicone Production in Eastern Asia

In value terms, silicone production reached $X in 2021 estimated in export price. The total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.5% 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 -4.3% against 2018 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 30%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Silicone Exports

Exports in Eastern Asia

In 2021, approx. X tons of silicones (in primary forms) were exported in Eastern Asia; growing by 40% against the previous year's figure. In general, exports showed buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 52% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, silicone exports soared to $X in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the largest exporter of silicones (in primary forms) in Eastern Asia, with the volume of exports finishing at X tons, which was approx. 69% of total exports in 2021. Japan (X tons) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (8.4%). The following exporters - Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons) - each resulted at a 4.7% share of total exports.

China was also the fastest-growing in terms of the silicones (in primary forms) exports, with a CAGR of +16.3% from 2012 to 2021. At the same time, Japan (+2.1%) displayed positive paces of growth. By contrast, South Korea (-1.8%), Taiwan (Chinese) (-2.6%) and Hong Kong SAR (-9.7%) illustrated a downward trend over the same period. China (+35 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese), Hong Kong SAR, Japan and South Korea saw its share reduced by -3.3%, -9.7%, -10.7% and -11% from 2012 to 2021, respectively.

In value terms, the largest silicone supplying countries in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together comprising 92% of total exports.

Among the main exporting countries, China, with a CAGR of +19.4%, recorded the highest rates of growth with regard to 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 2021, the export price in Eastern Asia amounted to $X per ton, rising by 14% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

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 Taiwan (Chinese) ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.5%), while the other leaders experienced more modest paces of growth.

Silicone Imports

Imports in Eastern Asia

In 2021, approx. X tons of silicones (in primary forms) were imported in Eastern Asia; with an increase of 2.3% compared with 2020 figures. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 4.3% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, silicone imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons) and South Korea (X tons) dominates imports structure, together comprising 78% of total imports. Taiwan (Chinese) (X tons) took a 9.4% share (based on physical terms) of total imports, which put it in second place, followed by Japan (8.8%). Hong Kong SAR (X tons) took a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +2.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest silicone importing markets in Eastern Asia were China ($X), South Korea ($X) and Taiwan (Chinese) ($X), together comprising 84% of total imports.

Among the main importing countries, Taiwan (Chinese), with a CAGR of +5.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, jumping by 25% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.0%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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