Eastern Asia: Styrene Market 2024

Styrene Market Size in Eastern Asia

In 2021, the East Asian styrene market decreased by -2.1% to $X, falling for the third year in a row after two years of growth. In general, consumption recorded a mild setback. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Styrene Production in Eastern Asia

In value terms, styrene production fell modestly to $X in 2021 estimated in export price. The total production indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -18.4% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 34% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Styrene Exports

Exports in Eastern Asia

Styrene exports shrank to X tons in 2021, which is down by -4.5% against 2020 figures. Overall, exports continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 13%. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, styrene exports surged to $X in 2021. In general, exports recorded a deep setback. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) represented roughly 88% of total exports in 2021. It was distantly followed by China (X tons), constituting a 12% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +22.5%), while the other leaders experienced mixed trends in the exports figures.

In value terms, South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X) were the countries with the highest levels of exports in 2021, together accounting for 86% of total exports. These countries were followed by China, which accounted for a further 14%.

Among the main exporting countries, China, with a CAGR of +22.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 61% against the previous year. Overall, the export price, however, recorded a pronounced curtailment. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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 South Korea ($X per ton) and Japan ($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 (-0.3%), while the other leaders experienced a decline in the export price figures.

Styrene Imports

Imports in Eastern Asia

In 2021, approx. X tons of styrene were imported in Eastern Asia; with a decrease of -30.9% against the year before. Overall, imports saw a abrupt slump. The pace of growth was the most pronounced in 2019 when imports increased by 14%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, styrene imports reached $X in 2021. In general, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 30%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China represented the main importing country with an import of about X tons, which reached 59% of total imports. Taiwan (Chinese) (X tons) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (15%) and Hong Kong SAR (11%).

Imports into China decreased at an average annual rate of -7.3% from 2012 to 2021. At the same time, Taiwan (Chinese) (+1.6%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +1.6% from 2012-2021. By contrast, Hong Kong SAR (-1.4%) and South Korea (-6.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Taiwan (Chinese) and Hong Kong SAR increased by +7.5 and +3.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported styrene in Eastern Asia, comprising 59% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 15% share of total imports. It was followed by South Korea, with a 15% share.

In China, styrene imports shrank by an average annual rate of -9.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-1.0% per year) and South Korea (-8.9% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, jumping by 56% against the previous year. Overall, the import price, however, continues to indicate a pronounced curtailment. Over the period under review, import prices attained the peak figure 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 China ($X per ton) and South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-2.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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