Hong Kong SAR, China: Silicone Market 2024

Silicone Market Size in Hong Kong SAR, China

The Hong Kong silicone market expanded sharply to $X in 2021, picking up by 5.5% against the previous year. Over the period under review, consumption, however, enjoyed a strong increase. Silicone consumption peaked in 2021 and is expected to retain growth in years to come.

Silicone Production in Hong Kong SAR, China

In value terms, silicone production rose modestly to $X in 2021 estimated in export price. Over the period under review, production posted a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 220%. Silicone production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Silicone Exports

Exports from Hong Kong SAR, China

Silicone exports from Hong Kong SAR expanded significantly to X tons in 2021, growing by 6.6% on the previous year. In general, exports, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2019 when exports increased by 8.4% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, silicone exports rose rapidly to $X in 2021. Overall, exports, however, continue to indicate a noticeable decline. The pace of growth was the most pronounced in 2019 with an increase of 9.3% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for silicone exports from Hong Kong SAR, with a 87% share of total exports. Moreover, silicone exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to China amounted to -9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+22.9% per year) and Taiwan (Chinese) (-12.2% per year).

In value terms, China ($X) remains the key foreign market for silicones (in primary forms) exports from Hong Kong SAR, comprising 91% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 4.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China amounted to -3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+1.5% per year) and Vietnam (+9.0% per year).

Export Prices by Country

The average silicone export price stood at $X per ton in 2021, with an increase of 1.7% against the previous year. Over the period under review, export price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silicone export price increased by +76.6% against 2012 indices. The pace of growth was the most pronounced in 2014 an increase of 24% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+15.6%), while the prices for the other major destinations experienced mixed trend patterns.

Silicone Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of silicones (in primary forms) increased by 1.8% to X tons for the first time since 2012, thus ending a eight-year declining trend. In general, imports, however, saw a deep contraction. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, silicone imports skyrocketed to $X in 2021. Overall, imports, however, recorded a perceptible descent. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Japan (X tons), China (X tons) and the United States (X tons) were the main suppliers of silicone imports to Hong Kong SAR, with a combined 69% share of total imports. These countries were followed by South Korea, Thailand, Taiwan (Chinese), Germany and the Netherlands, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +5.2%), while imports for the other leaders experienced a decline.

In value terms, the largest silicone suppliers to Hong Kong SAR were Japan ($X), China ($X) and the United States ($X), with a combined 72% share of total imports. South Korea, Thailand, Taiwan (Chinese), Germany and the Netherlands lagged somewhat behind, together comprising a further 25%.

Among the main suppliers, Thailand, with a CAGR of +13.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average silicone import price stood at $X per ton in 2021, growing by 17% against the previous year. Over the last nine years, it increased at an average annual rate of +6.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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