India: Silicone Market 2024

Silicone Market Size in India

In 2021, after four years of growth, there was decline in the Indian silicone market, when its value decreased by -1.3% to $X. Overall, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +36.6% against 2016 indices. Over the period under review, the market hit record highs at $X in 2020, and then declined slightly in the following year.

Silicone Production in India

In value terms, silicone production dropped slightly to $X in 2021 estimated in export price. Overall, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.4% 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 increased by +27.4% against 2014 indices. The growth pace was the most rapid in 2014 with an increase of 17%. Silicone production peaked at $X in 2020, and then shrank slightly in the following year.

Silicone Exports

Exports from India

In 2021, approx. X tons of silicones (in primary forms) were exported from India; with an increase of 8.8% against 2020. Overall, total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -16.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 42%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, silicone exports skyrocketed to $X in 2021. In general, total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +9.1% over the last nine years. 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

Bangladesh (X tons) was the main destination for silicone exports from India, with a 22% share of total exports. Moreover, silicone exports to Bangladesh exceeded the volume sent to the second major destination, the United States (X tons), twofold. Thailand (X tons) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Bangladesh stood at +11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+23.5% per year) and Thailand (+2.8% per year).

In value terms, Bangladesh ($X), the United States ($X) and Vietnam ($X) appeared to be the largest markets for silicone exported from India worldwide, together accounting for 43% of total exports. Thailand, Indonesia, Turkey, Pakistan, the United Arab Emirates, Sri Lanka, China, the Philippines, Nepal and Egypt lagged somewhat behind, together comprising a further 37%.

Egypt, with a CAGR of +39.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average silicone export price amounted to $X per ton, picking up by 31% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.3%. As a result, the export 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 suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Philippines ($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 Turkey (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Silicone Imports

Imports into India

After two years of decline, supplies from abroad of silicones (in primary forms) increased by 16% to X tons in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -3.5% against 2018 indices. The pace of growth was the most pronounced in 2018 when imports increased by 19%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, silicone imports surged to $X in 2021. Overall, imports posted a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X tons), China (X tons) and the United States (X tons) were the main suppliers of silicone imports to India, with a combined 79% share of total imports. Thailand, South Korea, Belgium, Japan and the UK lagged somewhat behind, together comprising a further 16%.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +11.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest silicone suppliers to India were China ($X), Germany ($X) and the United States ($X), with a combined 74% share of total imports.

Among the main suppliers, China, with a CAGR of +16.7%, 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

The average silicone import price stood at $X per ton in 2021, surging by 31% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. As a result, import price attained 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 China (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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