India: Styrene Market 2024

Styrene Market Size in India

The Indian styrene market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Styrene consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Styrene Production in India

In value terms, styrene production reduced modestly to $X in 2021 estimated in export price. In general, the total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.0% 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 +40.6% against 2015 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 38%. Styrene production peaked at $X in 2020, and then fell slightly in the following year.

Styrene Exports

Exports from India

In 2021, approx. X tons of styrene were exported from India; increasing by 24% on the previous year's figure. In general, exports continue to indicate a pronounced increase. The most prominent rate of growth was recorded in 2016 when exports increased by 407%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, styrene exports surged to $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 353%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Turkey (X tons), Sri Lanka (X tons) and Iran (X tons) were the main destinations of styrene exports from India, with a combined 73% share of total exports. These countries were followed by the United Arab Emirates, Nigeria, Kenya and the Netherlands, which together accounted for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nigeria (with a CAGR of +470.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for styrene exported from India were Turkey ($X), Sri Lanka ($X) and Iran ($X), with a combined 70% share of total exports. Nigeria, the United Arab Emirates, Kenya and the Netherlands lagged somewhat behind, together comprising a further 21%.

Among the main countries of destination, Nigeria, with a CAGR of +406.2%, saw the highest growth rate of 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

The average styrene export price stood at $X per ton in 2021, increasing by 181% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible curtailment. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were Kenya ($X per ton) and Nigeria ($X per ton), while the average price for exports to Turkey ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Styrene Imports

Imports into India

In 2021, styrene imports into India soared to X tons, picking up by 28% compared with 2020 figures. In general, total imports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, styrene imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% 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, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Singapore (X tons), Kuwait (X tons) and South Korea (X tons) were the main suppliers of styrene imports to India, with a combined 65% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +111.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Kuwait ($X) and South Korea ($X) constituted the largest styrene suppliers to India, together accounting for 67% of total imports.

In terms of the main suppliers, South Korea, with a CAGR of +107.0%, 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 styrene import price stood at $X per ton in 2021, jumping by 49% against the previous year. In general, the import price, however, showed a noticeable reduction. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Malaysia ($X per ton) and China ($X per ton), while the price for the United States ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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