Indonesia: Styrene Market 2024

Styrene Market Size in Indonesia

After two years of decline, the Indonesian styrene market increased by 6.1% to $X in 2021. The market value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in the near future.

Styrene Production in Indonesia

In value terms, styrene production expanded significantly to $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 33% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Styrene Exports

Exports from Indonesia

In 2021, the amount of styrene exported from Indonesia surged to X tons, increasing by 73% against the year before. In general, exports, however, showed a abrupt contraction. The growth pace was the most rapid in 2017 with an increase of 106% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, styrene exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a deep reduction. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons), China (X tons) and Thailand (X tons) were the main destinations of styrene exports from Indonesia, with a combined 77% share of total exports. These countries were followed by South Korea, Vietnam, Taiwan (Chinese), the Philippines and Malaysia, which together accounted for a further 22%.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +18.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Thailand ($X) were the largest markets for styrene exported from Indonesia worldwide, together accounting for 76% of total exports. South Korea, Vietnam, the Philippines, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further 22%.

In terms of the main countries of destination, the Philippines, with a CAGR of +19.3%, saw 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

The average styrene export price stood at $X per ton in 2021, with an increase of 42% against the previous year. Overall, the export price, however, continues to indicate a perceptible downturn. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Malaysia ($X per ton) and China ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and India ($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 Japan (+4.3%), while the prices for the other major destinations experienced mixed trend patterns.

Styrene Imports

Imports into Indonesia

In 2021, imports of styrene into Indonesia plummeted to X tons, shrinking by -39.4% against the previous year. Overall, imports, however, showed a temperate expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 79%. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, styrene imports dropped markedly to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 78% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Singapore (X tons) was the main supplier of styrene to Indonesia, with a 96% share of total imports. Moreover, styrene imports from Singapore exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Singapore totaled +4.1%.

In value terms, Singapore ($X) constituted the largest supplier of styrene to Indonesia, comprising 95% of total imports. The second position in the ranking was held by Malaysia ($X), with a 4.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Singapore totaled +1.9%.

Import Prices by Country

In 2021, the average styrene import price amounted to $X per ton, increasing by 30% against the previous year. In general, the import price, however, recorded a perceptible downturn. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Singapore stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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