Ireland: Silicone Market 2024

Silicone Market Size in Ireland

The Irish silicone market skyrocketed to $X in 2021, rising by 192% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed significant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Silicone Exports

Exports from Ireland

In 2021, shipments abroad of silicones (in primary forms) decreased by -25.9% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, enjoyed a measured expansion. The most prominent rate of growth was recorded in 2016 with an increase of 56% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, silicone exports dropped to $X in 2021. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 68% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Argentina (X tons) and the UK (X tons) were the main destinations of silicone exports from Ireland, with a combined 63% share of total exports. Brazil, Nigeria, China, Paraguay, Poland, Australia, Mexico, Canada, Romania and Djibouti lagged somewhat behind, together comprising a further 29%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +77.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for silicones (in primary forms) exports from Ireland, comprising 41% of total exports. The second position in the ranking was held by the UK ($X), with a 13% share of total exports. It was followed by Argentina, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +20.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-5.2% per year) and Argentina (+1.5% per year).

Export Prices by Country

In 2021, the average silicone export price amounted to $X per ton, jumping by 18% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2013 an increase of 31% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Argentina ($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 Canada (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Silicone Imports

Imports into Ireland

In 2021, purchases abroad of silicones (in primary forms) increased by 179% to X tons, rising for the fifth year in a row after two years of decline. In general, imports enjoyed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, silicone imports surged to $X in 2021. Over the period under review, imports showed a strong increase. The growth pace was the most rapid in 2013 when imports increased by 403% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the UK (X tons) constituted the largest supplier of silicone to Ireland, accounting for a 66% share of total imports. Moreover, silicone imports from the UK exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was taken by the United States (X tons), with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the UK amounted to +34.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+30.3% per year) and the United States (+52.4% per year).

In value terms, the largest silicone suppliers to Ireland were the UK ($X), Japan ($X) and the United States ($X), together accounting for 72% of total imports.

Japan, with a CAGR of +46.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average silicone import price amounted to $X per ton, falling by -53.5% against the previous year. In general, the import price recorded a deep contraction. The most prominent rate of growth was recorded in 2013 an increase of 285%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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 ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :