Japan: Propylene Oxide Market 2024

Propylene Oxide Market Size in Japan

In 2021, the Japanese propylene oxide market increased by 6.4% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption saw a prominent expansion. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Propylene Oxide Production in Japan

In value terms, propylene oxide production stood at $X in 2021 estimated in export price. Over the period under review, production, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2017 with an increase of 9.5% against the previous year. Propylene oxide production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Propylene Oxide Exports

Exports from Japan

In 2021, shipments abroad of methyloxirane (propylene oxide) decreased by -13.7% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, exports recorded a dramatic shrinkage. The pace of growth was the most pronounced in 2019 with an increase of 270%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, propylene oxide exports reduced modestly to $X in 2021. Overall, exports continue to indicate a significant curtailment. The most prominent rate of growth was recorded in 2019 when exports increased by 212%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea (X tons), Taiwan (Chinese) (X tons) and China (X tons) were the main destinations of propylene oxide exports from Japan, together comprising 94% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of -0.7%), while the other leaders experienced a decline.

In value terms, Taiwan (Chinese) ($X), South Korea ($X) and China ($X) appeared to be the largest markets for propylene oxide exported from Japan worldwide, with a combined 94% share of total exports.

Taiwan (Chinese), with a CAGR of -5.0%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average propylene oxide export price amounted to $X per ton, picking up by 13% against the previous year. Overall, the export price, however, continues to indicate a noticeable curtailment. The growth pace was the most rapid in 2017 when the average export price increased by 13% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($X per ton) and South Korea ($X per ton), while the average price for exports to Thailand ($X per ton) and China ($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 Thailand (-3.7%), while the prices for the other major destinations experienced a decline.

Propylene Oxide Imports

Imports into Japan

In 2021, purchases abroad of methyloxirane (propylene oxide) decreased by -61.2% to X tons, falling for the fourth consecutive year after three years of growth. In general, imports continue to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2017 with an increase of 796%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, propylene oxide imports fell sharply to $X in 2021. Overall, imports, however, saw a prominent increase. The growth pace was the most rapid in 2017 with an increase of 386% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Thailand (X tons), Germany (X tons) and Saudi Arabia (X tons) were the main suppliers of propylene oxide imports to Japan, with a combined 58% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +129.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constituted the largest supplier of methyloxirane (propylene oxide) to Japan, comprising 41% of total imports. The second position in the ranking was held by Germany ($X), with a 13% share of total imports. It was followed by Saudi Arabia, with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Thailand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+110.8% per year) and Saudi Arabia (-33.5% per year).

Import Prices by Country

The average propylene oxide import price stood at $X per ton in 2021, growing by 3.5% against the previous year. Over the period under review, the import price continues to indicate buoyant growth. The pace of growth was the most pronounced in 2013 when the average import price increased by 84% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+18.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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