Latvia: Polystyrene Market 2024

Polystyrene Market Size in Latvia

In 2022, the Latvian polystyrene market increased by 8.3% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, continues to indicate a buoyant increase. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Polystyrene Exports

Exports from Latvia

In 2022, shipments abroad of polystyrene decreased by -2.3% to X tons, falling for the fifth consecutive year after three years of growth. Overall, exports showed a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 281% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, polystyrene exports expanded remarkably to $X in 2022. In general, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 219% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Ukraine (X tons) was the main destination for polystyrene exports from Latvia, with a 74% share of total exports. Moreover, polystyrene exports to Ukraine exceeded the volume sent to the second major destination, Belarus (X tons), fourfold. The third position in this ranking was taken by Russia (X tons), with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume to Ukraine amounted to +51.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (-13.7% per year) and Russia (-17.3% per year).

In value terms, Ukraine ($X) emerged as the key foreign market for polystyrene exports from Latvia, comprising 70% of total exports. The second position in the ranking was taken by Belarus ($X), with an 18% share of total exports. It was followed by Russia, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value to Ukraine stood at +48.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (-12.1% per year) and Russia (-15.7% per year).

Export Prices by Country

In 2022, the average polystyrene export price amounted to $X per ton, picking up by 13% against the previous year. Overall, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polystyrene export price increased by +89.5% against 2019 indices. The growth pace was the most rapid in 2021 when the average export price increased by 54%. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Lithuania ($X per ton) and Estonia ($X per ton), while the average price for exports to Ukraine ($X per ton) and Sweden ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Polystyrene Imports

Imports into Latvia

Polystyrene imports into Latvia reduced to X tons in 2022, which is down by -3.1% against the previous year's figure. In general, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +20.9% against 2020 indices. The growth pace was the most rapid in 2016 when imports increased by 41%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, polystyrene imports expanded remarkably to $X in 2022. Overall, imports, however, saw a temperate increase. The pace of growth appeared the most rapid in 2021 when imports increased by 70% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Lithuania (X tons), the Czech Republic (X tons) and Poland (X tons) were the main suppliers of polystyrene imports to Latvia, with a combined 51% share of total imports. Belgium, Estonia, the Netherlands, Austria, Germany, Finland and China lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +193.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Poland ($X) and the Czech Republic ($X) constituted the largest polystyrene suppliers to Latvia, together comprising 55% of total imports. Belgium, the Netherlands, Estonia, Germany, Finland, Austria and China lagged somewhat behind, together accounting for a further 43%.

In terms of the main suppliers, Austria, with a CAGR of +160.1%, saw the highest rates of growth with regard to 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

In 2022, the average polystyrene import price amounted to $X per ton, increasing by 15% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polystyrene import price increased by +76.8% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 36% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform