Malaysia: Other Chemical Products Market 2024

Other Chemical Products Market Size in Malaysia

The Malaysian other chemical products market amounted to $X in 2022, increasing by 6.5% against the previous year. Over the period under review, consumption showed a buoyant increase. Other chemical products consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Other Chemical Products Production in Malaysia

In value terms, other chemical products production expanded rapidly to $X in 2022 estimated in export price. In general, production continues to indicate buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of 70%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Other Chemical Products Exports

Exports from Malaysia

In 2022, approx. X tons of other chemical products were exported from Malaysia; waning by -3.3% compared with the previous year. Over the period under review, exports recorded a precipitous slump. The pace of growth was the most pronounced in 2013 with an increase of 15% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, other chemical products exports stood at $X in 2022. Overall, exports faced a precipitous descent. The growth pace was the most rapid in 2013 when exports increased by 11%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), China (X tons) and South Korea (X tons) were the main destinations of other chemical products exports from Malaysia, with a combined 51% share of total exports. India, Thailand, Indonesia, the Philippines, Vietnam, Bangladesh, South Africa, Japan, Singapore and Taiwan (Chinese) lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of -32.3%), while the other leaders experienced a decline.

In value terms, the Netherlands ($X), China ($X) and India ($X) constituted the largest markets for other chemical products exported from Malaysia worldwide, together comprising 48% of total exports. South Korea, Thailand, Indonesia, Vietnam, the Philippines, Japan, South Africa, Taiwan (Chinese), Singapore and Bangladesh lagged somewhat behind, together comprising a further 34%.

Bangladesh, with a CAGR of -22.4%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average other chemical products export price stood at $X per ton in 2022, surging by 6.5% against the previous year. Overall, the export price continues to indicate resilient growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by 63% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Other Chemical Products Imports

Imports into Malaysia

In 2022, overseas purchases of other chemical products were finally on the rise to reach X tons for the first time since 2016, thus ending a five-year declining trend. In general, imports, however, saw a significant curtailment. The pace of growth appeared the most rapid in 2013 when imports increased by 26% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, other chemical products imports rose slightly to $X in 2022. Over the period under review, imports, however, continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2013 when imports increased by 33% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest other chemical products supplier to Malaysia, accounting for a 59% share of total imports. Moreover, other chemical products imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. The United States (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-13.7% per year) and the United States (-22.1% per year).

In value terms, Singapore ($X) constituted the largest supplier of other chemical products to Malaysia, comprising 32% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by Taiwan (Chinese), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore amounted to -1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.8% per year) and Taiwan (Chinese) (+0.7% per year).

Import Prices by Country

The average other chemical products import price stood at $X per ton in 2022, dropping by -7.1% against the previous year. Over the period under review, the import price, however, recorded prominent growth. The pace of growth was the most pronounced in 2017 when the average import price increased by 121%. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then declined in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+48.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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