Malaysia: Styrene Market 2024

Styrene Market Size in Malaysia

The Malaysian styrene market was finally on the rise to reach $X in 2021, after three years of decline. The market value increased at an average annual rate of +4.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Styrene Production in Malaysia

In value terms, styrene production rose to $X in 2021 estimated in export price. Overall, production, however, posted a resilient increase. The growth pace was the most rapid in 2013 when the production volume increased by 299% against the previous year. Styrene production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Styrene Exports

Exports from Malaysia

In 2021, shipments abroad of styrene increased by 7.1% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, total exports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -26.5% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 131% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, styrene exports surged to $X in 2021. Overall, exports recorded a notable increase. The most prominent rate of growth was recorded in 2013 when exports increased by 182% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons), India (X tons) and Thailand (X tons) were the main destinations of styrene exports from Malaysia, with a combined 93% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +89.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for styrene exported from Malaysia were China ($X), India ($X) and Thailand ($X), together comprising 92% of total exports.

Thailand, with a CAGR of +69.2%, recorded the highest growth rate of the value of exports, among the main countries of destination 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, increasing by 54% against the previous year. Overall, the export price, however, continues to indicate a noticeable slump. Over the period under review, the average export prices attained the maximum 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 highest price was recorded for prices to Australia ($X per ton) and the Philippines ($X per ton), while the average price for exports to Thailand ($X per ton) and Pakistan ($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 Australia (+1.4%), while the prices for the other major destinations experienced mixed trend patterns.

Styrene Imports

Imports into Malaysia

Styrene imports into Malaysia rose significantly to X tons in 2021, growing by 11% on the previous year. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 53%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, styrene imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a pronounced contraction. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Singapore (X tons), Saudi Arabia (X tons) and Thailand (X tons) were the main suppliers of styrene imports to Malaysia, together comprising 99% of total imports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +19.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest styrene suppliers to Malaysia were Singapore ($X), Saudi Arabia ($X) and Thailand ($X), with a combined 98% share of total imports.

Saudi Arabia, with a CAGR of +16.9%, saw 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 a decline.

Import Prices by Country

The average styrene import price stood at $X per ton in 2021, with an increase of 55% against the previous year. In general, the import price, however, saw a perceptible setback. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Indonesia ($X per ton) and Singapore ($X per ton), while the price for Thailand ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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