Portugal: Silicone Market 2024

Silicone Market Size in Portugal

In 2021, the Portuguese silicone market increased by 34% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Silicone Exports

Exports from Portugal

In 2021, shipments abroad of silicones (in primary forms) increased by 11% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports saw prominent growth. The pace of growth was the most pronounced in 2018 when exports increased by 46% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, silicone exports soared to $X in 2021. Overall, total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 36% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see steady growth in years to come.

Exports by Country

Mexico (X tons), the United Arab Emirates (X tons) and Angola (X tons) were the main destinations of silicone exports from Portugal, together accounting for 51% of total exports. These countries were followed by China, Cabo Verde, Benin, Hong Kong SAR, Spain, Mozambique, Saudi Arabia, Tunisia, France and Pakistan, which together accounted for a further 41%.

From 2012 to 2021, the biggest increases were recorded for Pakistan (with a CAGR of +12,758.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) emerged as the key foreign market for silicones (in primary forms) exports from Portugal, comprising 32% of total exports. The second position in the ranking was taken by Angola ($X), with a 13% share of total exports. It was followed by China, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Mexico stood at +153.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (-9.3% per year) and China (+99.5% per year).

Export Prices by Country

The average silicone export price stood at $X per ton in 2021, increasing by 14% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, 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 Pakistan ($X per ton), while the average price for exports to Benin ($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 Pakistan (+221.2%), while the prices for the other major destinations experienced more modest paces of growth.

Silicone Imports

Imports into Portugal

In 2021, overseas purchases of silicones (in primary forms) increased by 23% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 28% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, silicone imports surged to $X in 2021. Overall, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Spain (X tons) constituted the largest supplier of silicone to Portugal, with a 49% share of total imports. Moreover, silicone imports from Spain exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. China (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2021, the average annual growth rate of volume from Spain stood at +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.9% per year) and China (+47.1% per year).

In value terms, Spain ($X) constituted the largest supplier of silicones (in primary forms) to Portugal, comprising 48% of total imports. The second position in the ranking was held by Germany ($X), with a 17% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain totaled +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.7% per year) and China (+58.2% per year).

Import Prices by Country

The average silicone import price stood at $X per ton in 2021, surging by 8.7% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 13% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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