Serbia: Polystyrene Market 2024

Polystyrene Market Size in Serbia

In 2022, the Serbian polystyrene market increased by 15% to $X, rising for the second consecutive year after two years of decline. Overall, consumption enjoyed buoyant growth. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the immediate term.

Polystyrene Production in Serbia

In value terms, polystyrene production skyrocketed to $X in 2022 estimated in export price. Overall, production continues to indicate buoyant growth. The pace of growth was the most pronounced in 2021 when the production volume increased by 187% against the previous year. Polystyrene production peaked in 2022 and is expected to retain growth in years to come.

Polystyrene Exports

Exports from Serbia

In 2022, approx. X tons of polystyrene were exported from Serbia; surging by 3.3% on 2021. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 360%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, polystyrene exports soared to $X in 2022. Over the period under review, exports posted significant growth. The pace of growth was the most pronounced in 2017 when exports increased by 412%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) was the main destination for polystyrene exports from Serbia, accounting for a 35% share of total exports. Moreover, polystyrene exports to China exceeded the volume sent to the second major destination, Austria (X tons), threefold. Romania (X tons) ranked third in terms of total exports with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +106.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (+150.9% per year) and Romania (+102.0% per year).

In value terms, Austria ($X), China ($X) and Bosnia and Herzegovina ($X) were the largest markets for polystyrene exported from Serbia worldwide, together comprising 55% of total exports. Romania, Italy, Turkey, Malaysia and North Macedonia lagged somewhat behind, together comprising a further 29%.

Malaysia, with a CAGR of +154.3%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

In 2022, the average polystyrene export price amounted to $X per ton, increasing by 49% against the previous year. In general, the export price, however, recorded a abrupt descent. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Austria ($X per ton), while the average price for exports to China ($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 Bosnia and Herzegovina (+0.7%), while the prices for the other major destinations experienced more modest paces of growth.

Polystyrene Imports

Imports into Serbia

For the fourth consecutive year, Serbia recorded growth in supplies from abroad of polystyrene, which increased by 0.1% to X tons in 2022. In general, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.2% 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 +69.8% against 2014 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 22%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, polystyrene imports surged to $X in 2022. Over the period under review, imports showed a remarkable increase. The growth pace was the most rapid in 2021 when imports increased by 95% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Iran (X tons), Turkey (X tons) and Greece (X tons) were the main suppliers of polystyrene imports to Serbia, together accounting for 51% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Iran (with a CAGR of +70.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest polystyrene suppliers to Serbia were Iran ($X), Turkey ($X) and Greece ($X), together accounting for 52% of total imports.

Iran, with a CAGR of +85.0%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average polystyrene import price amounted to $X per ton, rising by 15% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% 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 +102.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 76%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Austria ($X per ton) and China ($X per ton), while the price for Russia ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform