South Africa: Styrene Market 2024

Styrene Market Size in South Africa

In 2021, the South African styrene market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, recorded a mild shrinkage. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Styrene Exports

Exports from South Africa

In 2021, approx. X tons of styrene were exported from South Africa; waning by -46.4% against the previous year. Overall, exports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 1,397% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, styrene exports reduced rapidly to $X in 2021. Over the period under review, exports faced a abrupt curtailment. The pace of growth was the most pronounced in 2017 when exports increased by 922%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Tanzania (X tons), Malawi (X tons) and the United Arab Emirates (X tons) were the main destinations of styrene exports from South Africa, with a combined 71% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Tanzania (with a CAGR of +33.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Tanzania ($X) and Zimbabwe ($X) appeared to be the largest markets for styrene exported from South Africa worldwide, together comprising 66% of total exports.

Tanzania, with a CAGR of +32.8%, recorded the highest rates of growth with regard to 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, with an increase of 11% against the previous year. Overall, export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, styrene export price decreased by -12.9% against 2019 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 94% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Democratic Republic of the Congo ($X per ton), while the average price for exports to Malawi ($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 the United Arab Emirates (+26.9%), while the prices for the other major destinations experienced more modest paces of growth.

Styrene Imports

Imports into South Africa

In 2021, overseas purchases of styrene increased by 41% to X tons for the first time since 2016, thus ending a four-year declining trend. In general, imports, however, showed a relatively flat trend pattern. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, styrene imports soared to $X in 2021. Overall, imports, however, showed a pronounced setback. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Saudi Arabia (X tons) constituted the largest styrene supplier to South Africa, accounting for a 86% share of total imports. Moreover, styrene imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold. Switzerland (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Saudi Arabia stood at -1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+3.0% per year) and Switzerland (+280.4% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of styrene to South Africa, comprising 84% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 6.5% share of total imports. It was followed by the United States, with a 4.4% share.

From 2012 to 2021, the average annual growth rate of value from Saudi Arabia amounted to -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-2.6% per year) and the United States (+3.0% per year).

Import Prices by Country

The average styrene import price stood at $X per ton in 2021, surging by 62% against the previous year. In general, the import price, however, showed a mild shrinkage. 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.

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 the United States ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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