South-Eastern Asia: Silicone Market 2024

Silicone Market Size in South-Eastern Asia

The Southeast Asian silicone market contracted to $X in 2021, dropping by -6.8% against the previous year. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Silicone Production in South-Eastern Asia

In value terms, silicone production reduced to $X in 2021 estimated in export price. The total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +73.7% against 2016 indices. The most prominent rate of growth was recorded in 2018 with an increase of 38% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

Silicone Exports

Exports in South-Eastern Asia

In 2021, silicone exports in South-Eastern Asia rose notably to X tons, picking up by 11% against the previous year's figure. Total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +101.4% against 2013 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 25% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, silicone exports surged to $X in 2021. Total exports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.7% 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 2018 when exports increased by 30%. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

Thailand represented the major exporting country with an export of about X tons, which amounted to 65% of total exports. Vietnam (X tons) ranks second in terms of the total exports with a 15% share, followed by Singapore (9.1%) and Malaysia (6%). Indonesia (X tons) followed a long way behind the leaders.

Exports from Thailand increased at an average annual rate of +6.8% from 2012 to 2021. At the same time, Vietnam (+78.5%), Indonesia (+31.6%), Malaysia (+14.7%) and Singapore (+1.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +78.5% from 2012-2021. While the share of Vietnam (+15 p.p.), Indonesia (+3.5 p.p.) and Malaysia (+2.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Thailand (-3.6 p.p.) and Singapore (-6 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) remains the largest silicone supplier in South-Eastern Asia, comprising 59% of total exports. The second position in the ranking was taken by Singapore ($X), with a 20% share of total exports. It was followed by Vietnam, with a 12% share.

In Thailand, silicone exports expanded at an average annual rate of +6.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Singapore (-0.1% per year) and Vietnam (+67.1% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, growing by 15% against the previous year. Over the period under review, the export price, however, recorded a noticeable descent. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-0.4%), while the other leaders experienced a decline in the export price figures.

Silicone Imports

Imports in South-Eastern Asia

In 2021, supplies from abroad of silicones (in primary forms) was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +5.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 30% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, silicone imports surged to $X in 2021. The total import value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 29% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

Vietnam was the largest importing country with an import of about X tons, which finished at 34% of total imports. Thailand (X tons) held the second position in the ranking, followed by Indonesia (X tons), Malaysia (X tons), Singapore (X tons) and the Philippines (X tons). All these countries together held near 65% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +18.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Thailand ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2021, together accounting for 68% of total imports.

In terms of the main importing countries, Vietnam, with a CAGR of +17.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, increasing by 9.6% against the previous year. Overall, the import price, however, continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2018 an increase of 13%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Singapore ($X per ton) and the Philippines ($X per ton), while Indonesia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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