South-Eastern Asia: Styrene Market 2024

Styrene Market Size in South-Eastern Asia

In 2021, the Southeast Asian styrene market increased by 14% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in the near future.

Styrene Production in South-Eastern Asia

In value terms, styrene production expanded remarkably to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a slight reduction. The growth pace was the most rapid in 2017 when the production volume increased by 31% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Styrene Exports

Exports in South-Eastern Asia

In 2021, approx. X tons of styrene were exported in South-Eastern Asia; rising by 36% against the previous year. Over the period under review, exports recorded a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, styrene exports surged to $X in 2021. Overall, exports, however, continue to indicate a noticeable decline. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Singapore prevails in exports structure, finishing at X tons, which was approx. 85% of total exports in 2021. Indonesia (X tons) took the second position in the ranking, followed by Malaysia (X tons). All these countries together took approx. 15% share of total exports.

Singapore experienced a relatively flat trend pattern with regard to volume of exports of styrene. At the same time, Malaysia (+4.6%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +4.6% from 2012-2021. By contrast, Indonesia (-5.0%) illustrated a downward trend over the same period. While the share of Singapore (+5.9 p.p.) and Malaysia (+2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Indonesia (-5.2 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) remains the largest styrene supplier in South-Eastern Asia, comprising 85% of total exports. The second position in the ranking was taken by Indonesia ($X), with an 8.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore amounted to -1.4%. In the other countries, the average annual rates were as follows: Indonesia (-7.3% per year) and Malaysia (+2.4% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, increasing by 61% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible slump. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably 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 Malaysia (-2.1%), while the other leaders experienced a decline in the export price figures.

Styrene Imports

Imports in South-Eastern Asia

For the third year in a row, South-Eastern Asia recorded growth in purchases abroad of styrene, which increased by 6.2% to X tons in 2021. The total import volume increased at an average annual rate of +4.4% over the period 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 2019 when imports increased by 35%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, styrene imports soared to $X in 2021. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons), Thailand (X tons) and Vietnam (X tons) represented the major importer of styrene in South-Eastern Asia, generating 97% of total import. Indonesia (X tons) took a relatively small 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 +11.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest styrene importing markets in South-Eastern Asia were Malaysia ($X), Thailand ($X) and Vietnam ($X), with a combined 97% share of total imports.

Thailand, with a CAGR of +8.4%, saw the highest growth rate of the value of imports, among the main importing countries 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, growing by 50% against the previous year. In general, the import price, however, saw a pronounced curtailment. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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