Thailand: Propylene Oxide Market 2024

Propylene Oxide Market Size in Thailand

In 2021, the Thai propylene oxide market decreased by -39% to $X, falling for the second year in a row after five years of growth. Overall, consumption, however, enjoyed a significant expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Propylene Oxide Production in Thailand

In value terms, propylene oxide production totaled $X in 2021 estimated in export price. In general, production saw a noticeable downturn. The growth pace was the most rapid in 2018 when the production volume increased by 8.2%. Propylene oxide production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Propylene Oxide Exports

Exports from Thailand

In 2021, shipments abroad of methyloxirane (propylene oxide) increased by 82% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, showed a abrupt descent. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, propylene oxide exports surged to $X in 2021. Overall, exports, however, saw a abrupt slump. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for propylene oxide exports from Thailand, accounting for a 82% share of total exports. Moreover, propylene oxide exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), ninefold. South Korea (X tons) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-1.3% per year) and South Korea (-14.5% per year).

In value terms, China ($X) remains the key foreign market for methyloxirane (propylene oxide) exports from Thailand, comprising 81% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 9.3% share of total exports. It was followed by South Korea, with a 4.4% share.

From 2012 to 2021, the average annual growth rate of value to China totaled -5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-2.3% per year) and South Korea (-14.9% per year).

Export Prices by Country

In 2021, the average propylene oxide export price amounted to $X per ton, with an increase of 75% against the previous year. Over the period under review, the export price, however, continues to indicate a slight descent. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were South Korea ($X per ton) and Malaysia ($X per ton), while the average price for exports to China ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+6.9%), while the prices for the other major destinations experienced a decline.

Propylene Oxide Imports

Imports into Thailand

In 2021, supplies from abroad of methyloxirane (propylene oxide) decreased by -65.1% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports recorded a perceptible descent. The pace of growth appeared the most rapid in 2020 when imports increased by 54%. As a result, imports reached the peak of X tons, and then declined significantly in the following year.

In value terms, propylene oxide imports contracted dramatically to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 56% against the previous year. As a result, imports reached the peak of $X, and then reduced remarkably in the following year.

Imports by Country

In 2021, Singapore (X tons) constituted the largest propylene oxide supplier to Thailand, accounting for a 62% share of total imports. Moreover, propylene oxide imports from Singapore exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), twofold. South Korea (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Singapore stood at +12.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-15.4% per year) and South Korea (+6.3% per year).

In value terms, Singapore ($X) constituted the largest supplier of methyloxirane (propylene oxide) to Thailand, comprising 61% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 26% share of total imports. It was followed by South Korea, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore amounted to +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-12.4% per year) and South Korea (+6.7% per year).

Import Prices by Country

In 2021, the average propylene oxide import price amounted to $X per ton, picking up by 67% against the previous year. Over the period under review, import price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, propylene oxide import price increased by +69.7% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Saudi Arabia ($X per ton) and Singapore ($X per ton), while the price for Japan ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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