Thailand: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in Thailand

In 2022, the Thai polypropylene in primary forms market increased by 7% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; afterwards, it flattened through to 2022.

Production of Polypropylene in Primary Forms in Thailand

In value terms, polypropylene in primary forms production fell to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 22%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Exports of Polypropylene in Primary Forms

Exports from Thailand

In 2022, the amount of polypropylene in primary forms exported from Thailand contracted to X tons, dropping by -12.5% against 2021. The total export volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 34% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, polypropylene in primary forms exports dropped notably to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 40%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons), Indonesia (X tons) and Vietnam (X tons) were the main destinations of polypropylene in primary forms exports from Thailand, together comprising 64% of total exports. India, Myanmar, the Philippines, Japan, Bangladesh, Malaysia, Australia, Cambodia and Hong Kong SAR lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +13.5%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and Vietnam ($X) were the largest markets for polypropylene in primary forms exported from Thailand worldwide, together comprising 61% of total exports. India, Myanmar, Japan, the Philippines, Bangladesh, Malaysia, Australia, Cambodia and Hong Kong SAR lagged somewhat behind, together comprising a further 34%.

Among the main countries of destination, Australia, with a CAGR of +11.8%, saw the highest growth rate of the value of exports, 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 polypropylene in primary forms export price amounted to $X per ton, falling by -5.4% against the previous year. In general, the export price showed a perceptible downturn. The pace of growth was the most pronounced in 2021 when the average export price increased by 33% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and Japan ($X per ton), while the average price for exports to China ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (-0.8%), while the prices for the other major destinations experienced a decline.

Imports of Polypropylene in Primary Forms

Imports into Thailand

In 2022, supplies from abroad of polypropylene in primary forms increased by 17% to X tons, rising for the second year in a row after three years of decline. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.4% 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 +57.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 35%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, polypropylene in primary forms imports expanded rapidly to $X in 2022. In general, imports, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 55%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Saudi Arabia (X tons), South Korea (X tons) and China (X tons) were the main suppliers of polypropylene in primary forms imports to Thailand, with a combined 59% share of total imports. Singapore, the United Arab Emirates, Japan, Vietnam, Taiwan (Chinese) and the United States lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +33.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), China ($X) and South Korea ($X) appeared to be the largest polypropylene in primary forms suppliers to Thailand, with a combined 57% share of total imports. Japan, Singapore, the United Arab Emirates, Vietnam, Taiwan (Chinese) and the United States lagged somewhat behind, together accounting for a further 32%.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +24.8%, saw 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 average polypropylene in primary forms import price stood at $X per ton in 2022, shrinking by -3.5% against the previous year. Overall, the import price recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when the average import price increased by 15% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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