Thailand: Propene Market 2024

Propene Market Size in Thailand

In 2021, the Thai propene market decreased by -4.2% to $X, falling for the third year in a row after three years of growth. Over the period under review, consumption saw a pronounced slump. Propene consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Propene Production in Thailand

In value terms, propene production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a mild curtailment. The pace of growth appeared the most rapid in 2018 when the production volume increased by 11%. Propene production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Propene Exports

Exports from Thailand

In 2021, overseas shipments of propene (propylene) increased by 42% to X tons, rising for the second consecutive year after two years of decline. Overall, total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +61.4% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 50%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, propene exports soared to $X in 2021. Over the period under review, exports showed a noticeable expansion. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for propene exports from Thailand, with a 49% share of total exports. Moreover, propene exports to Vietnam exceeded the volume sent to the second major destination, Indonesia (X tons), fourfold. Singapore (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +29.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-0.8% per year) and Singapore (+89.4% per year).

In value terms, Vietnam ($X) remains the key foreign market for propene (propylene) exports from Thailand, comprising 50% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 13% share of total exports. It was followed by Singapore, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam totaled +80.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-3.4% per year) and Singapore (+83.0% per year).

Export Prices by Country

The average propene export price stood at $X per ton in 2021, rising by 33% against the previous year. Over the period under review, the export price, however, continues to indicate a mild shrinkage. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to the Philippines ($X per ton) and Malaysia ($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 Vietnam (+39.0%), while the prices for the other major destinations experienced a decline.

Propene Imports

Imports into Thailand

In 2021, supplies from abroad of propene (propylene) decreased by -43.7% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 289% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020, and then contracted rapidly in the following year.

In value terms, propene imports declined remarkably to $X in 2021. Over the period under review, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 426%. Imports peaked at $X in 2020, and then fell sharply in the following year.

Imports by Country

Malaysia (X tons), South Korea (X tons) and Singapore (X tons) were the main suppliers of propene imports to Thailand, together accounting for 72% of total imports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +134.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest propene suppliers to Thailand were South Korea ($X), Malaysia ($X) and Singapore ($X), together accounting for 73% of total imports.

Singapore, with a CAGR of +131.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average propene import price amounted to $X per ton, picking up by 16% against the previous year. Overall, the import price, however, showed a mild setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 35%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Singapore ($X per ton) and Saudi Arabia ($X per ton), while the price for Brunei Darussalam ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+9.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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