Thailand: Silicone Market 2024

Silicone Market Size in Thailand

In 2021, the Thai silicone market decreased by -26.3% to $X, falling for the second consecutive year after three years of growth. In general, consumption recorded a perceptible reduction. 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.

Silicone Production in Thailand

In value terms, silicone production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 20%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Silicone Exports

Exports from Thailand

In 2021, silicone exports from Thailand rose significantly to X tons, surging by 5.2% compared with the year before. Overall, total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.8% 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 +50.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 43%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, silicone exports surged to $X in 2021. In general, total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 28% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), South Korea (X tons) and the United States (X tons) were the main destinations of silicone exports from Thailand, together comprising 52% of total exports. These countries were followed by the Netherlands, Vietnam, Malaysia, India, Japan, Indonesia, Taiwan (Chinese) and Australia, which together accounted for a further 37%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +17.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for silicone exported from Thailand were China ($X), the United States ($X) and South Korea ($X), with a combined 47% share of total exports. These countries were followed by the Netherlands, Vietnam, Indonesia, India, Malaysia, Japan, Taiwan (Chinese) and Australia, which together accounted for a further 40%.

Among the main countries of destination, the Netherlands, with a CAGR of +15.7%, saw the highest rates of growth with regard to 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

The average silicone export price stood at $X per ton in 2021, with an increase of 14% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 28%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+2.1%), while the prices for the other major destinations experienced more modest paces of growth.

Silicone Imports

Imports into Thailand

Silicone imports into Thailand expanded to X tons in 2021, with an increase of 2.8% against the previous year's figure. The total import volume increased at an average annual rate of +3.5% 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 2018 when imports increased by 17% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, silicone imports rose markedly to $X in 2021. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2021; 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 21%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of silicone to Thailand, accounting for a 38% share of total imports. Moreover, silicone imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+2.2% per year) and the United States (-1.2% per year).

In value terms, the largest silicone suppliers to Thailand were China ($X), Japan ($X) and the United States ($X), together comprising 70% of total imports.

China, with a CAGR of +15.1%, saw the highest rates of growth with regard to 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 silicone import price amounted to $X per ton, with an increase of 5.6% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 6.5% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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