Thailand: Styrene Market 2024

Styrene Market Size in Thailand

In 2021, the Thai styrene market increased by 18% 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 +3.2% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Styrene consumption peaked in 2021 and is likely to continue growth in the immediate term.

Styrene Production in Thailand

In value terms, styrene production rose rapidly to $X in 2021 estimated in export price. In general, production recorded a slight decrease. The pace of growth appeared the most rapid in 2017 with an increase of 35% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Styrene Exports

Exports from Thailand

Styrene exports from Thailand contracted rapidly to X tons in 2021, reducing by -81.3% on the previous year. Overall, exports recorded a dramatic downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 219% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, styrene exports fell remarkably to $X in 2021. Over the period under review, exports recorded a sharp setback. The pace of growth was the most pronounced in 2017 with an increase of 188% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for styrene exports from Thailand, with a 97% share of total exports. It was followed by Myanmar (X tons), with a 2.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled -19.4%.

In value terms, China ($X) emerged as the key foreign market for styrene exports from Thailand, comprising 97% of total exports. The second position in the ranking was held by Myanmar ($X), with a 3.3% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China stood at -21.0%.

Export Prices by Country

The average styrene export price stood at $X per ton in 2021, increasing by 80% against the previous year. Overall, the export price, however, continues to indicate a pronounced decrease. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 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 country with the highest price was Myanmar ($X per ton), while the average price for exports to China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+20.9%), while the prices for the other major destinations experienced a decline.

Styrene Imports

Imports into Thailand

In 2021, purchases abroad of styrene increased by 14% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, imports enjoyed a strong expansion. The growth pace was the most rapid in 2015 with an increase of 71% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, styrene imports skyrocketed to $X in 2021. Overall, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +89.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 70% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Singapore (X tons) constituted the largest styrene supplier to Thailand, with a 59% share of total imports. Moreover, styrene imports from Singapore exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold. Indonesia (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Singapore amounted to +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+101.7% per year) and Indonesia (-0.7% per year).

In value terms, Singapore ($X) constituted the largest supplier of styrene to Thailand, comprising 60% of total imports. The second position in the ranking was held by Malaysia ($X), with a 16% share of total imports. It was followed by Indonesia, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Singapore stood at +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+80.4% per year) and Indonesia (-2.7% per year).

Import Prices by Country

The average styrene import price stood at $X per ton in 2021, picking up by 46% against the previous year. Over the period under review, the import price, however, recorded a pronounced curtailment. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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