Overview of the Global Market for Polypropylene in Primary Forms

Market Size for Polypropylene in Primary Forms

The global polypropylene in primary forms market dropped slightly to $X in 2022, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Global consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Polypropylene in Primary Forms

In value terms, polypropylene in primary forms production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 19%. Over the period under review, global production reached the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Polypropylene in Primary Forms

Exports

In 2022, shipments abroad of polypropylene in primary forms decreased by -8.9% to X tons for the first time since 2011, thus ending a ten-year rising trend. The total export volume increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 6.2%. As a result, the exports attained the peak of X tons, and then fell in the following year.

In value terms, polypropylene in primary forms exports contracted rapidly to $X in 2022. The total export value increased at an average annual rate of +1.7% 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 2021 with an increase of 49%. As a result, the exports reached the peak of $X, and then declined dramatically in the following year.

Exports by Country

In 2022, Saudi Arabia (X tons), distantly followed by South Korea (X tons), the United Arab Emirates (X tons), China (X tons) and Germany (X tons) represented the major exporters of polypropylene in primary forms, together mixing up 48% of total exports. The United States (X tons), Singapore (X tons), Russia (X tons), Thailand (X tons), Malaysia (X tons), France (X tons), Belgium (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to polypropylene in primary forms exports from Saudi Arabia stood at +2.5%. At the same time, Russia (+30.5%), China (+23.4%), Malaysia (+10.3%), Oman (+9.0%), the United Arab Emirates (+9.0%), South Korea (+6.5%), Thailand (+1.7%) and Singapore (+1.1%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing exporter exported in the world, with a CAGR of +30.5% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, the United States (-1.3%), France (-1.4%) and Belgium (-9.0%) illustrated a downward trend over the same period. China (+4.6 p.p.), Russia (+3.2 p.p.), South Korea (+3 p.p.) and the United Arab Emirates (+2.5 p.p.) significantly strengthened its position in terms of the global exports, while Germany, the United States and Belgium saw its share reduced by -1.7%, -2.1% and -4.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest polypropylene in primary forms supplier worldwide, comprising 20% of global exports. The second position in the ranking was taken by South Korea ($X), with an 8.4% share of global exports. It was followed by the United States, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia amounted to +1.4%. In the other countries, the average annual rates were as follows: South Korea (+4.4% per year) and the United States (+0.9% per year).

Export Prices by Country

The average polypropylene in primary forms export price stood at $X per ton in 2022, which is down by -7.2% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 40%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.3%), while the other global leaders experienced more modest paces of growth.

Imports of Polypropylene in Primary Forms

Imports

After ten years of growth, overseas purchases of polypropylene in primary forms decreased by -5.5% to X tons in 2022. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 6% against the previous year. Global imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, polypropylene in primary forms imports shrank to $X in 2022. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 45%. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

China (X tons) and Turkey (X tons) were the major importers of polypropylene in primary forms in 2022, recording approx. 14% and 9.1% of total imports, respectively. India (X tons) took a 5.2% share (based on physical terms) of total imports, which put it in second place, followed by Italy (4.9%), Indonesia (4.6%) and Vietnam (4.6%). Germany (X tons), Mexico (X tons), Poland (X tons), Malaysia (X tons), Pakistan (X tons), Bangladesh (X tons) and Belgium (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +17.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($X), Turkey ($X) and Italy ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 25% of global imports. Germany, India, Indonesia, Mexico, Vietnam, Poland, Pakistan, Malaysia, Belgium and Bangladesh lagged somewhat behind, together accounting for a further 33%.

Among the main importing countries, Malaysia, with a CAGR of +12.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average polypropylene in primary forms import price amounted to $X per ton, with a decrease of -2.8% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 41% against the previous year. Global import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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