Asia: Styrene Market 2024

Styrene Market Size in Asia

The Asian styrene market declined slightly to $X in 2023, falling by X% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.

Styrene Production in Asia

In value terms, styrene production expanded markedly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Styrene Exports

Exports in Asia

In 2023, shipments abroad of styrene decreased by X% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, exports saw a noticeable downturn. The growth pace was the most rapid in 2019 with an increase of X%. The volume of export peaked at X tons in 2014; however, from 2015 to 2023, the exports failed to regain momentum.

In value terms, styrene exports shrank sharply to $X in 2023. Overall, exports showed a perceptible slump. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports by Country

Saudi Arabia was the key exporting country with an export of about X tons, which reached X% of total exports. South Korea (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (X%), Kuwait (X%), Taiwan (Chinese) (X%), China (X%) and Japan (X%).

Saudi Arabia experienced a relatively flat trend pattern with regard to volume of exports of styrene. At the same time, China (X%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. Taiwan (Chinese) and Kuwait experienced a relatively flat trend pattern. By contrast, Singapore (X%), South Korea (X%) and Japan (X%) illustrated a downward trend over the same period. While the share of China (X p.p.), Saudi Arabia (X p.p.), Kuwait (X p.p.) and Taiwan (Chinese) (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of South Korea (X p.p.) and Japan (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest styrene supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with a X% share of total exports. It was followed by Kuwait, with an X% share.

From 2012 to 2023, the average annual growth rate of value in Saudi Arabia was relatively modest. In the other countries, the average annual rates were as follows: South Korea (X% per year) and Kuwait (X% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price saw a mild contraction. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the export price figures.

Styrene Imports

Imports in Asia

In 2023, approx. X tons of styrene were imported in Asia; falling by X% against 2022 figures. In general, imports saw a noticeable decline. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2023, imports remained at a lower figure.

In value terms, styrene imports contracted rapidly to $X in 2023. Over the period under review, imports showed a abrupt setback. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports remained at a lower figure.

Imports by Country

India (X tons), China (X tons), Turkey (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) represented roughly X% of total imports in 2023. The following importers - Malaysia (X tons) and Hong Kong SAR (X tons) - each amounted to a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Turkey (with a CAGR of X%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, India ($X), China ($X) and Turkey ($X) appeared to be the countries with the highest levels of imports in 2023, together comprising X% of total imports.

Turkey, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2023, the import price in Asia amounted to $X per ton, falling by X% against the previous year. Overall, the import price showed a perceptible descent. The pace of growth was the most pronounced in 2021 when the import price increased by X%. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2023, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2023, major importing countries recorded the following prices: in South Korea ($X per ton) and Taiwan (Chinese) ($X per ton), while India ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform