ASEAN: Silicone Market 2024

Silicone Market Size in ASEAN

The ASEAN silicone market expanded sharply to $X in 2023, with an increase of X% against the previous year. The total consumption indicated noticeable growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. As a result, consumption reached the peak level of $X; afterwards, it flattened through to 2023.

Silicone Production in ASEAN

In value terms, silicone production rose to $X in 2023 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Silicone Exports

Exports in ASEAN

In 2023, shipments abroad of silicones (in primary forms) decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. Total exports indicated a slight increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2022, and then dropped significantly in the following year.

In value terms, silicone exports fell markedly to $X in 2023. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when exports increased by X%. As a result, the exports attained the peak of $X, and then shrank notably in the following year.

Exports by Country

Thailand was the key exporter of silicones (in primary forms) in ASEAN, with the volume of exports amounting to X tons, which was near X% of total exports in 2023. Vietnam (X tons) took the second position in the ranking, followed by Singapore (X tons), Malaysia (X tons) and Indonesia (X tons). All these countries together held near X% share of total exports.

Thailand experienced a relatively flat trend pattern with regard to volume of exports of silicones (in primary forms). At the same time, Vietnam (X%) and Indonesia (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2023. Malaysia and Singapore experienced a relatively flat trend pattern. While the share of Vietnam (X p.p.) and Indonesia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Singapore (X p.p.) and Thailand (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest silicone supplier in ASEAN, comprising X% of total exports. The second position in the ranking was taken by Singapore ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

In Thailand, silicone exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Singapore (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2023, the export price in ASEAN amounted to $X per ton, with a decrease of X% against the previous year. In general, the export price saw a slight reduction. The pace of growth appeared the most rapid in 2022 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

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

Silicone Imports

Imports in ASEAN

In 2023, after two years of growth, there was significant decline in overseas purchases of silicones (in primary forms), when their volume decreased by X% to X tons. The total import volume 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 in certain years. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2022, and then fell remarkably in the following year.

In value terms, silicone imports dropped significantly to $X in 2023. Total imports indicated mild growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2022 when imports increased by X%. As a result, imports attained the peak of $X, and then fell remarkably in the following year.

Imports by Country

In 2023, Vietnam (X tons), distantly followed by Thailand (X tons), Indonesia (X tons), Malaysia (X tons), Singapore (X tons) and the Philippines (X tons) represented the major importers of silicones (in primary forms), together constituting X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Malaysia ($X) and Thailand ($X) were the countries with the highest levels of imports in 2023, together accounting for X% of total imports.

Vietnam, 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 more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2023, dropping by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 an increase of X%. As a result, import price attained the peak level of $X per ton, and then fell in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Malaysia ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform