Eastern Asia: Silicone Market 2024

Silicone Market Size in Eastern Asia

The East Asian silicone market rose remarkably to $X in 2023, increasing by X% against the previous year. The total consumption indicated a remarkable increase 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. Based on 2023 figures, consumption decreased by X% against 2021 indices. Over the period under review, the market reached the peak level at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Silicone Production in Eastern Asia

In value terms, silicone production rose remarkably to $X in 2023 estimated in export price. The total production indicated a resilient increase 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. Based on 2023 figures, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Silicone Exports

Exports in Eastern Asia

In 2023, after three years of growth, there was significant decline in shipments abroad of silicones (in primary forms), when their volume decreased by X% to X tons. Overall, exports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. The volume of export peaked at X tons in 2022, and then reduced in the following year.

In value terms, silicone exports shrank dramatically to $X in 2023. In general, exports, however, showed temperate growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then fell rapidly in the following year.

Exports by Country

China prevails in exports structure, accounting for X tons, which was near X% of total exports in 2023. Japan (X tons) took the second position in the ranking, followed by South Korea (X tons). All these countries together took near X% share of total exports. Taiwan (Chinese) (X tons) held a minor share of total exports.

China was also the fastest-growing in terms of the silicones (in primary forms) exports, with a CAGR of X% from 2012 to 2023. South Korea (X%), Taiwan (Chinese) (X%) and Japan (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of China increased by X percentage points.

In value terms, the largest silicone supplying countries in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together comprising X% of total exports.

China, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Eastern Asia amounted to $X per ton, declining by X% against the previous year. In general, the export price showed a slight slump. The most prominent rate of growth was recorded in 2016 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2023, the export prices remained at a somewhat lower figure.

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

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

Silicone Imports

Imports in Eastern Asia

In 2023, purchases abroad of silicones (in primary forms) decreased by X% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports saw a slight decline. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, silicone imports shrank to $X in 2023. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, South Korea (X tons) and China (X tons) represented the key importers of silicones (in primary forms) in Eastern Asia, together creating X% of total imports. Taiwan (Chinese) (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Japan (X%). Hong Kong SAR (X tons) followed a long way behind the leaders.

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

In value terms, the largest silicone importing markets in Eastern Asia were China ($X), South Korea ($X) and Taiwan (Chinese) ($X), with a combined X% share of total imports.

Taiwan (Chinese), with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of 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

In 2023, the import price in Eastern Asia amounted to $X per ton, reducing by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2022, and then dropped 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 Hong Kong SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform