Polyolefins other than Polypropylene Market

The article discusses the increasing demand for polyolefins other than polypropylene worldwide, with forecasts showing growth in both consumption and market value. Insights on key market players such as China, the United States, and Japan are provided, along with trends in production, imports, and exports. The analysis covers the period from 2012 to 2022, highlighting fluctuations in market performance and trends in consumption patterns.

Market Forecast

Driven by increasing demand for polyolefins other than polypropylene worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market volume to 46M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.6% for the period from 2022 to 2030, which is projected to bring the market value to $97.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Polyolefins other than Polypropylene

In 2022, consumption of polyolefins other than polypropylene decreased by -0.5% to 32M tons, falling for the third year in a row after eight years of growth. The total consumption volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at 34M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global polyolefins other than polypropylene market size contracted modestly to $58.4B in 2022, stabilizing at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $63.1B. From 2019 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

China (8.7M tons) remains the largest polyolefins other than polypropylene consuming country worldwide, comprising approx. 27% of total volume. Moreover, polyolefins other than polypropylene consumption in China exceeded the figures recorded by the second-largest consumer, the United States (3.8M tons), twofold. The third position in this ranking was held by Japan (2M tons), with a 6.3% share.

In China, polyolefins other than polypropylene consumption expanded at an average annual rate of +4.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+7.2% per year) and Japan (+4.5% per year).

In value terms, China ($14.7B), the United States ($7.7B) and Japan ($5.5B) were the countries with the highest levels of market value in 2022, with a combined 48% share of the global market.

The United States, with a CAGR of +6.3%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of polyolefins other than polypropylene per capita consumption in 2022 were Canada (18 kg per person), Japan (16 kg per person) and Malaysia (15 kg per person).

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +7.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Polyolefins other than Polypropylene

Global polyolefins other than polypropylene production contracted modestly to 33M tons in 2022, with a decrease of -2.7% on the year before. The total output volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when the production volume increased by 10%. Over the period under review, global production hit record highs at 34M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, polyolefins other than polypropylene production contracted modestly to $51.5B 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 consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 16% against the previous year. As a result, production attained the peak level of $57.9B. From 2019 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (7M tons), the United States (4.3M tons) and South Korea (2.2M tons), with a combined 41% share of global production. Japan, Russia, Brazil, Belgium, Singapore, the Netherlands, Thailand, Democratic Republic of the Congo, Saudi Arabia and the United Arab Emirates lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the United Arab Emirates (with a CAGR of +10.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Polyolefins other than Polypropylene

In 2022, after eight years of growth, there was decline in overseas purchases of polyolefins other than polypropylene, when their volume decreased by -3.2% to 12M tons. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 6% against the previous year. Over the period under review, global imports reached the maximum at 12M tons in 2021, and then fell slightly in the following year.

In value terms, polyolefins other than polypropylene imports totaled $23.2B in 2022. The total import value increased at an average annual rate of +3.2% 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 when imports increased by 40%. Global imports peaked in 2022 and are likely to see steady growth in the near future.

Imports By Country

In 2022, China (1.9M tons), distantly followed by Germany (895K tons) and Italy (712K tons) represented the main importers of polyolefins other than polypropylene, together making up 29% of total imports. Belgium (502K tons), France (500K tons), Turkey (446K tons), India (418K tons), Indonesia (414K tons), Mexico (383K tons), the United States (350K tons), Japan (319K tons), Poland (315K tons) and Spain (294K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to polyolefins other than polypropylene imports into China stood at +3.3%. At the same time, India (+13.1%), the United States (+8.8%), Indonesia (+4.5%), Spain (+3.8%), Poland (+3.7%), Belgium (+3.5%), Japan (+3.5%), Italy (+3.3%), Mexico (+2.3%) and France (+1.2%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +13.1% from 2012-2022. Germany and Turkey experienced a relatively flat trend pattern. India (+2.2 p.p.) significantly strengthened its position in terms of the global imports, while Turkey and Germany saw its share reduced by -1.7% and -1.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3B), Germany ($2B) and Italy ($1.4B) appeared to be the countries with the highest levels of imports in 2022, together accounting for 27% of global imports. France, Belgium, Mexico, Turkey, the United States, India, Poland, Indonesia, Japan and Spain lagged somewhat behind, together comprising a further 34%.

India, with a CAGR of +11.9%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average polyolefins other than polypropylene import price stood at $1,965 per ton in 2022, picking up by 3.5% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 35% against the previous year. Over the period under review, average import prices hit record highs at $2,000 per ton in 2014; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($2,583 per ton), while Indonesia ($1,555 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.

Exports

World Exports of Polyolefins other than Polypropylene

In 2022, shipments abroad of polyolefins other than polypropylene decreased by -8.9% to 12M tons for the first time since 2013, thus ending a eight-year rising trend. The total export volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 8.1% against the previous year. As a result, the exports attained the peak of 13M tons, and then contracted in the following year.

In value terms, polyolefins other than polypropylene exports contracted to $22.5B in 2022. The total export value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 44%. As a result, the exports attained the peak of $24.1B, and then shrank in the following year.

Exports By Country

The biggest shipments were from South Korea (1,789K tons), Belgium (1,588K tons), Singapore (1,200K tons), Germany (875K tons), the United States (861K tons), the Netherlands (832K tons), the United Arab Emirates (613K tons), Taiwan (Chinese) (476K tons), France (415K tons), Thailand (401K tons), Saudi Arabia (356K tons) and Spain (341K tons), together recording 82% of total export.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +12.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest polyolefins other than polypropylene supplying countries worldwide were Belgium ($3.4B), South Korea ($2.5B) and the United States ($2.4B), together comprising 37% of global exports. Singapore, Germany, the Netherlands, France, the United Arab Emirates, Taiwan (Chinese), Thailand, Spain and Saudi Arabia lagged somewhat behind, together accounting for a further 43%.

The United Arab Emirates, with a CAGR of +11.2%, 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 global leaders experienced more modest paces of growth.

Export Prices By Country

The average polyolefins other than polypropylene export price stood at $1,891 per ton in 2022, growing by 2.3% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 33%. Over the period under review, the average export prices attained the peak figure at $1,897 per ton in 2014; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($2,832 per ton), while the United Arab Emirates ($1,287 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform