Eastern Asia: Synthetic Yarn Market 2024

Synthetic Yarn Market Size in Eastern Asia

The East Asian synthetic yarn market soared to $X in 2023, growing by X% against the previous year. In general, consumption, however, saw a noticeable decrease. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Synthetic Yarn Production in Eastern Asia

In value terms, synthetic yarn production rose rapidly to $X in 2023 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

Synthetic Yarn Exports

Exports in Eastern Asia

In 2023, after two years of growth, there was significant decline in overseas shipments of yarn of synthetic or artificial staple fibers, when their volume decreased by X% to X tons. The total export 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 throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of X%. The volume of export peaked at X tons in 2022, and then fell in the following year.

In value terms, synthetic yarn exports fell remarkably to $X in 2023. Over the period under review, exports recorded a slight reduction. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2022, and then contracted remarkably in the following year.

Exports by Country

The shipments of the one major exporters of yarn of synthetic or artificial staple fibers, namely China, represented more than two-thirds of total export.

China was also the fastest-growing in terms of the yarn of synthetic or artificial staple fibers exports, with a CAGR of X% from 2012 to 2023. From 2012 to 2023, the share of China increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest synthetic yarn supplier in Eastern Asia.

From 2012 to 2023, the average annual rate of growth in terms of value in China was relatively modest.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the export price showed a abrupt contraction. The growth pace was the most rapid in 2018 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2023, the rate of growth in terms of prices for China amounted to X% per year.

Synthetic Yarn Imports

Imports in Eastern Asia

Synthetic yarn imports expanded notably to X tons in 2023, surging by X% on 2022 figures. In general, imports, however, saw a abrupt setback. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2023, imports failed to regain momentum.

In value terms, synthetic yarn imports totaled $X in 2023. Overall, imports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

South Korea represented the key importing country with an import of about X tons, which finished at X% of total imports. China (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Japan (X%) and Taiwan (Chinese) (X%). Hong Kong SAR (X tons) held a minor share of total imports.

Imports into South Korea decreased at an average annual rate of X% from 2012 to 2023. At the same time, Taiwan (Chinese) (X%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2023. By contrast, China (X%), Japan (X%) and Hong Kong SAR (X%) illustrated a downward trend over the same period. While the share of China (X p.p.), Taiwan (Chinese) (X p.p.) and Japan (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Hong Kong SAR (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) constitutes the largest market for imported yarn of synthetic or artificial staple fibers in Eastern Asia, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in South Korea amounted to X%. In the other countries, the average annual rates were as follows: Japan (X% per year) and China (X% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2023, reducing by X% against the previous year. Over the period under review, the import price recorded a perceptible setback. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of destination: 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 a decline in the import price figures.

Source: IndexBox Platform