ASEAN: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in ASEAN

In 2022, the ASEAN ethylene glycol market increased by 39% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ethylene Glycol Production in ASEAN

In value terms, ethylene glycol production stood at $X in 2022 estimated in export price. Over the period under review, production, however, recorded a pronounced decrease. The growth pace was the most rapid in 2017 when the production volume increased by 24% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Ethylene Glycol Exports

Exports in ASEAN

In 2022, approx. X tons of ethylene glycol (ethanediol) were exported in ASEAN; which is down by -32.9% compared with 2021 figures. Over the period under review, exports showed a noticeable shrinkage. The growth pace was the most rapid in 2017 with an increase of 35% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, ethylene glycol exports shrank markedly to $X in 2022. Overall, exports saw a deep downturn. The pace of growth appeared the most rapid in 2017 with an increase of 74% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Singapore was the main exporter of ethylene glycol (ethanediol) in ASEAN, with the volume of exports resulting at X tons, which was approx. 74% of total exports in 2022. It was distantly followed by Malaysia (X tons), constituting a 22% share of total exports. The following exporters - the Philippines (X tons) and Thailand (X tons) - each accounted for a 3.6% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to ethylene glycol exports from Singapore stood at -4.9%. At the same time, the Philippines (+60.8%) and Malaysia (+2.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +60.8% from 2012-2022. By contrast, Thailand (-14.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia and the Philippines increased by +10 and +2.1 percentage points, respectively.

In value terms, Singapore ($X) remains the largest ethylene glycol supplier in ASEAN, comprising 76% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total exports. It was followed by the Philippines, with a 3.1% share.

In Singapore, ethylene glycol exports plunged by an average annual rate of -9.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (-4.0% per year) and the Philippines (+44.7% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with a decrease of -11.2% against the previous year. Overall, the export price saw a abrupt slump. The most prominent rate of growth was recorded in 2021 when the export price increased by 46% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, 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 the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (-2.3%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in ASEAN

Ethylene glycol imports soared to X tons in 2022, with an increase of 18% on the previous year. Total imports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +123.5% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 37% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, ethylene glycol imports surged to $X in 2022. In general, imports, however, saw a pronounced slump. The growth pace was the most rapid in 2017 with an increase of 80% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Indonesia was the major importer of ethylene glycol (ethanediol) in ASEAN, with the volume of imports accounting for X tons, which was approx. 44% of total imports in 2022. Vietnam (X tons) took a 24% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (21%) and Singapore (10%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +15.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) constitutes the largest market for imported ethylene glycol (ethanediol) in ASEAN, comprising 50% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 20% share of total imports. It was followed by Thailand, with a 20% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Indonesia amounted to -1.3%. In the other countries, the average annual rates were as follows: Vietnam (+8.9% per year) and Thailand (-1.5% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, growing by 2.6% against the previous year. Over the period under review, the import price, however, recorded a noticeable setback. The growth pace was the most rapid in 2017 when the import price increased by 31%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Indonesia ($X per ton) and Thailand ($X per ton), while Vietnam ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-3.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform