ASEAN: Market for Refined or Synthetic Glycerol 2025

Market Size for Refined or Synthetic Glycerol in ASEAN

In 2022, the ASEAN refined or synthetic glycerol market increased by 11% to $X for the first time since 2019, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in years to come.

Production of Refined or Synthetic Glycerol in ASEAN

In value terms, refined or synthetic glycerol production amounted to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.0% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 44%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Refined or Synthetic Glycerol

Exports in ASEAN

In 2022, the amount of refined or synthetic glycerol exported in ASEAN skyrocketed to X tons, growing by 89% on 2021 figures. Over the period under review, exports enjoyed a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined or synthetic glycerol exports skyrocketed to $X in 2022. Overall, exports continue to indicate a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Indonesia (X tons) was the key exporter of refined or synthetic glycerol, achieving 82% of total exports. It was distantly followed by Malaysia (X tons), mixing up a 16% share of total exports. Thailand (X tons) held a relatively small share of total exports.

Indonesia was also the fastest-growing in terms of the refined or synthetic glycerol exports, with a CAGR of +22.0% from 2012 to 2022. At the same time, Thailand (+12.2%) and Malaysia (+2.1%) displayed positive paces of growth. From 2012 to 2022, the share of Indonesia increased by +39 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) remains the largest refined or synthetic glycerol supplier in ASEAN, comprising 81% of total exports. The second position in the ranking was held by Malaysia ($X), with a 16% share of total exports.

In Indonesia, refined or synthetic glycerol exports increased at an average annual rate of +26.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+3.5% per year) and Thailand (+18.0% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, rising by 5.7% against the previous year. Export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined or synthetic glycerol export price increased by +53.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 45% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Malaysia ($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 (+5.2%), while the other leaders experienced more modest paces of growth.

Imports of Refined or Synthetic Glycerol

Imports in ASEAN

In 2022, after two years of growth, there was decline in overseas purchases of refined or synthetic glycerol, when their volume decreased by -2.5% to X tons. Total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.6% 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 +30.3% against 2019 indices. The pace of growth was the most pronounced in 2016 when imports increased by 39% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, refined or synthetic glycerol imports soared to $X in 2022. In general, imports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 88% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Thailand (X tons) was the main importer of refined or synthetic glycerol, committing 41% of total imports. It was distantly followed by Malaysia (X tons), the Philippines (X tons), Vietnam (X tons) and Indonesia (X tons), together constituting a 54% share of total imports. Singapore (X tons) followed a long way behind the leaders.

Imports into Thailand increased at an average annual rate of +1.7% from 2012 to 2022. At the same time, Vietnam (+12.4%), the Philippines (+12.4%), Indonesia (+10.9%) and Malaysia (+4.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +12.4% from 2012-2022. By contrast, Singapore (-10.8%) illustrated a downward trend over the same period. The Philippines (+10 p.p.), Vietnam (+6.4 p.p.) and Indonesia (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while Thailand and Singapore saw its share reduced by -8.3% and -12.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported refined or synthetic glycerol in ASEAN, comprising 47% of total imports. The second position in the ranking was held by the Philippines ($X), with a 23% share of total imports. It was followed by Malaysia, with a 13% share.

In Thailand, refined or synthetic glycerol imports expanded at an average annual rate of +8.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+19.6% per year) and Malaysia (+4.7% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, growing by 41% against the previous year. Import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined or synthetic glycerol import price increased by +99.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 42% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform