Asia: Ethanol Market 2024

Ethanol Market Size in Asia

After four years of growth, the Asian ethanol market decreased by -6.4% to $X in 2022. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +53.8% against 2017 indices. The level of consumption peaked at $X in 2021, and then fell in the following year.

Ethanol Production in Asia

In value terms, ethanol production expanded to $X in 2022 estimated in export price. The total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 -2.0% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 32% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Ethanol Exports

Exports in Asia

In 2022, approx. X litres of ethyl alcohol were exported in Asia; growing by 20% compared with the previous year's figure. In general, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 64%. The volume of export peaked at X litres in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, ethanol exports skyrocketed to $X in 2022. Overall, exports, however, showed a noticeable curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 106% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Pakistan prevails in exports structure, recording X litres, which was near 73% of total exports in 2022. It was distantly followed by India (X litres), comprising a 9.5% share of total exports. South Korea (X litres), Indonesia (X litres), Vietnam (X litres), China (X litres) and Singapore (X litres) followed a long way behind the leaders.

Pakistan was also the fastest-growing in terms of the ethyl alcohol exports, with a CAGR of +15.2% from 2012 to 2022. At the same time, South Korea (+8.4%) displayed positive paces of growth. By contrast, Singapore (-2.6%), Indonesia (-2.6%), India (-2.7%), China (-11.9%) and Vietnam (-12.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Pakistan and South Korea increased by +54 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Pakistan ($X) remains the largest ethanol supplier in Asia, comprising 67% of total exports. The second position in the ranking was taken by India ($X), with a 10% share of total exports. It was followed by South Korea, with a 4.7% share.

In Pakistan, ethanol exports expanded at an average annual rate of +11.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (-5.2% per year) and South Korea (+8.9% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per litre, with an increase of 1.7% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 31% against the previous year. The level of export peaked at $X per litre in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per litre), while Pakistan ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.4%), while the other leaders experienced mixed trends in the export price figures.

Ethanol Imports

Imports in Asia

In 2022, supplies from abroad of ethyl alcohol decreased by -32.1% to X litres for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 86% against the previous year. As a result, imports attained the peak of X litres. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, ethanol imports expanded modestly to $X in 2022. Overall, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 81% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

South Korea (X litres) and Japan (X litres) represented roughly 46% of total imports in 2022. The Philippines (X litres) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by India (12%), China (10%) and Singapore (5.9%). Turkey (X litres) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +31.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Japan ($X) were the countries with the highest levels of imports in 2022, together accounting for 58% of total imports.

China, with a CAGR of +48.0%, recorded the highest growth rate of the value of imports, among 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 2022, the import price in Asia amounted to $X per litre, picking up by 53% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per litre), while South Korea ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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