Asia: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in Asia

In 2022, the Asian ethylene glycol market increased by 10% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Ethylene Glycol Production in Asia

In value terms, ethylene glycol production fell slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2015 when the production volume increased by 41% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Ethylene Glycol Exports

Exports in Asia

In 2022, shipments abroad of ethylene glycol (ethanediol) decreased by -41.4% to X tons, falling for the third consecutive year after two years of growth. Overall, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 65% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, ethylene glycol exports declined rapidly to $X in 2022. In general, exports faced a deep contraction. The growth pace was the most rapid in 2015 with an increase of 41%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The shipments of the four major exporters of ethylene glycol (ethanediol), namely Taiwan (Chinese), Kuwait, Iran and Singapore, represented more than two-thirds of total export. It was distantly followed by Malaysia (X tons), comprising a 4.5% share of total exports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of +3.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), Kuwait ($X) and Singapore ($X) constituted the countries with the highest levels of exports in 2022, with a combined 68% share of total exports. Iran, South Korea and Malaysia lagged somewhat behind, together accounting for a further 25%.

Iran, with a CAGR of -2.5%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, reducing by -11.4% against the previous year. In general, the export price saw a noticeable setback. The pace of growth was the most pronounced in 2021 when the export price increased by 40%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Singapore ($X per ton) and South Korea ($X per ton), while Malaysia ($X per ton) and Iran ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-4.9%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in Asia

In 2022, supplies from abroad of ethylene glycol (ethanediol) decreased by -1.7% to X tons, falling for the second year in a row after four years of growth. The total import volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 26%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, ethylene glycol imports shrank to $X in 2022. Over the period under review, imports continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2017 with an increase of 49%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China was the key importer of ethylene glycol (ethanediol) in Asia, with the volume of imports resulting at X tons, which was approx. 62% of total imports in 2022. India (X tons) ranks second in terms of the total imports with a 12% share, followed by Turkey (8.4%). The following importers - Indonesia (X tons), Pakistan (X tons), Vietnam (X tons) and South Korea (X tons) - together made up 11% of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of ethylene glycol (ethanediol). At the same time, Turkey (+21.6%), Vietnam (+15.0%), India (+7.9%), Pakistan (+2.5%) and Indonesia (+2.1%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in Asia, with a CAGR of +21.6% from 2012-2022. By contrast, South Korea (-5.2%) illustrated a downward trend over the same period. Turkey (+7.1 p.p.), India (+5.5 p.p.) and Vietnam (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while South Korea and China saw its share reduced by -2.1% and -12.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported ethylene glycol (ethanediol) in Asia, comprising 60% of total imports. The second position in the ranking was held by India ($X), with an 11% share of total imports. It was followed by Turkey, with an 8.9% share.

In China, ethylene glycol imports shrank by an average annual rate of -5.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: India (+1.6% per year) and Turkey (+14.8% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, waning by -8.7% against the previous year. In general, the import price recorded a abrupt setback. The pace of growth appeared the most rapid in 2021 when the import price increased by 38% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Indonesia ($X per ton) and South Korea ($X per ton), while India ($X per ton) and China ($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

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