Asia: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in Asia

The Asian refined or synthetic glycerol market expanded rapidly to $X in 2022, rising by 8.2% against the previous year. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +29.8% against 2020 indices. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in the near future.

Production of Refined or Synthetic Glycerol in Asia

In value terms, refined or synthetic glycerol production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when the production volume increased by 14% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Refined or Synthetic Glycerol

Exports in Asia

For the fourth consecutive year, Asia recorded growth in overseas shipments of refined or synthetic glycerol, which increased by 88% to X tons in 2022. In general, exports saw a strong 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 showed a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia was the largest exporting country with an export of about X tons, which amounted to 80% of total exports. It was distantly followed by Malaysia (X tons), comprising a 16% share of total exports. Thailand (X tons) followed a long way behind the leaders.

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 ($X) remains the largest refined or synthetic glycerol supplier in Asia, comprising 78% of total exports. The second position in the ranking was held by Malaysia ($X), with a 15% 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. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+3.5% per year) and Thailand (+18.0% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, increasing by 5.6% against the previous year. Export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.2% 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 +52.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 44%. Over the period under review, the export prices hit record highs in 2022 and is likely to continue growth in years to come.

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 Asia

In 2022, after five years of growth, there was decline in supplies from abroad of refined or synthetic glycerol, when their volume decreased by -3.9% to X tons. Overall, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 23% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, refined or synthetic glycerol imports surged to $X in 2022. In general, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 86%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

China prevails in imports structure, accounting for X tons, which was near 51% of total imports in 2022. Japan (X tons) held a 9.3% share (based on physical terms) of total imports, which put it in second place, followed by India (6.1%), Thailand (5.2%) and the United Arab Emirates (5.1%). South Korea (X tons), Turkey (X tons), Malaysia (X tons), the Philippines (X tons) and Bangladesh (X tons) took a little share of total imports.

China was also the fastest-growing in terms of the refined or synthetic glycerol imports, with a CAGR of +14.3% from 2012 to 2022. At the same time, Bangladesh (+12.6%), the Philippines (+12.4%), the United Arab Emirates (+10.2%), Turkey (+6.5%), Japan (+4.2%), Malaysia (+4.1%), India (+3.3%), South Korea (+1.7%) and Thailand (+1.7%) displayed positive paces of growth. While the share of China (+21 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (-3.5 p.p.), India (-3.6 p.p.), Japan (-4.2 p.p.) and Thailand (-4.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined or synthetic glycerol in Asia, comprising 49% of total imports. The second position in the ranking was held by Japan ($X), with a 13% share of total imports. It was followed by India, with a 6.8% share.

In China, refined or synthetic glycerol imports increased at an average annual rate of +20.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+10.7% per year) and India (+9.5% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, rising by 36% against the previous year. Import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.8% 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 +111.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 55%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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