Asia-Pacific: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in Asia-Pacific

In 2022, the Asia-Pacific ethylene glycol market increased by 1.6% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, showed a slight decrease. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Ethylene Glycol Production in Asia-Pacific

In value terms, ethylene glycol production fell slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 24%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Ethylene Glycol Exports

Exports in Asia-Pacific

In 2022, overseas shipments of ethylene glycol (ethanediol) decreased by -24% to X tons, falling for the fourth year in a row after two years of growth. In general, exports continue to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 22% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, ethylene glycol exports dropped remarkably to $X in 2022. Overall, exports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2017 with an increase of 45% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) was the major exporter of ethylene glycol (ethanediol) in Asia-Pacific, with the volume of exports recording X tons, which was approx. 53% of total exports in 2022. Singapore (X tons) held the second position in the ranking, distantly followed by Malaysia (X tons) and South Korea (X tons). All these countries together held approx. 41% share of total exports. India (X tons) took a little share of total exports.

Exports from Taiwan (Chinese) increased at an average annual rate of +1.0% from 2012 to 2022. At the same time, Malaysia (+2.1%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +2.1% from 2012-2022. By contrast, India (-3.1%), Singapore (-4.9%) and South Korea (-8.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Taiwan (Chinese) and Malaysia increased by +16 and +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest ethylene glycol supplying countries in Asia-Pacific were Taiwan (Chinese) ($X), Singapore ($X) and South Korea ($X), together comprising 85% of total exports. Malaysia and India lagged somewhat behind, together comprising a further 10%.

Malaysia, with a CAGR of -4.0%, recorded the highest rates of growth with regard to the value of exports, in terms of 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-Pacific stood at $X per ton in 2022, shrinking by -12.8% against the previous year. In general, the export price continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2021 when the export price increased by 41%. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-2.5%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in Asia-Pacific

In 2022, overseas purchases of ethylene glycol (ethanediol) decreased by -2.7% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 25% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, ethylene glycol imports fell to $X in 2022. In general, imports saw a noticeable contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 48% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

China represented the main importing country with an import of about X tons, which amounted to 70% of total imports. India (X tons) took the second position in the ranking, distantly followed by Indonesia (X tons). All these countries together took approx. 18% share of total imports. Pakistan (X tons), Vietnam (X tons), South Korea (X tons) and Thailand (X tons) took a little share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of ethylene glycol (ethanediol). At the same time, Vietnam (+15.0%), India (+7.9%), Thailand (+3.8%), Pakistan (+2.5%) and Indonesia (+2.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +15.0% from 2012-2022. By contrast, South Korea (-5.2%) illustrated a downward trend over the same period. India (+6.8 p.p.) and Vietnam (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while South Korea and China saw its share reduced by -1.9% and -6.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported ethylene glycol (ethanediol) in Asia-Pacific, comprising 68% of total imports. The second position in the ranking was taken by India ($X), with a 12% share of total imports. It was followed by Indonesia, with a 6.1% share.

In China, ethylene glycol imports declined by an average annual rate of -5.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+1.6% per year) and Indonesia (-1.3% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, dropping by -8.8% against the previous year. In general, the import price recorded a deep downturn. The most prominent rate of growth was recorded in 2021 an increase of 41%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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