Asia-Pacific: Propylene Glycol Market 2024

Propylene Glycol Market Size in Asia-Pacific

In 2022, the Asia-Pacific propylene glycol market increased by 0.1% to $X, rising for the second year in a row after two years of decline. Overall, consumption saw resilient growth. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Propylene Glycol Production in Asia-Pacific

In value terms, propylene glycol production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 36%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Propylene Glycol Exports

Exports in Asia-Pacific

In 2022, approx. X tons of propylene glycol (propane-1,2-diol) were exported in Asia-Pacific; reducing by -14.2% on 2021. Total exports indicated a strong expansion from 2012 to 2022: its volume 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, exports increased by +45.1% against 2016 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 38%. As a result, the exports attained the peak of X tons, and then dropped in the following year.

In value terms, propylene glycol exports dropped to $X in 2022. Overall, exports, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2021 when exports increased by 110% against the previous year. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

China represented the largest exporter of propylene glycol (propane-1,2-diol) in Asia-Pacific, with the volume of exports resulting at X tons, which was near 40% of total exports in 2022. Thailand (X tons) took a 23% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (21%) and Singapore (14%).

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +37.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Thailand ($X) constituted the countries with the highest levels of exports in 2022, together comprising 83% of total exports.

Thailand, with a CAGR of +44.4%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, rising by 17% against the previous year. Export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, propylene glycol export price increased by +77.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 52%. The level of export peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.8%), while the other leaders experienced more modest paces of growth.

Propylene Glycol Imports

Imports in Asia-Pacific

Propylene glycol imports contracted to X tons in 2022, waning by -12% on 2021 figures. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 with an increase of 11% against the previous year. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, propylene glycol imports rose significantly to $X in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its value 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, imports increased by +91.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 80%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

The countries with the highest levels of propylene glycol imports in 2022 were China (X tons), India (X tons), Indonesia (X tons), Singapore (X tons), Japan (X tons), Taiwan (Chinese) (X tons), Australia (X tons), Malaysia (X tons), Vietnam (X tons), South Korea (X tons), Pakistan (X tons) and Thailand (X tons), together recording 96% of total import.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +14.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest propylene glycol importing markets in Asia-Pacific were Indonesia ($X), China ($X) and India ($X), with a combined 55% share of total imports. Singapore, Japan, Australia, Taiwan (Chinese), Malaysia, Pakistan, Vietnam, South Korea and Thailand lagged somewhat behind, together accounting for a further 41%.

Australia, with a CAGR of +17.4%, saw the highest rates of growth with regard to the value of imports, in terms of 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

The import price in Asia-Pacific stood at $X per ton in 2022, surging by 21% against the previous year. Import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, propylene glycol import price increased by +95.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 62%. The level of import peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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