Asia: Propylene Glycol Market 2024

Propylene Glycol Market Size in Asia

The Asian propylene glycol market fell to $X in 2022, approximately mirroring the previous year. In general, consumption, however, enjoyed strong growth. As a result, consumption attained 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

In value terms, propylene glycol production shrank to $X in 2022 estimated in export price. In general, production, however, saw prominent growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 36%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Propylene Glycol Exports

Exports in Asia

In 2022, overseas shipments of propylene glycol (propane-1,2-diol) decreased by -0.1% to X tons for the first time since 2011, thus ending a ten-year rising trend. Over the period under review, exports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2013 when exports increased by 31%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then shrank slightly in the following year.

In value terms, propylene glycol exports reduced modestly to $X in 2022. In general, exports, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 100%. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

In 2022, China (X tons), distantly followed by Kuwait (X tons), Thailand (X tons), South Korea (X tons), Saudi Arabia (X tons) and Singapore (X tons) were the main exporters of propylene glycol (propane-1,2-diol), together making up 98% of total exports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +127.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest propylene glycol supplying countries in Asia were China ($X), South Korea ($X) and Thailand ($X), together accounting for 70% of total exports. Singapore, Saudi Arabia and Kuwait lagged somewhat behind, together comprising a further 27%.

Kuwait, with a CAGR of +102.0%, saw 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

In 2022, the export price in Asia amounted to $X per ton, remaining constant against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 69% against the previous year. As a result, the export price attained the peak level of $X per ton, leveling off in the following year.

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 ($X per ton), while Kuwait ($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 (+4.8%), while the other leaders experienced more modest paces of growth.

Propylene Glycol Imports

Imports in Asia

Propylene glycol imports fell notably to X tons in 2022, which is down by -17.7% on the previous year's figure. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 19%. As a result, imports attained the peak of X tons, and then contracted remarkably in the following year.

In value terms, propylene glycol imports rose slightly to $X in 2022. Total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.3% 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 +88.2% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 85%. Over the period under review, imports reached the peak figure 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), Turkey (X tons), Singapore (X tons), Japan (X tons), the United Arab Emirates (X tons), Taiwan (Chinese) (X tons), Malaysia (X tons), Vietnam (X tons), South Korea (X tons) and Pakistan (X tons), together amounting to 91% of total import.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +9.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest propylene glycol importing markets in Asia were Indonesia ($X), China ($X) and India ($X), with a combined 47% share of total imports. Turkey, Singapore, Japan, the United Arab Emirates, Taiwan (Chinese), Malaysia, Pakistan, Vietnam and South Korea lagged somewhat behind, together comprising a further 44%.

Pakistan, with a CAGR of +11.1%, recorded the highest rates of growth with regard to 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

The import price in Asia stood at $X per ton in 2022, surging by 24% against the previous year. Import price indicated a measured 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 +92.8% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 56%. Over the period under review, import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

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 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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