Belarus: Crude Glycerol Market 2024

Crude Glycerol Market Size in Belarus

In 2021, the Belarusian crude glycerol market was finally on the rise to reach $X after two years of decline. Overall, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -16.4% against 2018 indices. Crude glycerol consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Crude Glycerol Production in Belarus

In value terms, crude glycerol production expanded notably to $X in 2021 estimated in export price. Over the period under review, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -24.0% against 2018 indices. The growth pace was the most rapid in 2017 when the production volume increased by 45% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Crude Glycerol Exports

Exports from Belarus

In 2021, after five years of decline, there was significant growth in shipments abroad of crude glycerol, glycerine waters and lyes, when their volume increased by 48% to X tons. In general, exports, however, saw a deep downturn. The growth pace was the most rapid in 2013 with an increase of 94% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, crude glycerol exports surged to $X in 2021. Over the period under review, exports, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 173%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Latvia (X tons), Russia (X tons) and Ukraine (X tons) were the main destinations of crude glycerol exports from Belarus, with a combined 100% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Latvia (with a CAGR of -1.7%), while the other leaders experienced a decline.

In value terms, Russia ($X) remains the key foreign market for crude glycerol, glycerine waters and lyes exports from Belarus, comprising 60% of total exports. The second position in the ranking was taken by Ukraine ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Russia stood at +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (-15.2% per year) and Latvia (-6.7% per year).

Export Prices by Country

The average crude glycerol export price stood at $X per ton in 2021, rising by 7.2% against the previous year. In general, export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crude glycerol export price decreased by -38.9% against 2018 indices. The pace of growth was the most pronounced in 2018 when the average export price increased by 42% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Latvia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+9.0%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Glycerol Imports

Imports into Belarus

In 2021, purchases abroad of crude glycerol, glycerine waters and lyes increased by 27% to X tons, rising for the second year in a row after five years of decline. Over the period under review, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 815% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, crude glycerol imports soared to $X in 2021. Overall, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 600% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Estonia (X tons) constituted the largest supplier of crude glycerol to Belarus, with a 28% share of total imports. Moreover, crude glycerol imports from Estonia exceeded the figures recorded by the second-largest supplier, Russia (X tons), twofold. The third position in this ranking was held by Lithuania (X tons), with an 8.5% share.

From 2012 to 2021, the average annual growth rate of volume from Estonia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+79.3% per year) and Lithuania (-13.4% per year).

In value terms, the largest crude glycerol suppliers to Belarus were Estonia ($X), Russia ($X) and Lithuania ($X), with a combined 49% share of total imports.

Russia, with a CAGR of +51.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average crude glycerol import price stood at $X per ton in 2021, increasing by 18% against the previous year. In general, the import price, however, saw a mild setback. The pace of growth was the most pronounced in 2017 an increase of 58%. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Lithuania ($X per ton) and Poland ($X per ton), while the price for Estonia ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :