Belarus: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in Belarus

The Belarusian refined or synthetic glycerol market fell sharply to $X in 2022, declining by -28.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate resilient growth. As a result, consumption reached the peak level of $X, and then declined significantly in the following year.

Exports of Refined or Synthetic Glycerol

Exports from Belarus

After four years of growth, shipments abroad of refined or synthetic glycerol decreased by -48.2% to X tons in 2022. Over the period under review, exports, however, continue to indicate a modest increase. The pace of growth appeared the most rapid in 2018 with an increase of 1,142% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, refined or synthetic glycerol exports surged to $X in 2022. Overall, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 1,264% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Estonia (X tons) was the main destination for refined or synthetic glycerol exports from Belarus, accounting for a 69% share of total exports. Moreover, refined or synthetic glycerol exports to Estonia exceeded the volume sent to the second major destination, Russia (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to Estonia totaled +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-4.4% per year) and Germany (0.0% per year).

In value terms, Russia ($X) remains the key foreign market for refined or synthetic glycerol exports from Belarus, comprising 90% of total exports. The second position in the ranking was taken by Germany ($X), with a 7.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Russia totaled +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (0.0% per year) and Estonia (-13.3% per year).

Export Prices by Country

The average refined or synthetic glycerol export price stood at $X per ton in 2022, with an increase of 376% against the previous year. In general, the export price continues to indicate a perceptible increase. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+34.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Refined or Synthetic Glycerol

Imports into Belarus

In 2022, the amount of refined or synthetic glycerol imported into Belarus reduced rapidly to X tons, dropping by -21.5% against the previous year. In general, imports, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 85%. Over the period under review, imports hit record highs at X tons in 2021, and then reduced rapidly in the following year.

In value terms, refined or synthetic glycerol imports contracted rapidly to $X in 2022. Over the period under review, imports, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 169% against the previous year. As a result, imports attained the peak of $X, and then contracted significantly in the following year.

Imports by Country

In 2022, Poland (X tons) constituted the largest supplier of refined or synthetic glycerol to Belarus, with a 57% share of total imports. Moreover, refined or synthetic glycerol imports from Poland exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), fivefold. The third position in this ranking was held by Latvia (X tons), with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland amounted to +34.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+7.8% per year) and Latvia (+26.0% per year).

In value terms, Poland ($X) constituted the largest supplier of refined or synthetic glycerol to Belarus, comprising 52% of total imports. The second position in the ranking was taken by Australia ($X), with a 16% share of total imports. It was followed by Lithuania, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Poland amounted to +37.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+27.7% per year) and Lithuania (+11.4% per year).

Import Prices by Country

The average refined or synthetic glycerol import price stood at $X per ton in 2022, dropping by -12.7% against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.6% 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 +37.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 54%. As a result, import price attained the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :