CIS: Propylene Glycol Market 2024

Propylene Glycol Market Size in CIS

After two years of growth, the CIS propylene glycol market decreased by -19.7% to $X in 2022. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +17.1% against 2018 indices. As a result, consumption attained the peak level of $X, and then reduced markedly in the following year.

Propylene Glycol Production in CIS

In value terms, propylene glycol production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 19% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Propylene Glycol Exports

Exports in CIS

After two years of growth, shipments abroad of propylene glycol (propane-1,2-diol) decreased by -10.8% to X tons in 2022. Overall, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 94% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then reduced in the following year.

In value terms, propylene glycol exports fell dramatically to $X in 2022. Over the period under review, exports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2021 when exports increased by 175%. As a result, the exports reached the peak of $X, and then contracted sharply in the following year.

Exports by Country

Russia prevails in exports structure, finishing at X tons, which was near 91% of total exports in 2022. It was distantly followed by Uzbekistan (X tons), comprising a 7.5% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to propylene glycol exports from Russia stood at +11.7%. At the same time, Uzbekistan (+2,952.1%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing exporter exported in the CIS, with a CAGR of +2,952.1% from 2012-2022. From 2012 to 2022, the share of Uzbekistan increased by +7.5 percentage points.

In value terms, Russia ($X) remains the largest propylene glycol supplier in the CIS, comprising 84% of total exports. The second position in the ranking was taken by Uzbekistan ($X), with a 14% share of total exports.

In Russia, propylene glycol exports increased at an average annual rate of +14.1% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the CIS amounted to $X per ton, which is down by -10.7% against the previous year. Export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.0% 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 +60.2% against 2020 indices. The growth pace was the most rapid in 2021 when the export price increased by 79%. As a result, the export price attained the peak level of $X per ton, and then fell 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 Uzbekistan ($X per ton), while Russia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+77.3%).

Propylene Glycol Imports

Imports in CIS

In 2022, purchases abroad of propylene glycol (propane-1,2-diol) decreased by -37.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.9% 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 +10.1% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 64% against the previous year. As a result, imports attained the peak of X tons, and then dropped rapidly in the following year.

In value terms, propylene glycol imports reduced notably to $X in 2022. In general, imports, however, showed notable growth. The pace of growth appeared the most rapid in 2021 with an increase of 115% against the previous year. As a result, imports reached the peak of $X, and then dropped rapidly in the following year.

Imports by Country

Russia prevails in imports structure, finishing at X tons, which was near 90% of total imports in 2022. It was distantly followed by Belarus (X tons), comprising a 5.6% share of total imports. Uzbekistan (X tons) followed a long way behind the leaders.

Imports into Russia increased at an average annual rate of +2.5% from 2012 to 2022. At the same time, Uzbekistan (+13.1%) and Belarus (+9.5%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +13.1% from 2012-2022. Belarus (+2.6 p.p.) and Uzbekistan (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Russia saw its share reduced by -3.9% from 2012 to 2022, respectively.

In value terms, Russia ($X) constitutes the largest market for imported propylene glycol (propane-1,2-diol) in the CIS, comprising 87% of total imports. The second position in the ranking was taken by Belarus ($X), with a 4.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia amounted to +2.8%. In the other countries, the average annual rates were as follows: Belarus (+5.2% per year) and Uzbekistan (+23.3% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per ton, growing by 22% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 31%. The level of import peaked in 2022 and is expected to retain 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 Uzbekistan ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+9.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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