Eastern Asia: Polyethylene Glycol Wax Market 2024

Polyethylene Glycol Wax Market Size in Eastern Asia

In 2021, after seven years of growth, there was decline in the East Asian polyethylene glycol wax market, when its value decreased by -0.9% to $X. The total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +48.5% against 2013 indices. Over the period under review, the market reached the maximum level at $X in 2020, and then declined modestly in the following year.

Polyethylene Glycol Wax Production in Eastern Asia

In value terms, polyethylene glycol wax production fell to $X in 2021 estimated in export price. The total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +48.2% against 2014 indices. The most prominent rate of growth was recorded in 2017 with an increase of 28% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then fell in the following year.

Polyethylene Glycol Wax Exports

Exports in Eastern Asia

In 2021, shipments abroad of artificial and prepared waxes of polyethylene glycol decreased by -8.6% to X tons, falling for the second year in a row after four years of growth. Overall, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 219%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, polyethylene glycol wax exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 145%. The level of export peaked in 2021 and is likely to continue growth in the near future.

Exports by Country

South Korea was the main exporting country with an export of around X tons, which recorded 84% of total exports. It was distantly followed by China (X tons), constituting a 14% share of total exports. Taiwan (Chinese) (X tons) took a relatively small share of total exports.

Exports from South Korea increased at an average annual rate of +6.7% from 2012 to 2021. At the same time, China (+41.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +41.3% from 2012-2021. By contrast, Taiwan (Chinese) (-2.4%) illustrated a downward trend over the same period. While the share of China (+12 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-2.2 p.p.) and South Korea (-8.9 p.p.) displayed negative dynamics.

In value terms, South Korea ($X) remains the largest polyethylene glycol wax supplier in Eastern Asia, comprising 71% of total exports. The second position in the ranking was held by China ($X), with a 26% share of total exports.

In South Korea, polyethylene glycol wax exports expanded at an average annual rate of +5.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: China (+44.4% per year) and Taiwan (Chinese) (-3.4% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 30% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.2%), while the other leaders experienced a decline in the export price figures.

Polyethylene Glycol Wax Imports

Imports in Eastern Asia

For the third consecutive year, Eastern Asia recorded growth in purchases abroad of artificial and prepared waxes of polyethylene glycol, which increased by 1.2% to X tons in 2021. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 23%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, polyethylene glycol wax imports expanded significantly to $X in 2021. Total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +60.9% against 2013 indices. The most prominent rate of growth was recorded in 2019 with an increase of 19% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

Imports by Country

China dominates imports structure, resulting at X tons, which was near 87% of total imports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), creating a 6.6% share of total imports. South Korea (X tons) and Japan (X tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of imports of artificial and prepared waxes of polyethylene glycol. At the same time, Japan (+3.0%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +3.0% from 2012-2021. By contrast, South Korea (-5.3%) and Taiwan (Chinese) (-6.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +6.6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported artificial and prepared waxes of polyethylene glycol in Eastern Asia, comprising 89% of total imports. The second position in the ranking was held by South Korea ($X), with a 4.9% share of total imports. It was followed by Taiwan (Chinese), with a 4% share.

In China, polyethylene glycol wax imports expanded at an average annual rate of +4.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (-7.2% per year) and Taiwan (Chinese) (-7.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, growing by 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2018 when the import price increased by 17%. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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