Eastern Asia: Market for Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol) 2024

Market Size for Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol) in Eastern Asia

The East Asian propyl and isopropyl alcohol market rose significantly to $X in 2022, with an increase of 13% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to see gradual growth in the near future.

Production of Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol) in Eastern Asia

In value terms, propyl and isopropyl alcohol production amounted to $X in 2022 estimated in export price. The total production indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -9.4% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 60%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol)

Exports in Eastern Asia

In 2022, overseas shipments of propan-1-ol (propyl alcohol) and propan-2-ol (isopropyl alcohol) decreased by -1.9% to X tons, falling for the second consecutive year after nine years of growth. Overall, exports, however, saw a strong expansion. The growth pace was the most rapid in 2017 with an increase of 31%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, propyl and isopropyl alcohol exports reduced to $X in 2022. In general, exports, however, showed buoyant growth. The growth pace was the most rapid in 2020 with an increase of 77%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, China (X tons) represented the main exporter of propan-1-ol (propyl alcohol) and propan-2-ol (isopropyl alcohol), generating 38% of total exports. South Korea (X tons) ranks second in terms of the total exports with a 22% share, followed by Taiwan (Chinese) (21%) and Japan (20%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by China (with a CAGR of +47.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest propyl and isopropyl alcohol supplying countries in Eastern Asia were China ($X), Taiwan (Chinese) ($X) and South Korea ($X), together accounting for 80% of total exports.

China, with a CAGR of +43.2%, recorded the highest rates of growth with regard to the value of exports, among 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

The export price in Eastern Asia stood at $X per ton in 2022, falling by -4.8% against the previous year. Over the period under review, the export price showed a slight decrease. The most prominent rate of growth was recorded in 2020 an increase of 45% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Taiwan (Chinese) ($X per ton) and Japan ($X per ton), while China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-0.6%), while the other leaders experienced a decline in the export price figures.

Imports of Propan-1-Ol (Propyl Alcohol) And Propan-2-Ol (Isopropyl Alcohol)

Imports in Eastern Asia

In 2022, supplies from abroad of propan-1-ol (propyl alcohol) and propan-2-ol (isopropyl alcohol) was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, continue to indicate a slight downturn. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, propyl and isopropyl alcohol imports reached $X in 2022. Overall, imports, however, saw a mild decrease. The most prominent rate of growth was recorded in 2018 with an increase of 21% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

China was the major importing country with an import of about X tons, which finished at 63% of total imports. Taiwan (Chinese) (X tons) ranks second in terms of the total imports with a 19% share, followed by South Korea (8.8%) and Japan (8%). Hong Kong SAR (X tons) took a minor share of total imports.

Imports into China decreased at an average annual rate of -1.9% from 2012 to 2022. At the same time, Taiwan (Chinese) (+6.7%) and South Korea (+1.4%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +6.7% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, Japan (-6.8%) illustrated a downward trend over the same period. While the share of Taiwan (Chinese) (+9.9 p.p.) and South Korea (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-5.5 p.p.) and Japan (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported propan-1-ol (propyl alcohol) and propan-2-ol (isopropyl alcohol) in Eastern Asia, comprising 60% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 20% share of total imports. It was followed by South Korea, with a 10% share.

In China, propyl and isopropyl alcohol imports shrank by an average annual rate of -2.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+7.4% per year) and South Korea (+2.8% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, falling by -3.1% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 18%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in South Korea ($X per ton) and Hong Kong SAR ($X per ton), while China ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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