Estonia: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in Estonia

In 2022, after two years of growth, there was decline in the Estonian refined or synthetic glycerol market, when its value decreased by -0.2% to $X. Over the period under review, consumption, however, posted a measured expansion. Refined or synthetic glycerol consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Production of Refined or Synthetic Glycerol in Estonia

In value terms, refined or synthetic glycerol production declined to $X in 2022 estimated in export price. In general, production showed a perceptible decline. The growth pace was the most rapid in 2015 with an increase of 132%. Refined or synthetic glycerol production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Exports of Refined or Synthetic Glycerol

Exports from Estonia

In 2022, overseas shipments of refined or synthetic glycerol increased by 45% to X tons, rising for the third consecutive year after two years of decline. Overall, exports, however, showed a deep slump. The pace of growth appeared the most rapid in 2015 when exports increased by 7,245% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined or synthetic glycerol exports shrank rapidly to $X in 2022. Over the period under review, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 758% against the previous year. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Finland (X tons), Lithuania (X tons) and Russia (X tons) were the main destinations of refined or synthetic glycerol exports from Estonia, together comprising 99% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +16.5%), while the other leaders experienced a decline.

In value terms, the largest markets for refined or synthetic glycerol exported from Estonia were Finland ($X), Lithuania ($X) and Russia ($X), with a combined 97% share of total exports.

Among the main countries of destination, Russia, with a CAGR of +25.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average refined or synthetic glycerol export price amounted to $X per ton, waning by -68.9% against the previous year. Over the period under review, the export price, however, posted perceptible growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by 1,297% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Finland ($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 Finland (+16.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Refined or Synthetic Glycerol

Imports into Estonia

In 2022, after six years of growth, there was significant decline in purchases abroad of refined or synthetic glycerol, when their volume decreased by -5.4% to X tons. Overall, imports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 140% against the previous year. Imports peaked at X tons in 2021, and then reduced in the following year.

In value terms, refined or synthetic glycerol imports reached $X in 2022. Over the period under review, imports, however, saw a resilient expansion. The pace of growth was the most pronounced in 2017 with an increase of 134% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of refined or synthetic glycerol to Estonia, with a 77% share of total imports. Moreover, refined or synthetic glycerol imports from Germany exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), sevenfold. Austria (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +38.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+12.2% per year) and Austria (0.0% per year).

In value terms, Germany ($X) constituted the largest supplier of refined or synthetic glycerol to Estonia, comprising 64% of total imports. The second position in the ranking was held by Lithuania ($X), with an 18% share of total imports. It was followed by Poland, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value from Germany stood at +36.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+22.4% per year) and Poland (+49.0% per year).

Import Prices by Country

The average refined or synthetic glycerol import price stood at $X per ton in 2022, increasing by 7.9% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.0% 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 +55.2% against 2019 indices. The pace of growth was the most pronounced in 2015 when the average import price increased by 53%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a lower figure.

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 Poland ($X per ton), while the price for Austria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform