GCC: Propylene Glycol Market 2024

Propylene Glycol Market Size in GCC

The GCC propylene glycol market was finally on the rise to reach $X in 2022, after three years of decline. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -16.6% against 2018 indices. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Propylene Glycol Production in GCC

In value terms, propylene glycol production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed significant growth. The growth pace was the most rapid in 2014 with an increase of 168% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Propylene Glycol Exports

Exports in GCC

In 2022, the amount of propylene glycol (propane-1,2-diol) exported in GCC skyrocketed to X tons, increasing by 72% on 2021 figures. Over the period under review, exports recorded significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 436% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the near future.

In value terms, propylene glycol exports reduced to $X in 2022. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 346%. The level of export peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Kuwait was the major exporter of propylene glycol (propane-1,2-diol) in GCC, with the volume of exports finishing at X tons, which was approx. 60% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), making up a 38% share of total exports. The United Arab Emirates (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +127.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest propylene glycol supplying countries in GCC were Saudi Arabia ($X), Kuwait ($X) and the United Arab Emirates ($X), together comprising 100% of total exports.

Kuwait, with a CAGR of +102.0%, 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 GCC stood at $X per ton in 2022, declining by -42.2% against the previous year. Overall, the export price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2021 when the export price increased by 128%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

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

Propylene Glycol Imports

Imports in GCC

In 2022, after two years of growth, there was significant decline in purchases abroad of propylene glycol (propane-1,2-diol), when their volume decreased by -46.2% to X tons. In general, imports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 51% against the previous year. As a result, imports attained the peak of X tons, and then shrank dramatically in the following year.

In value terms, propylene glycol imports declined dramatically to $X in 2022. Overall, imports showed a pronounced contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 73% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates prevails in imports structure, resulting at X tons, which was approx. 91% of total imports in 2022. It was distantly followed by Oman (X tons), generating a 4.9% share of total imports. Kuwait (X tons) held a relatively small share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +2.9% from 2012 to 2022. At the same time, Oman (+11.7%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +11.7% from 2012-2022. By contrast, Kuwait (-3.9%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+46 p.p.) and Oman (+3.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported propylene glycol (propane-1,2-diol) in GCC, comprising 90% of total imports. The second position in the ranking was taken by Oman ($X), with a 5.1% share of total imports.

In the United Arab Emirates, propylene glycol imports expanded at an average annual rate of +4.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (+11.3% per year) and Kuwait (-3.1% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, increasing by 20% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 24%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform