Greece: Propylene Glycol Market 2024

Propylene Glycol Market Size in Greece

The Greek propylene glycol market declined to $X in 2022, waning by -12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +30.6% against 2020 indices. As a result, consumption attained the peak level of $X, and then contracted in the following year.

Propylene Glycol Exports

Exports from Greece

After two years of growth, overseas shipments of propylene glycol (propane-1,2-diol) decreased by -14.1% to X tons in 2022. In general, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 98%. As a result, the exports reached the peak of X tons, and then dropped in the following year.

In value terms, propylene glycol exports amounted to $X in 2022. Overall, exports, however, saw a strong increase. The pace of growth appeared the most rapid in 2021 when exports increased by 221%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Serbia (X tons) was the main destination for propylene glycol exports from Greece, accounting for a 44% share of total exports. Moreover, propylene glycol exports to Serbia exceeded the volume sent to the second major destination, Albania (X tons), threefold. Bulgaria (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Serbia stood at +63.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (+0.0% per year) and Bulgaria (+18.0% per year).

In value terms, Serbia ($X) emerged as the key foreign market for propylene glycol (propane-1,2-diol) exports from Greece, comprising 41% of total exports. The second position in the ranking was taken by Bulgaria ($X), with a 15% share of total exports. It was followed by Egypt, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Serbia stood at +72.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+27.0% per year) and Egypt (+232.9% per year).

Export Prices by Country

In 2022, the average propylene glycol export price amounted to $X per ton, jumping by 19% against the previous year. In general, the export price posted a perceptible increase. The pace of growth appeared the most rapid in 2016 an increase of 97%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Egypt ($X per ton) and Bulgaria ($X per ton), while the average price for exports to Albania ($X per ton) and Serbia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+79.4%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into Greece

In 2022, purchases abroad of propylene glycol (propane-1,2-diol) decreased by -20.7% to X tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by 29%. Over the period under review, imports hit record highs at X tons in 2021, and then shrank rapidly in the following year.

In value terms, propylene glycol imports declined to $X in 2022. Overall, imports, however, posted strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 85%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

China (X tons), Romania (X tons) and Germany (X tons) were the main suppliers of propylene glycol imports to Greece, together comprising 60% of total imports.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +84.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Romania ($X) and Germany ($X) were the largest propylene glycol suppliers to Greece, with a combined 57% share of total imports.

Among the main suppliers, Romania, with a CAGR of +86.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average propylene glycol import price stood at $X per ton in 2022, jumping by 17% against the previous year. In general, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, propylene glycol import price increased by +95.4% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 67%. The import price peaked in 2022 and is likely to continue growth in the near future.

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 Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+20.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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