Hong Kong SAR, China: Propylene Glycol Market 2024

Propylene Glycol Market Size in Hong Kong SAR, China

The Hong Kong propylene glycol market skyrocketed to $X in 2022, increasing by 83% 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). In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Propylene Glycol Exports

Exports from Hong Kong SAR, China

In 2022, propylene glycol exports from Hong Kong SAR reduced rapidly to X tons, with a decrease of -85.5% against the previous year. In general, exports showed a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 318% against the previous year. As a result, the exports reached the peak of X tons, and then fell significantly in the following year.

In value terms, propylene glycol exports contracted sharply to $X in 2022. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 317% against the previous year. As a result, the exports reached the peak of $X, and then shrank remarkably in the following year.

Exports by Country

China (X tons), Iran (X tons) and New Zealand (X tons) were the main destinations of propylene glycol exports from Hong Kong SAR, together accounting for 94% of total exports.

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of +7.2%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for propylene glycol exported from Hong Kong SAR were New Zealand ($X), China ($X) and Iran ($X), together accounting for 94% of total exports.

Iran, with a CAGR of +13.1%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average propylene glycol export price amounted to $X per ton, jumping by 211% against the previous year. Overall, the export price showed a strong increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Iran ($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 Indonesia (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of propylene glycol (propane-1,2-diol) were imported into Hong Kong SAR; with a decrease of -53.8% against the previous year. In general, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of 71% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, propylene glycol imports declined dramatically to $X in 2022. Overall, imports saw a slight contraction. The pace of growth was the most pronounced in 2021 when imports increased by 137% against the previous year. As a result, imports reached the peak of $X, and then contracted rapidly in the following year.

Imports by Country

In 2022, Singapore (X tons) constituted the largest propylene glycol supplier to Hong Kong SAR, with a 61% share of total imports. Moreover, propylene glycol imports from Singapore exceeded the figures recorded by the second-largest supplier, Thailand (X tons), threefold. South Korea (X tons) ranked third in terms of total imports with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume from Singapore totaled -3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+14.8% per year) and South Korea (-15.6% per year).

In value terms, Singapore ($X) constituted the largest supplier of propylene glycol (propane-1,2-diol) to Hong Kong SAR, comprising 61% of total imports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total imports. It was followed by South Korea, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore totaled +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+18.3% per year) and South Korea (-6.7% per year).

Import Prices by Country

In 2022, the average propylene glycol import price amounted to $X per ton, picking up by 23% against the previous year. Over the period under review, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.7% 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 +94.9% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by 40%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Thailand ($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 (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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