Iran: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in Iran

In 2022, the Iranian ethylene glycol market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, recorded a drastic downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Ethylene Glycol Production in Iran

In value terms, ethylene glycol production expanded sharply to $X in 2022 estimated in export price. Over the period under review, production, however, saw a perceptible decrease. The most prominent rate of growth was recorded in 2020 when the production volume increased by 55% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Ethylene Glycol Exports

Exports from Iran

In 2022, the amount of ethylene glycol (ethanediol) exported from Iran skyrocketed to X tons, growing by 16% against 2021 figures. Overall, exports recorded notable growth. The growth pace was the most rapid in 2020 when exports increased by 142%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, ethylene glycol exports shrank modestly to $X in 2022. In general, exports, however, showed a pronounced contraction. The pace of growth was the most pronounced in 2020 when exports increased by 94% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for ethylene glycol exports from Iran, with a 94% share of total exports. It was followed by Uzbekistan (X tons), with a 2.5% share of total exports. Kazakhstan (X tons) ranked third in terms of total exports with a 1.6% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+268.4% per year) and Kazakhstan (+72.1% per year).

In value terms, China ($X) remains the key foreign market for ethylene glycol (ethanediol) exports from Iran, comprising 92% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a 2.7% share of total exports. It was followed by Uzbekistan, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value to China totaled -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+70.1% per year) and Uzbekistan (+208.5% per year).

Export Prices by Country

The average ethylene glycol export price stood at $X per ton in 2022, falling by -17.7% against the previous year. In general, the export price continues to indicate a deep contraction. The pace of growth was the most pronounced in 2021 when the average export price increased by 45%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Uzbekistan ($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 Kazakhstan (-1.2%), while the prices for the other major destinations experienced a decline.

Ethylene Glycol Imports

Imports into Iran

In 2022, approx. X tons of ethylene glycol (ethanediol) were imported into Iran; which is down by -2.4% compared with the year before. Over the period under review, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 222%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, ethylene glycol imports rose significantly to $X in 2022. Overall, imports faced a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 53% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of ethylene glycol to Iran, accounting for a 32% share of total imports. Moreover, ethylene glycol imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+11.1% per year) and the Netherlands (+105.6% per year).

In value terms, Germany ($X) constituted the largest supplier of ethylene glycol (ethanediol) to Iran, comprising 40% of total imports. The second position in the ranking was taken by Italy ($X), with a 7.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to -9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+17.1% per year) and the Netherlands (+78.7% per year).

Import Prices by Country

In 2022, the average ethylene glycol import price amounted to $X per ton, increasing by 13% against the previous year. Over the period under review, the import price, however, recorded a deep setback. The pace of growth appeared the most rapid in 2014 an increase of 28%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+62.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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