Iran: Propylene Glycol Market 2024

Propylene Glycol Market Size in Iran

In 2022, after two years of decline, there was significant growth in the Iranian propylene glycol market, when its value increased by 12% to $X. Overall, consumption, however, recorded a slight contraction. Propylene glycol consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Propylene Glycol Exports

Exports from Iran

In 2022, approx. X tons of propylene glycol (propane-1,2-diol) were exported from Iran; waning by -43.5% compared with the year before. In general, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 664% against the previous year. As a result, the exports reached the peak of X tons, and then contracted significantly in the following year.

In value terms, propylene glycol exports declined rapidly to $X in 2022. Over the period under review, exports, however, posted a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 1,020%. As a result, the exports attained the peak of $X, and then contracted significantly in the following year.

Exports by Country

India (X tons) was the main destination for propylene glycol exports from Iran, with a 59% share of total exports. Moreover, propylene glycol exports to India exceeded the volume sent to the second major destination, Turkey (X tons), twofold. The third position in this ranking was taken by Georgia (X tons), with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume to India stood at +62.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+29.3% per year) and Georgia (+368.4% per year).

In value terms, Turkey ($X), Georgia ($X) and India ($X) constituted the largest markets for propylene glycol exported from Iran worldwide, with a combined 92% share of total exports.

Among the main countries of destination, Georgia, with a CAGR of +504.4%, 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 more modest paces of growth.

Export Prices by Country

The average propylene glycol export price stood at $X per ton in 2022, declining by -3.7% against the previous year. Overall, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, propylene glycol export price increased by +155.2% against 2019 indices. The growth pace was the most rapid in 2020 when the average export price increased by 81% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Georgia ($X per ton), while the average price for exports to India ($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 Georgia (+29.0%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into Iran

After two years of decline, supplies from abroad of propylene glycol (propane-1,2-diol) increased by 18% to X tons in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 53%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, propylene glycol imports expanded markedly to $X in 2022. In general, imports, however, recorded a mild descent. The most prominent rate of growth was recorded in 2014 when imports increased by 34% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest propylene glycol supplier to Iran, with a 43% share of total imports. Moreover, propylene glycol imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. The third position in this ranking was held by India (X tons), with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates totaled +22.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-8.0% per year) and India (+31.4% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of propylene glycol (propane-1,2-diol) to Iran, comprising 32% of total imports. The second position in the ranking was taken by South Korea ($X), with a 16% share of total imports. It was followed by India, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates stood at +18.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-10.0% per year) and India (+37.1% per year).

Import Prices by Country

In 2022, the average propylene glycol import price amounted to $X per ton, waning by -8.4% against the previous year. In general, the import price showed a mild downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by 28%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Italy ($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 (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :