Latvia: Propylene Glycol Market 2024

Propylene Glycol Market Size in Latvia

In 2022, the Latvian propylene glycol market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption enjoyed a resilient increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Propylene Glycol Exports

Exports from Latvia

In 2022, after three years of growth, there was significant decline in shipments abroad of propylene glycol (propane-1,2-diol), when their volume decreased by -51.5% to X tons. Overall, exports, however, posted a measured expansion. The pace of growth appeared the most rapid in 2016 with an increase of 72% against the previous year. The exports peaked at X tons in 2021, and then dropped markedly in the following year.

In value terms, propylene glycol exports fell dramatically to $X in 2022. Over the period under review, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 127% against the previous year. As a result, the exports attained the peak of $X, and then reduced dramatically in the following year.

Exports by Country

Estonia (X tons) was the main destination for propylene glycol exports from Latvia, accounting for a 74% share of total exports. Moreover, propylene glycol exports to Estonia exceeded the volume sent to the second major destination, Finland (X tons), fourfold. Uzbekistan (X tons) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia amounted to +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (-11.7% per year) and Uzbekistan (0.0% per year).

In value terms, Estonia ($X) remains the key foreign market for propylene glycol (propane-1,2-diol) exports from Latvia, comprising 71% of total exports. The second position in the ranking was held by Finland ($X), with a 20% share of total exports. It was followed by Uzbekistan, with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Estonia amounted to +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (-26.4% per year) and Uzbekistan (0.0% per year).

Export Prices by Country

The average propylene glycol export price stood at $X per ton in 2022, jumping by 25% against the previous year. Over the period under review, the export price saw a strong expansion. The growth pace was the most rapid in 2021 an increase of 95%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Lithuania ($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 Russia (+11.6%), while the prices for the other major destinations experienced mixed trend patterns.

Propylene Glycol Imports

Imports into Latvia

For the third year in a row, Latvia recorded decline in supplies from abroad of propylene glycol (propane-1,2-diol), which decreased by -20.6% to X tons in 2022. In general, imports, however, enjoyed temperate growth. The pace of growth was the most pronounced in 2019 when imports increased by 52%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, propylene glycol imports reduced modestly to $X in 2022. Overall, imports, however, recorded a remarkable increase. The growth pace was the most rapid in 2017 when imports increased by 51% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell modestly in the following year.

Imports by Country

The Netherlands (X tons), Lithuania (X tons) and Finland (X tons) were the main suppliers of propylene glycol imports to Latvia, with a combined 74% share of total imports. Romania, Germany and Poland lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +149.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest propylene glycol suppliers to Latvia were Lithuania ($X), the Netherlands ($X) and Finland ($X), together comprising 72% of total imports. Romania, Poland and Germany lagged somewhat behind, together comprising a further 27%.

In terms of the main suppliers, Romania, with a CAGR of +150.9%, saw 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

In 2022, the average propylene glycol import price amounted to $X per ton, growing by 20% against the previous year. Overall, the import price saw prominent growth. The growth pace was the most rapid in 2021 when the average import price increased by 76%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Poland ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform