Latvia: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in Latvia

In 2022, the Latvian refined or synthetic glycerol market decreased by -39.4% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, posted slight growth. Over the period under review, the market reached the peak level at $X in 2021, and then dropped significantly in the following year.

Production of Refined or Synthetic Glycerol in Latvia

In value terms, refined or synthetic glycerol production rose notably to $X in 2022 estimated in export price. In general, production, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2017 when the production volume increased by 99%. Refined or synthetic glycerol production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Refined or Synthetic Glycerol

Exports from Latvia

In 2022, refined or synthetic glycerol exports from Latvia skyrocketed to X tons, increasing by 65% on the year before. In general, exports, however, showed a relatively flat trend pattern. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, refined or synthetic glycerol exports soared to $X in 2022. Over the period under review, exports posted a notable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X tons), Lithuania (X tons) and Italy (X tons) were the main destinations of refined or synthetic glycerol exports from Latvia, together comprising 64% of total exports. The Czech Republic, Poland, Denmark and Belarus lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Czech Republic (with a CAGR of +690.3%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Italy ($X) and Lithuania ($X) were the largest markets for refined or synthetic glycerol exported from Latvia worldwide, together accounting for 65% of total exports. The Czech Republic, Denmark, Belarus and Poland lagged somewhat behind, together accounting for a further 32%.

Among the main countries of destination, the Czech Republic, with a CAGR of +824.1%, saw the highest growth rate of 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 refined or synthetic glycerol export price stood at $X per ton in 2022, growing by 61% against the previous year. In general, the export price recorded a resilient 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 Denmark ($X per ton), while the average price for exports to Poland ($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 Italy (+52.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Refined or Synthetic Glycerol

Imports into Latvia

In 2022, after two years of decline, there was significant growth in purchases abroad of refined or synthetic glycerol, when their volume increased by 49% to X tons. Over the period under review, imports continue to indicate a remarkable increase. The growth pace was the most rapid in 2019 with an increase of 182% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined or synthetic glycerol imports skyrocketed to $X in 2022. Overall, imports continue to indicate a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Germany (X tons) constituted the largest refined or synthetic glycerol supplier to Latvia, with a 66% share of total imports. Moreover, refined or synthetic glycerol imports from Germany exceeded the figures recorded by the second-largest supplier, Poland (X tons), fourfold. Lithuania (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany amounted to +29.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+7.9% per year) and Lithuania (+10.6% per year).

In value terms, Germany ($X) constituted the largest supplier of refined or synthetic glycerol to Latvia, comprising 64% of total imports. The second position in the ranking was held by Poland ($X), with an 18% share of total imports. It was followed by Lithuania, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +29.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+9.0% per year) and Lithuania (+5.6% per year).

Import Prices by Country

In 2022, the average refined or synthetic glycerol import price amounted to $X per ton, surging by 56% against the previous year. Overall, the import price showed a temperate expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the Czech Republic ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform