MENA: Propylene Glycol Market 2024

Propylene Glycol Market Size in MENA

The MENA's propylene glycol market contracted to $X in 2022, with a decrease of -3.6% against the previous year. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.8% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then declined slightly in the following year.

Propylene Glycol Production in MENA

In value terms, propylene glycol production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 63% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Propylene Glycol Exports

Exports in MENA

Propylene glycol exports soared to X tons in 2022, increasing by 69% compared with the year before. In general, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 326%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, propylene glycol exports declined to $X in 2022. Over the period under review, exports saw a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 254% against the previous year. The level of export peaked at $X in 2021, and then fell in the following year.

Exports by Country

Kuwait was the largest exporting country with an export of around X tons, which recorded 59% of total exports. It was distantly followed by Saudi Arabia (X tons), making up a 38% share of total exports. The United Arab Emirates (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +127.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest propylene glycol supplying countries in MENA were Saudi Arabia ($X), Kuwait ($X) and the United Arab Emirates ($X), with a combined 97% share of total exports.

Among the main exporting countries, Kuwait, with a CAGR of +102.0%, 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 export price in MENA stood at $X per ton in 2022, shrinking by -41.7% against the previous year. In general, the export price showed a abrupt setback. The most prominent rate of growth was recorded in 2021 when the export price increased by 129%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.6%), while the other leaders experienced a decline in the export price figures.

Propylene Glycol Imports

Imports in MENA

In 2022, the amount of propylene glycol (propane-1,2-diol) imported in MENA dropped rapidly to X tons, reducing by -33.3% compared with the previous year. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 48% against the previous year. As a result, imports attained the peak of X tons, and then shrank notably in the following year.

In value terms, propylene glycol imports fell to $X in 2022. Total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +82.2% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 105%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Turkey (X tons) was the major importer of propylene glycol (propane-1,2-diol), achieving 42% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 24% share, followed by Egypt (7.7%), Israel (6.8%) and Iran (6.1%). Algeria (X tons) and Morocco (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Algeria (with a CAGR of +12.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported propylene glycol (propane-1,2-diol) in MENA, comprising 47% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 17% share of total imports. It was followed by Egypt, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +9.4%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.2% per year) and Egypt (+5.5% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, surging by 33% against the previous year. Import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.4% 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 +84.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 38%. Over the period under review, import prices attained the peak figure in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Morocco ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform