Mexico: Propylene Glycol Market 2024

Propylene Glycol Market Size in Mexico

The Mexican propylene glycol market shrank to $X in 2022, waning by -1.8% against the previous year. Overall, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +3.7% against 2020 indices. Propylene glycol consumption peaked at $X in 2021, and then fell in the following year.

Propylene Glycol Production in Mexico

In value terms, propylene glycol production declined modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 35%. Propylene glycol production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Propylene Glycol Exports

Exports from Mexico

In 2022, overseas shipments of propylene glycol (propane-1,2-diol) increased by 103% to X tons, rising for the sixth year in a row after two years of decline. Over the period under review, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 1,133% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, propylene glycol exports surged to $X in 2022. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 2,045% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for propylene glycol exports from Mexico, accounting for a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +40.6%.

In value terms, the United States ($X) also remains the key foreign market for propylene glycol (propane-1,2-diol) exports from Mexico.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +44.4%.

Export Prices by Country

In 2022, the average propylene glycol export price amounted to $X per ton, standing approx. at the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 74% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +2.7% per year.

Propylene Glycol Imports

Imports into Mexico

After two years of growth, supplies from abroad of propylene glycol (propane-1,2-diol) decreased by -0.6% to X tons in 2022. In general, total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +24.8% against 2019 indices. The growth pace was the most rapid in 2016 when imports increased by 35% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, propylene glycol imports shrank slightly to $X in 2022. Overall, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2021 when imports increased by 95% against the previous year. As a result, imports reached the peak of $X, and then declined modestly in the following year.

Imports by Country

In 2022, the United States (X tons) was the main supplier of propylene glycol to Mexico, accounting for a 97% share of total imports. It was followed by China (X tons), with a 2.7% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +4.7%.

In value terms, the United States ($X) constituted the largest supplier of propylene glycol (propane-1,2-diol) to Mexico, comprising 96% of total imports. The second position in the ranking was held by China ($X), with a 3.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +6.2%.

Import Prices by Country

In 2022, the average propylene glycol import price amounted to $X per ton, shrinking by -3.6% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.4% 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 +96.8% against 2016 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 56% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted modestly in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.8%).

Source: IndexBox Platform

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