Middle East: Propylene Glycol Market 2024

Propylene Glycol Market Size in the Middle East

The Middle Eastern propylene glycol market dropped to $X in 2022, falling by -2.9% against the previous year. The total consumption indicated a buoyant expansion 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 decreased by +0.3% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Propylene Glycol Production in the Middle East

In value terms, propylene glycol production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 63%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Propylene Glycol Exports

Exports in the Middle East

In 2022, propylene glycol exports in the Middle East skyrocketed to X tons, jumping by 69% on 2021 figures. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 330%. The volume of export peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, propylene glycol exports reduced modestly to $X in 2022. In general, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 256% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then contracted modestly in the following year.

Exports by Country

In 2022, Kuwait (X tons) was the largest exporter of propylene glycol (propane-1,2-diol), committing 59% of total exports. It was distantly followed by Saudi Arabia (X tons), generating a 38% share of total exports. The United Arab Emirates (X tons) held 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 the Middle East were Saudi Arabia ($X), Kuwait ($X) and the United Arab Emirates ($X), together comprising 97% of total exports.

Kuwait, with a CAGR of +102.0%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, waning by -41.7% against the previous year. Over the period under review, the export price showed a deep contraction. The growth pace was the most rapid in 2021 an increase of 129% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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 the Middle East

In 2022, approx. X tons of propylene glycol (propane-1,2-diol) were imported in the Middle East; which is down by -34.3% against 2021 figures. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 50%. As a result, imports reached the peak of X tons, and then contracted notably in the following year.

In value terms, propylene glycol imports reduced to $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +77.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 102% against the previous year. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Turkey (X tons) represented the main importer of propylene glycol (propane-1,2-diol), mixing up 50% of total imports. It was distantly followed by the United Arab Emirates (X tons), Israel (X tons) and Iran (X tons), together constituting a 44% share of total imports. The following importers - Jordan (X tons) and Oman (X tons) - each amounted to a 3.1% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +11.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported propylene glycol (propane-1,2-diol) in the Middle East, comprising 57% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 20% share of total imports. It was followed by Israel, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +9.4%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.2% per year) and Israel (+10.1% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, picking up by 34% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.2% 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 +81.1% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 35% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Jordan ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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