New Zealand: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in New Zealand

In 2022, the New Zealand refined or synthetic glycerol market increased by 32% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, continues to indicate prominent growth. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Exports of Refined or Synthetic Glycerol

Exports from New Zealand

Refined or synthetic glycerol exports from New Zealand soared to X tons in 2022, picking up by 235% against the previous year. Over the period under review, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2018 when exports increased by 863%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, refined or synthetic glycerol exports skyrocketed to $X in 2022. Overall, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 878% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Australia (X tons) was the main destination for refined or synthetic glycerol exports from New Zealand, with a 94% share of total exports. Moreover, refined or synthetic glycerol exports to Australia exceeded the volume sent to the second major destination, Fiji (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Australia amounted to +67.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (-5.0% per year) and New Caledonia (+35.8% per year).

In value terms, Australia ($X) emerged as the key foreign market for refined or synthetic glycerol exports from New Zealand, comprising 86% of total exports. The second position in the ranking was taken by Fiji ($X), with a 9.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Australia stood at +58.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (+3.9% per year) and New Caledonia (+40.1% per year).

Export Prices by Country

The average refined or synthetic glycerol export price stood at $X per ton in 2022, with a decrease of -30.6% against the previous year. Over the period under review, the export price showed a pronounced downturn. The growth pace was the most rapid in 2020 when the average export price increased by 122% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Fiji ($X per ton), while the average price for exports to Australia ($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 Fiji (+9.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Refined or Synthetic Glycerol

Imports into New Zealand

In 2022, refined or synthetic glycerol imports into New Zealand declined to X tons, dropping by -10.4% against 2021 figures. In general, total imports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.8% 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 +6.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 21%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, refined or synthetic glycerol imports soared to $X in 2022. Overall, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 83%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest refined or synthetic glycerol supplier to New Zealand, accounting for a 59% share of total imports. Moreover, refined or synthetic glycerol imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. The third position in this ranking was taken by Thailand (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-3.9% per year) and Thailand (-2.3% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined or synthetic glycerol to New Zealand, comprising 62% of total imports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total imports. It was followed by Thailand, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia stood at +18.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+5.6% per year) and Thailand (+5.8% per year).

Import Prices by Country

In 2022, the average refined or synthetic glycerol import price amounted to $X per ton, increasing by 70% against the previous year. In general, the import price posted a resilient increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Malaysia ($X per ton) and Indonesia ($X per ton), while the price for Belgium ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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