Republic of Korea: Propylene Glycol Market 2024

Propylene Glycol Market Size in Republic of Korea

After two years of decline, the South Korean propylene glycol market increased by 49% to $X in 2022. Over the period under review, consumption showed a relatively flat trend pattern. Propylene glycol consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Propylene Glycol Production in Republic of Korea

In value terms, propylene glycol production reduced 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 +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.7% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 60%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Propylene Glycol Exports

Exports from Republic of Korea

Propylene glycol exports from South Korea fell notably to X tons in 2022, reducing by -28.5% on 2021. In general, exports, however, recorded measured growth. The pace of growth appeared the most rapid in 2021 when exports increased by 40% against the previous year. As a result, the exports attained the peak of X tons, and then reduced markedly in the following year.

In value terms, propylene glycol exports declined sharply to $X in 2022. Overall, exports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2021 when exports increased by 126%. As a result, the exports reached the peak of $X, and then declined dramatically in the following year.

Exports by Country

The United States (X tons), China (X tons) and Indonesia (X tons) were the main destinations of propylene glycol exports from South Korea, with a combined 33% share of total exports. Turkey, Belgium, the United Arab Emirates, Russia, India, Japan, Germany, the Netherlands, Singapore and Vietnam lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +88.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Indonesia ($X) constituted the largest markets for propylene glycol exported from South Korea worldwide, with a combined 35% share of total exports. Turkey, the United Arab Emirates, India, Russia, Belgium, Japan, Singapore, Vietnam, Germany and the Netherlands lagged somewhat behind, together comprising a further 38%.

Vietnam, with a CAGR of +86.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average propylene glycol export price stood at $X per ton in 2022, picking up by 18% against the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, propylene glycol export price increased by +90.0% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 61% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Belgium ($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 the United States (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into Republic of Korea

In 2022, overseas purchases of propylene glycol (propane-1,2-diol) increased by 0.8% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when imports increased by 14%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, propylene glycol imports rose remarkably to $X in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 29%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Singapore (X tons), Thailand (X tons) and China (X tons) were the main suppliers of propylene glycol imports to South Korea, with a combined 96% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +69.9%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest propylene glycol suppliers to South Korea were Singapore ($X), Thailand ($X) and China ($X), together comprising 95% of total imports.

Among the main suppliers, Thailand, with a CAGR of +78.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average propylene glycol import price amounted to $X per ton, surging by 9.3% against the previous year. Overall, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.3% 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 +77.4% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 62% against the previous year. The import price peaked in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per ton) and Singapore ($X per ton), while the price for China ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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