Serbia: Propylene Glycol Market 2024

Propylene Glycol Market Size in Serbia

In 2022, the Serbian propylene glycol market increased by 15% to $X, rising for the third year in a row after three years of decline. In general, consumption saw significant growth. Propylene glycol consumption peaked in 2022 and is expected to retain growth in years to come.

Propylene Glycol Exports

Exports from Serbia

After seven years of growth, overseas shipments of propylene glycol (propane-1,2-diol) decreased by -64.7% to X tons in 2022. Over the period under review, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 185% against the previous year. As a result, the exports reached the peak of X tons, and then declined significantly in the following year.

In value terms, propylene glycol exports dropped markedly to $X in 2022. Overall, exports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 484%. As a result, the exports reached the peak of $X, and then reduced dramatically in the following year.

Exports by Country

North Macedonia (X tons), Bosnia and Herzegovina (X tons) and Hungary (X tons) were the main destinations of propylene glycol exports from Serbia, with a combined 91% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +23.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, North Macedonia ($X), Bosnia and Herzegovina ($X) and Hungary ($X) were the largest markets for propylene glycol exported from Serbia worldwide, with a combined 92% share of total exports.

Hungary, with a CAGR of +33.1%, recorded the highest growth rate of the value of exports, in terms of 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

In 2022, the average propylene glycol export price amounted to $X per ton, which is down by -4.9% against the previous year. In general, the export price, however, posted a tangible increase. The pace of growth appeared the most rapid in 2021 an increase of 105%. As a result, the export price attained the peak level of $X per ton, and then shrank slightly in the following year.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Turkey ($X per ton) and North Macedonia ($X per ton), while the average price for exports to Hungary ($X per ton) and Uzbekistan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bosnia and Herzegovina (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into Serbia

After three years of growth, purchases abroad of propylene glycol (propane-1,2-diol) decreased by -3.4% to X tons in 2022. Overall, imports, however, showed a prominent increase. The growth pace was the most rapid in 2021 with an increase of 114% against the previous year. As a result, imports attained the peak of X tons, and then contracted slightly in the following year.

In value terms, propylene glycol imports skyrocketed to $X in 2022. In general, imports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 275% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of propylene glycol to Serbia, with a 65% share of total imports. Moreover, propylene glycol imports from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. Romania (X tons) ranked third in terms of total imports with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+28.2% per year) and Romania (+29.2% per year).

In value terms, Germany ($X) constituted the largest supplier of propylene glycol (propane-1,2-diol) to Serbia, comprising 67% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports. It was followed by Romania, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +21.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+36.0% per year) and Romania (+34.7% per year).

Import Prices by Country

The average propylene glycol import price stood at $X per ton in 2022, jumping by 20% against the previous year. Over the period under review, import price indicated a temperate expansion from 2012 to 2022: its price 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, propylene glycol import price increased by +110.0% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 75% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform