South-Eastern Asia: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in South-Eastern Asia

In 2022, the Southeast Asian ethylene glycol market increased by 39% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Ethylene Glycol Production in South-Eastern Asia

In value terms, ethylene glycol production reached $X in 2022 estimated in export price. Overall, production, however, continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2017 when the production volume increased by 24% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Ethylene Glycol Exports

Exports in South-Eastern Asia

In 2022, exports of ethylene glycol (ethanediol) in South-Eastern Asia reduced sharply to X tons, with a decrease of -32.9% on 2021. In general, exports showed a pronounced descent. The most prominent rate of growth was recorded in 2017 with an increase of 35% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, ethylene glycol exports fell significantly to $X in 2022. Over the period under review, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of 74% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore represented the major exporting country with an export of around X tons, which finished at 74% of total exports. It was distantly followed by Malaysia (X tons), comprising a 22% share of total exports. The following exporters - the Philippines (X tons) and Thailand (X tons) - each accounted for a 3.6% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to ethylene glycol exports from Singapore stood at -4.9%. At the same time, the Philippines (+60.8%) and Malaysia (+2.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +60.8% from 2012-2022. By contrast, Thailand (-14.9%) illustrated a downward trend over the same period. Malaysia (+10 p.p.) and the Philippines (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Thailand and Singapore saw its share reduced by -3.6% and -6.8% from 2012 to 2022, respectively.

In value terms, Singapore ($X) remains the largest ethylene glycol supplier in South-Eastern Asia, comprising 76% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total exports. It was followed by the Philippines, with a 3.1% share.

In Singapore, ethylene glycol exports decreased by an average annual rate of -9.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (-4.0% per year) and the Philippines (+44.7% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, shrinking by -11.2% against the previous year. Overall, the export price recorded a abrupt decline. The pace of growth appeared the most rapid in 2021 an increase of 46% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (-2.3%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in South-Eastern Asia

Ethylene glycol imports skyrocketed to X tons in 2022, increasing by 18% compared with 2021. Total imports indicated modest growth from 2012 to 2022: its volume 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, imports increased by +123.5% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 37%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, ethylene glycol imports surged to $X in 2022. Overall, imports, however, continue to indicate a noticeable contraction. The pace of growth was the most pronounced in 2017 when imports increased by 80%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia represented the major importing country with an import of around X tons, which amounted to 44% of total imports. Vietnam (X tons) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (21%) and Singapore (10%).

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +15.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) constitutes the largest market for imported ethylene glycol (ethanediol) in South-Eastern Asia, comprising 50% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 20% share of total imports. It was followed by Thailand, with a 20% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Indonesia totaled -1.3%. In the other countries, the average annual rates were as follows: Vietnam (+8.9% per year) and Thailand (-1.5% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, growing by 2.6% against the previous year. Overall, the import price, however, showed a perceptible shrinkage. The pace of growth was the most pronounced in 2017 an increase of 31% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Indonesia ($X per ton) and Thailand ($X per ton), while Vietnam ($X per ton) and Singapore ($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 (-3.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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