South-Eastern Asia: Propylene Glycol Market 2024

Propylene Glycol Market Size in South-Eastern Asia

In 2022, the Southeast Asian propylene glycol market increased by 16% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +36.2% against 2020 indices. The level of consumption peaked in 2022 and is likely to see steady growth in years to come.

Propylene Glycol Production in South-Eastern Asia

In value terms, propylene glycol production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +6.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 72% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Propylene Glycol Exports

Exports in South-Eastern Asia

In 2022, approx. X tons of propylene glycol (propane-1,2-diol) were exported in South-Eastern Asia; waning by -7.3% compared with 2021 figures. The total export volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 67%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, propylene glycol exports rose to $X in 2022. Total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +87.9% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 81%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

Thailand was the major exporter of propylene glycol (propane-1,2-diol) in South-Eastern Asia, with the volume of exports recording X tons, which was approx. 61% of total exports in 2022. It was distantly followed by Singapore (X tons), mixing up a 38% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Thailand (with a CAGR of +37.7%).

In value terms, the largest propylene glycol supplying countries in South-Eastern Asia were Thailand ($X) and Singapore ($X).

Among the main exporting countries, Thailand, with a CAGR of +44.4%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, with an increase of 12% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% 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 +80.2% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 61%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.8%).

Propylene Glycol Imports

Imports in South-Eastern Asia

In 2022, purchases abroad of propylene glycol (propane-1,2-diol) decreased by -5.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 11% against the previous year. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, propylene glycol imports soared to $X in 2022. In general, imports, however, posted temperate growth. The growth pace was the most rapid in 2021 when imports increased by 89% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Indonesia (X tons) and Singapore (X tons) represented roughly 68% of total imports in 2022. Malaysia (X tons) ranks next in terms of the total imports with a 13% share, followed by Vietnam (10%) and Thailand (5.6%). The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Vietnam (with a CAGR of +9.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Singapore ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2022, together accounting for 85% of total imports.

In terms of the main importing countries, Indonesia, with a CAGR of +10.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, jumping by 29% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.0% 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 +118.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 70% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to see gradual growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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