Sri Lanka: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in Sri Lanka

For the third year in a row, the Sri Lankan refined or synthetic glycerol market recorded growth in sales value, which increased by 50% to $X in 2022. Over the period under review, consumption recorded a resilient expansion. Refined or synthetic glycerol consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Exports of Refined or Synthetic Glycerol

Exports from Sri Lanka

In 2022, approx. X tons of refined or synthetic glycerol were exported from Sri Lanka; picking up by 388% compared with 2021 figures. In general, exports recorded resilient growth. The growth pace was the most rapid in 2017 with an increase of 831% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, refined or synthetic glycerol exports soared to $X in 2022. Over the period under review, exports saw a prominent increase. The pace of growth was the most pronounced in 2017 when exports increased by 1,000% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Bangladesh (X tons) was the main destination for refined or synthetic glycerol exports from Sri Lanka, with a 100% share of total exports. It was followed by India (X kg), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bangladesh totaled +6.6%.

In value terms, Bangladesh ($X) remains the key foreign market for refined or synthetic glycerol exports from Sri Lanka, comprising 100% of total exports. The second position in the ranking was taken by India ($X), with a 0.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Bangladesh amounted to +11.6%.

Export Prices by Country

The average refined or synthetic glycerol export price stood at $X per ton in 2022, rising by 36% against the previous year. Overall, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined or synthetic glycerol export price increased by +50.7% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 58%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Bangladesh totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Refined or Synthetic Glycerol

Imports into Sri Lanka

In 2022, approx. X tons of refined or synthetic glycerol were imported into Sri Lanka; with an increase of 35% against the previous year. In general, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2013 with an increase of 64%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, refined or synthetic glycerol imports skyrocketed to $X in 2022. Over the period under review, imports posted a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest refined or synthetic glycerol supplier to Sri Lanka, with a 63% share of total imports. Moreover, refined or synthetic glycerol imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The third position in this ranking was taken by India (X tons), with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled +28.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+4.4% per year) and India (+30.7% per year).

In value terms, Indonesia ($X), Malaysia ($X) and India ($X) constituted the largest refined or synthetic glycerol suppliers to Sri Lanka, together accounting for 95% of total imports. Pakistan and Singapore lagged somewhat behind, together comprising a further 3.8%.

In terms of the main suppliers, Pakistan, with a CAGR of +89.8%, recorded the highest growth rate of 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

In 2022, the average refined or synthetic glycerol import price amounted to $X per ton, picking up by 16% against the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined or synthetic glycerol import price increased by +88.3% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 62% against the previous year. Over the period under review, average import prices attained the maximum 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 Singapore ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+53.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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