Thailand: Polyethylene Glycol Wax Market 2024

Polyethylene Glycol Wax Market Size in Thailand

The Thai polyethylene glycol wax market was estimated at $X in 2021, with an increase of 3.6% against the previous year. Overall, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +21.0% against 2018 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to see gradual growth in the immediate term.

Polyethylene Glycol Wax Production in Thailand

In value terms, polyethylene glycol wax production dropped to $X in 2021 estimated in export price. In general, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +13.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +23.4% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 83%. Polyethylene glycol wax production peaked at $X in 2020, and then dropped modestly in the following year.

Polyethylene Glycol Wax Exports

Exports from Thailand

In 2021, shipments abroad of artificial and prepared waxes of polyethylene glycol was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 418% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, polyethylene glycol wax exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 489%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for polyethylene glycol wax exports from Thailand, with a 65% share of total exports. Moreover, polyethylene glycol wax exports to China exceeded the volume sent to the second major destination, Bangladesh (X tons), fourfold. Vietnam (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +50.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+152.3% per year) and Vietnam (+102.0% per year).

In value terms, China ($X) remains the key foreign market for artificial and prepared waxes of polyethylene glycol exports from Thailand, comprising 73% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 13% share of total exports. It was followed by Bangladesh, with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +52.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+103.9% per year) and Bangladesh (+174.3% per year).

Export Prices by Country

In 2021, the average polyethylene glycol wax export price amounted to $X per ton, dropping by -6.6% against the previous year. Over the period under review, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, polyethylene glycol wax export price increased by +13.4% against 2018 indices. The growth pace was the most rapid in 2013 an increase of 48% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Polyethylene Glycol Wax Imports

Imports into Thailand

In 2021, after two years of decline, there was significant growth in overseas purchases of artificial and prepared waxes of polyethylene glycol, when their volume increased by 54% to X tons. Over the period under review, imports, however, saw a noticeable shrinkage. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, polyethylene glycol wax imports skyrocketed to $X in 2021. Overall, imports, however, showed a pronounced setback. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of polyethylene glycol wax to Thailand, with a 39% share of total imports. Moreover, polyethylene glycol wax imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea stood at +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+30.5% per year) and Taiwan (Chinese) (+11.0% per year).

In value terms, South Korea ($X), Japan ($X) and China ($X) constituted the largest polyethylene glycol wax suppliers to Thailand, with a combined 54% share of total imports.

China, with a CAGR of +32.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average polyethylene glycol wax import price amounted to $X per ton, declining by -5.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2013 an increase of 58% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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