Thailand: Market for Refined or Synthetic Glycerol 2025

Market Size for Refined or Synthetic Glycerol in Thailand

The Thai refined or synthetic glycerol market surged to $X in 2022, increasing by 58% against the previous year. Over the period under review, consumption showed a remarkable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Refined or Synthetic Glycerol in Thailand

In value terms, refined or synthetic glycerol production rose notably to $X in 2022 estimated in export price. In general, production continues to indicate a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 644%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Exports of Refined or Synthetic Glycerol

Exports from Thailand

In 2022, the amount of refined or synthetic glycerol exported from Thailand fell modestly to X tons, dropping by -2.6% on the previous year. Over the period under review, exports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 630% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined or synthetic glycerol exports soared to $X in 2022. Overall, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2017 when exports increased by 918% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for refined or synthetic glycerol exports from Thailand, with a 38% share of total exports. Moreover, refined or synthetic glycerol exports to China exceeded the volume sent to the second major destination, the United States (X tons), fourfold. The third position in this ranking was held by Japan (X tons), with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +36.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+12.2% per year) and Japan (+27.5% per year).

In value terms, China ($X) remains the key foreign market for refined or synthetic glycerol exports from Thailand, comprising 30% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by Japan, with a 9.6% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +41.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+21.1% per year) and Japan (+35.3% per year).

Export Prices by Country

In 2022, the average refined or synthetic glycerol export price amounted to $X per ton, picking up by 36% against the previous year. Overall, the export price continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2021 an increase of 72% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Israel ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Refined or Synthetic Glycerol

Imports into Thailand

In 2022, supplies from abroad of refined or synthetic glycerol increased by 1% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.7% over the period 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 2017 with an increase of 42%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, refined or synthetic glycerol imports soared to $X in 2022. In general, imports enjoyed buoyant growth. The pace of growth appeared the most rapid in 2021 when imports increased by 86% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of refined or synthetic glycerol to Thailand, accounting for a 85% share of total imports. Moreover, refined or synthetic glycerol imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia amounted to +25.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-16.3% per year) and Argentina (-9.8% per year).

In value terms, Indonesia ($X) constituted the largest supplier of refined or synthetic glycerol to Thailand, comprising 84% of total imports. The second position in the ranking was held by Malaysia ($X), with an 8.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia totaled +37.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-7.7% per year) and Argentina (-2.0% per year).

Import Prices by Country

In 2022, the average refined or synthetic glycerol import price amounted to $X per ton, increasing by 68% against the previous year. Over the period under review, the import price showed a prominent increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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