Thailand: Propylene Glycol Market 2024

Propylene Glycol Market Size in Thailand

In 2022, after three years of decline, there was growth in the Thai propylene glycol market, when its value increased by 2% to $X. In general, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -27.4% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Propylene Glycol Production in Thailand

In value terms, propylene glycol production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production showed resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 211%. 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 from Thailand

In 2022, shipments abroad of propylene glycol (propane-1,2-diol) decreased by -2.3% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2013 with an increase of 1,500%. The exports peaked at X tons in 2021, and then contracted in the following year.

In value terms, propylene glycol exports expanded significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2013 when exports increased by 1,745% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

China (X tons) was the main destination for propylene glycol exports from Thailand, accounting for a 27% share of total exports. Moreover, propylene glycol exports to China exceeded the volume sent to the second major destination, Japan (X tons), twofold. The third position in this ranking was held by Singapore (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+194.8% per year) and Singapore (+41.4% per year).

In value terms, China ($X) remains the key foreign market for propylene glycol (propane-1,2-diol) exports from Thailand, comprising 27% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 12% share of total exports. It was followed by Singapore, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +36.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+72.1% per year) and Singapore (+45.1% per year).

Export Prices by Country

In 2022, the average propylene glycol export price amounted to $X per ton, growing by 14% against the previous year. In general, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.9% 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 +83.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 61%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Indonesia ($X per ton) and India ($X per ton), while the average price for exports to Japan ($X per ton) and Australia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into Thailand

After two years of growth, supplies from abroad of propylene glycol (propane-1,2-diol) decreased by -0.9% to X tons in 2022. Overall, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2018 when imports increased by 22%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, propylene glycol imports surged to $X in 2022. Over the period under review, imports recorded a abrupt downturn. The pace of growth was the most pronounced in 2021 with an increase of 57%. 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

South Korea (X tons), China (X tons) and Singapore (X tons) were the main suppliers of propylene glycol imports to Thailand, together comprising 78% of total imports. The United States, India, Italy, Taiwan (Chinese) and Japan lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +325.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), China ($X) and Singapore ($X) were the largest propylene glycol suppliers to Thailand, with a combined 76% share of total imports. The United States, India, Italy, Taiwan (Chinese) and Japan lagged somewhat behind, together comprising a further 20%.

In terms of the main suppliers, India, with a CAGR of +284.5%, recorded 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

In 2022, the average propylene glycol import price amounted to $X per ton, growing by 23% against the previous year. Over the period under review, import price indicated a notable increase 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 import price increased by +73.3% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 41% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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