Turkey: Market for Refined or Synthetic Glycerol 2025

Market Size for Refined or Synthetic Glycerol in Turkey

After three years of decline, the Turkish refined or synthetic glycerol market increased by 58% to $X in 2022. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 Turkey

In value terms, refined or synthetic glycerol production stood at $X in 2022 estimated in export price. Overall, the total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 24% against the previous year. Refined or synthetic glycerol production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Refined or Synthetic Glycerol

Exports from Turkey

In 2022, shipments abroad of refined or synthetic glycerol increased by 113% to X tons, rising for the fifth year in a row after two years of decline. Overall, exports saw perceptible growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, refined or synthetic glycerol exports soared to $X in 2022. Over the period under review, exports showed a strong expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 189% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Russia (X tons) was the main destination for refined or synthetic glycerol exports from Turkey, accounting for a 35% share of total exports. Moreover, refined or synthetic glycerol exports to Russia exceeded the volume sent to the second major destination, Iraq (X tons), twofold. The third position in this ranking was taken by Iran (X tons), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia amounted to +22.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+72.1% per year) and Iran (+0.4% per year).

In value terms, the largest markets for refined or synthetic glycerol exported from Turkey were Russia ($X), Iraq ($X) and Iran ($X), with a combined 56% share of total exports. Germany, Azerbaijan, Israel, Egypt, Portugal, Turkmenistan, Greece, North Macedonia, Sudan and Spain lagged somewhat behind, together comprising a further 32%.

Among the main countries of destination, Sudan, with a CAGR of +143.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined or synthetic glycerol export price amounted to $X per ton, surging by 9.9% against the previous year. Overall, export price indicated a resilient increase from 2012 to 2022: its price 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, refined or synthetic glycerol export price increased by +79.9% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 64% against the previous year. The export price peaked 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 Egypt ($X per ton), while the average price for exports to Greece ($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 Egypt (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Refined or Synthetic Glycerol

Imports into Turkey

In 2022, after two years of decline, there was significant growth in overseas purchases of refined or synthetic glycerol, when their volume increased by 46% to X tons. Over the period under review, imports continue to indicate a resilient increase. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, refined or synthetic glycerol imports surged to $X in 2022. In general, imports saw a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest refined or synthetic glycerol supplier to Turkey, with a 39% share of total imports. Moreover, refined or synthetic glycerol imports from Malaysia exceeded the figures recorded by the second-largest supplier, Argentina (X tons), threefold. The third position in this ranking was held by Brazil (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia totaled +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+42.6% per year) and Brazil (+9.9% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined or synthetic glycerol to Turkey, comprising 49% of total imports. The second position in the ranking was held by Brazil ($X), with a 12% share of total imports. It was followed by Bulgaria, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at +16.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+20.2% per year) and Bulgaria (+102.1% per year).

Import Prices by Country

The average refined or synthetic glycerol import price stood at $X per ton in 2022, jumping by 52% against the previous year. In general, the import price saw a strong increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Germany ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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