Vietnam: Propylene Glycol Market 2024

Propylene Glycol Market Size in Vietnam

In 2022, after two years of growth, there was significant decline in the Vietnamese propylene glycol market, when its value decreased by -22.1% to $X. In general, consumption, however, continues to indicate a resilient expansion. As a result, consumption reached the peak level of $X, and then declined rapidly in the following year.

Propylene Glycol Exports

Exports from Vietnam

After two years of growth, shipments abroad of propylene glycol (propane-1,2-diol) decreased by -43.5% to X tons in 2022. Overall, exports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 701% against the previous year. The exports peaked at X tons in 2021, and then declined notably in the following year.

In value terms, propylene glycol exports fell markedly to $X in 2022. Over the period under review, exports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of 1,111% against the previous year. As a result, the exports reached the peak of $X, and then shrank rapidly in the following year.

Exports by Country

Cambodia (X tons) was the main destination for propylene glycol exports from Vietnam, accounting for a 66% share of total exports. Moreover, propylene glycol exports to Cambodia exceeded the volume sent to the second major destination, India (X tons), threefold. The third position in this ranking was held by China (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Cambodia stood at +21.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+3.4% per year) and China (+28.1% per year).

In value terms, the largest markets for propylene glycol exported from Vietnam were Cambodia ($X), India ($X) and China ($X), with a combined 98% share of total exports.

In terms of the main countries of destination, China, with a CAGR of +27.6%, saw 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 propylene glycol export price amounted to $X per ton, waning by -4.1% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.0% 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 +50.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 57%. As a result, the export price attained the peak level of $X per ton, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to China ($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 South Korea (+16.7%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into Vietnam

After three years of growth, purchases abroad of propylene glycol (propane-1,2-diol) decreased by -11.1% to X tons in 2022. Overall, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 48%. Over the period under review, imports reached the peak figure at X tons in 2021, and then declined in the following year.

In value terms, propylene glycol imports dropped sharply to $X in 2022. In general, imports, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of 129% against the previous year. As a result, imports reached the peak of $X, and then declined notably in the following year.

Imports by Country

Thailand (X tons), China (X tons) and South Korea (X tons) were the main suppliers of propylene glycol imports to Vietnam, together accounting for 77% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +18.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and South Korea ($X) constituted the largest propylene glycol suppliers to Vietnam, together comprising 80% of total imports.

South Korea, with a CAGR of +17.6%, saw the highest rates of growth with regard to the value of imports, in terms of 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 2022, the average propylene glycol import price amounted to $X per ton, which is down by -19.2% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 79% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced rapidly in the following year.

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 Thailand ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+0.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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