Diethylene Glycol and Digol Market

The article discusses the increasing demand for 2,2-oxydiethanol worldwide, with forecasts suggesting growth in market volume and value terms. China is identified as a key player in both consumption and production of diethylene glycol and digol. The article provides detailed insights into consumption trends, market performance, production volumes, import and export data, and average prices of diethylene glycol and digol.

Market Forecast

Driven by increasing demand for 2,2-oxydiethanol (diethylene glycol, digol) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 2.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of 2,2-Oxydiethanol (Diethylene Glycol, Digol)

In 2022, consumption of 2,2-oxydiethanol (diethylene glycol, digol) increased by 0.9% to 1.7M tons for the first time since 2019, thus ending a two-year declining trend. The total consumption volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the consumption volume increased by 9.6% against the previous year. As a result, consumption attained the peak volume of 1.8M tons. From 2020 to 2022, the growth of the global consumption remained at a lower figure.

The global diethylene glycol and digol market size reduced to $1.4B in 2022, with a decrease of -8.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a relatively flat trend pattern. Global consumption peaked at $1.6B in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Consumption By Country

China (520K tons) remains the largest diethylene glycol and digol consuming country worldwide, accounting for 31% of total volume. Moreover, diethylene glycol and digol consumption in China exceeded the figures recorded by the second-largest consumer, Saudi Arabia (117K tons), fourfold. The United Arab Emirates (94K tons) ranked third in terms of total consumption with a 5.5% share.

In China, diethylene glycol and digol consumption plunged by an average annual rate of -1.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (+15.7% per year) and the United Arab Emirates (+6.4% per year).

In value terms, China ($385M) led the market, alone. The second position in the ranking was taken by Saudi Arabia ($98M). It was followed by the United Arab Emirates.

From 2012 to 2022, the average annual growth rate of value in China totaled -3.2%. The remaining consuming countries recorded the following average annual rates of market growth: Saudi Arabia (+14.6% per year) and the United Arab Emirates (+3.1% per year).

The countries with the highest levels of diethylene glycol and digol per capita consumption in 2022 were the United Arab Emirates (9.3 kg per person), Belgium (5.5 kg per person) and Saudi Arabia (3.3 kg per person).

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +13.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of 2,2-Oxydiethanol (Diethylene Glycol, Digol)

In 2022, production of 2,2-oxydiethanol (diethylene glycol, digol) decreased by -4.6% to 1.7M tons, falling for the second year in a row after four years of growth. The total output volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 5.3%. Over the period under review, global production attained the maximum volume at 1.8M tons in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, diethylene glycol and digol production totaled $1.3B in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 8.4%. Global production peaked at $1.5B in 2014; however, from 2015 to 2022, production remained at a lower figure.

Production By Country

Saudi Arabia (675K tons) constituted the country with the largest volume of diethylene glycol and digol production, comprising approx. 40% of total volume. Moreover, diethylene glycol and digol production in Saudi Arabia exceeded the figures recorded by the second-largest producer, Canada (193K tons), threefold. The third position in this ranking was taken by Kuwait (127K tons), with a 7.6% share.

In Saudi Arabia, diethylene glycol and digol production expanded at an average annual rate of +1.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+0.9% per year) and Kuwait (+2.4% per year).

Imports

World Imports of 2,2-Oxydiethanol (Diethylene Glycol, Digol)

In 2022, global imports of 2,2-oxydiethanol (diethylene glycol, digol) totaled 1.6M tons, therefore, remained relatively stable against the previous year. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 14%. Global imports peaked at 1.6M tons in 2020; afterwards, it flattened through to 2022.

In value terms, diethylene glycol and digol imports fell rapidly to $1.2B in 2022. In general, imports, however, recorded a slight reduction. The pace of growth appeared the most rapid in 2021 with an increase of 64% against the previous year. Global imports peaked at $1.6B in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports By Country

China represented the major importer of 2,2-oxydiethanol (diethylene glycol, digol) in the world, with the volume of imports accounting for 541K tons, which was approx. 35% of total imports in 2022. The United States (173K tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Belgium (8.8%), Germany (6.5%) and Italy (6.2%). The following importers - Turkey (63K tons), the United Arab Emirates (44K tons), South Korea (39K tons), Spain (37K tons), India (33K tons), the Netherlands (30K tons), Poland (30K tons) and Mexico (24K tons) - together made up 19% of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of 2,2-oxydiethanol (diethylene glycol, digol). At the same time, the United Arab Emirates (+46.1%), India (+36.8%), South Korea (+23.3%), Turkey (+14.1%), Poland (+12.3%), Mexico (+9.5%), Spain (+6.4%), Belgium (+2.9%) and Germany (+1.4%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the world, with a CAGR of +46.1% from 2012-2022. Italy experienced a relatively flat trend pattern. By contrast, the United States (-1.4%) and the Netherlands (-1.4%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+2.8 p.p.), Turkey (+2.8 p.p.), South Korea (+2.1 p.p.) and India (+2 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the United States (-4 p.p.) and China (-10.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($354M) constitutes the largest market for imported 2,2-oxydiethanol (diethylene glycol, digol) worldwide, comprising 30% of global imports. The second position in the ranking was held by the United States ($115M), with a 9.7% share of global imports. It was followed by Belgium, with an 8.7% share.

In China, diethylene glycol and digol imports contracted by an average annual rate of -4.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United States (-4.5% per year) and Belgium (-0.2% per year).

Import Prices By Country

The average diethylene glycol and digol import price stood at $757 per ton in 2022, which is down by -17% against the previous year. Over the period under review, the import price showed a noticeable slump. The most prominent rate of growth was recorded in 2021 when the average import price increased by 68%. Global import price peaked at $1,208 per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Poland ($911 per ton) and the Netherlands ($908 per ton), while China ($654 per ton) and the United States ($664 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (-0.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of 2,2-Oxydiethanol (Diethylene Glycol, Digol)

After two years of growth, shipments abroad of 2,2-oxydiethanol (diethylene glycol, digol) decreased by -5.1% to 1.5M tons in 2022. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2020 when exports increased by 11% against the previous year. Over the period under review, the global exports hit record highs at 1.6M tons in 2021, and then declined in the following year.

In value terms, diethylene glycol and digol exports reduced to $1.2B in 2022. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 39%. The global exports peaked at $1.4B in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

Saudi Arabia represented the major exporting country with an export of around 558K tons, which finished at 36% of total exports. Belgium (179K tons) ranks second in terms of the total exports with a 12% share, followed by the United States (10%), Canada (10%), Kuwait (8.1%), Taiwan (Chinese) (7%) and Iran (5.8%).

Saudi Arabia experienced a relatively flat trend pattern with regard to volume of exports of 2,2-oxydiethanol (diethylene glycol, digol). At the same time, the United States (+15.6%), Iran (+4.5%), Kuwait (+3.6%) and Canada (+1.3%) displayed positive paces of growth. Moreover, the United States emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.6% from 2012-2022. Belgium experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.7%) illustrated a downward trend over the same period. The United States (+7.6 p.p.) significantly strengthened its position in terms of the global exports, while Taiwan (Chinese) and Saudi Arabia saw its share reduced by -2.8% and -5.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($426M) remains the largest diethylene glycol and digol supplier worldwide, comprising 36% of global exports. The second position in the ranking was taken by Belgium ($155M), with a 13% share of global exports. It was followed by the United States, with a 10% share.

In Saudi Arabia, diethylene glycol and digol exports declined by an average annual rate of -1.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belgium (-1.8% per year) and the United States (+13.4% per year).

Export Prices By Country

The average diethylene glycol and digol export price stood at $759 per ton in 2022, which is down by -10% against the previous year. Over the period under review, the export price continues to indicate a pronounced decline. The most prominent rate of growth was recorded in 2021 when the average export price increased by 38%. Over the period under review, the average export prices hit record highs at $1,066 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($869 per ton), while Iran ($578 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.9%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform