ASEAN: Propylene Glycol Market 2024

Propylene Glycol Market Size in ASEAN

In 2022, the ASEAN propylene glycol market increased by 16% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated resilient growth from 2012 to 2022: its value 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, consumption increased by +36.2% against 2020 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in the near future.

Propylene Glycol Production in ASEAN

In value terms, propylene glycol production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +6.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 72% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Propylene Glycol Exports

Exports in ASEAN

In 2022, approx. X tons of propylene glycol (propane-1,2-diol) were exported in ASEAN; with a decrease of -7.3% against the previous year's figure. The total export volume increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when exports increased by 67%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, propylene glycol exports rose modestly to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +87.9% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 81%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

In 2022, Thailand (X tons) represented the key exporter of propylene glycol (propane-1,2-diol), creating 61% of total exports. It was distantly followed by Singapore (X tons), mixing up a 38% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +37.7%).

In value terms, Thailand ($X) and Singapore ($X) constituted the countries with the highest levels of exports in 2022.

In terms of the main exporting countries, Thailand, with a CAGR of +44.4%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with an increase of 12% against the previous year. Export price indicated a measured 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 export price increased by +80.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by 61% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.8%).

Propylene Glycol Imports

Imports in ASEAN

In 2022, purchases abroad of propylene glycol (propane-1,2-diol) decreased by -5.8% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 11%. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, propylene glycol imports soared to $X in 2022. Over the period under review, imports, however, posted a measured increase. The pace of growth was the most pronounced in 2021 with an increase of 89%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

In 2022, Indonesia (X tons) and Singapore (X tons) represented the key importers of propylene glycol (propane-1,2-diol) in ASEAN, together resulting at near 68% of total imports. Malaysia (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (10%) and Thailand (5.6%). The Philippines (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +9.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Singapore ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 85% of total imports.

In terms of the main importing countries, Indonesia, with a CAGR of +10.2%, saw 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

The import price in ASEAN stood at $X per ton in 2022, growing by 29% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, propylene glycol import price increased by +118.1% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 70% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :