China: Propylene Glycol Market 2024

Propylene Glycol Market Size in China

The Chinese propylene glycol market rose slightly to $X in 2022, picking up by 2.8% against the previous year. Overall, the total consumption indicated a strong 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, consumption decreased by -7.4% against 2020 indices. Propylene glycol consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Propylene Glycol Production in China

In value terms, propylene glycol production totaled $X in 2022 estimated in export price. Overall, the total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.9% 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 -0.5% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 24%. Propylene glycol production peaked at $X in 2020; afterwards, it flattened through to 2022.

Propylene Glycol Exports

Exports from China

In 2022, the amount of propylene glycol (propane-1,2-diol) exported from China shrank to X tons, waning by -11.4% compared with the previous year's figure. Overall, exports, however, continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 76% against the previous year. As a result, the exports reached the peak of X tons, and then declined in the following year.

In value terms, propylene glycol exports amounted to $X in 2022. Over the period under review, exports, however, continue to indicate strong growth. The growth pace was the most rapid in 2021 with an increase of 145%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Russia (X tons), Turkey (X tons) and India (X tons) were the main destinations of propylene glycol exports from China, together accounting for 26% of total exports. Indonesia, the United Arab Emirates, Egypt, Japan, Brazil, Poland, South Africa, Canada, Australia and Malaysia lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +227.8%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Turkey ($X) and India ($X) were the largest markets for propylene glycol exported from China worldwide, together accounting for 25% of total exports. Indonesia, the United Arab Emirates, Egypt, Japan, South Africa, Brazil, Poland, Australia, Canada and Malaysia lagged somewhat behind, together accounting for a further 34%.

In terms of the main countries of destination, Poland, with a CAGR of +230.7%, 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 propylene glycol export price amounted to $X per ton, with an increase of 23% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 39% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to South Africa ($X per ton) and Australia ($X per ton), while the average price for exports to Poland ($X per ton) and Brazil ($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 South Africa (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into China

In 2022, purchases abroad of propylene glycol (propane-1,2-diol) decreased by -4.5% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 12% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, propylene glycol imports expanded markedly to $X in 2022. In general, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.7% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 46% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of propylene glycol to China, with a 46% share of total imports. Moreover, propylene glycol imports from Thailand exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled +36.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-0.1% per year) and the United States (-9.6% per year).

In value terms, Thailand ($X) constituted the largest supplier of propylene glycol (propane-1,2-diol) to China, comprising 46% of total imports. The second position in the ranking was taken by South Korea ($X), with a 20% share of total imports. It was followed by the United States, with a 16% share.

From 2012 to 2022, the average annual growth rate of value from Thailand stood at +47.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+2.7% per year) and the United States (-7.5% per year).

Import Prices by Country

The average propylene glycol import price stood at $X per ton in 2022, with an increase of 16% against the previous year. In general, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.5% 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 +90.7% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 65% against the previous year. The import price peaked in 2022 and is expected to retain 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 Japan ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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