Eastern Asia: Propylene Glycol Market 2024

Propylene Glycol Market Size in Eastern Asia

In 2022, the East Asian propylene glycol market increased by 0.6% to $X, rising for the second consecutive year after two years of decline. Overall, consumption continues to indicate a prominent expansion. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Propylene Glycol Production in Eastern Asia

In value terms, propylene glycol production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 40% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Propylene Glycol Exports

Exports in Eastern Asia

In 2022, exports of propylene glycol (propane-1,2-diol) in Eastern Asia dropped dramatically to X tons, shrinking by -17.9% compared with 2021. Over the period under review, exports, however, saw a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 59% against the previous year. As a result, the exports reached the peak of X tons, and then shrank markedly in the following year.

In value terms, propylene glycol exports fell to $X in 2022. Overall, exports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2021 when exports increased by 135%. As a result, the exports attained the peak of $X, and then declined modestly in the following year.

Exports by Country

In 2022, China (X tons) represented the largest exporter of propylene glycol (propane-1,2-diol), making up 64% of total exports. It was distantly followed by South Korea (X tons), generating a 34% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +9.9%).

In value terms, China ($X) and South Korea ($X) appeared to be the countries with the highest levels of exports in 2022.

China, with a CAGR of +12.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, increasing by 19% against the previous year. Export price indicated a temperate expansion from 2012 to 2022: its price 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, propylene glycol export price increased by +75.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by 48%. Over the period under review, the export prices reached the maximum 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 South Korea ($X per ton), while China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.3%).

Propylene Glycol Imports

Imports in Eastern Asia

In 2022, supplies from abroad of propylene glycol (propane-1,2-diol) increased by 0.8% to X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 7.3%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, propylene glycol imports expanded significantly to $X in 2022. Total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +55.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 45% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

China represented the largest importing country with an import of about X tons, which finished at 51% of total imports. Japan (X tons) ranks second in terms of the total imports with a 23% share, followed by Taiwan (Chinese) (18%) and South Korea (8.2%).

China experienced a relatively flat trend pattern with regard to volume of imports of propylene glycol (propane-1,2-diol). At the same time, Japan (+8.7%) and Taiwan (Chinese) (+2.9%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +8.7% from 2012-2022. South Korea experienced a relatively flat trend pattern. Japan (+11 p.p.) and Taiwan (Chinese) (+2 p.p.) significantly strengthened its position in terms of the total imports, while South Korea and China saw its share reduced by -1.6% and -11.2% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported propylene glycol (propane-1,2-diol) in Eastern Asia, comprising 57% of total imports. The second position in the ranking was taken by Japan ($X), with a 22% share of total imports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +3.1%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+9.0% per year) and Taiwan (Chinese) (+1.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, with an increase of 6.6% against the previous year. Import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 +75.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 65%. Over the period under review, import prices reached the maximum 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 China ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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