Greece: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in Greece

In 2022, the Greek ethylene glycol market increased by 1.3% to $X, rising for the second year in a row after three years of decline. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Ethylene Glycol Exports

Exports from Greece

In 2022, shipments abroad of ethylene glycol (ethanediol) decreased by -40.2% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, showed prominent growth. The pace of growth was the most pronounced in 2016 with an increase of 414%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, ethylene glycol exports contracted notably to $X in 2022. Over the period under review, exports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 377% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Albania (X tons) was the main destination for ethylene glycol exports from Greece, with a 86% share of total exports. Moreover, ethylene glycol exports to Albania exceeded the volume sent to the second major destination, Cyprus (X tons), more than tenfold. The third position in this ranking was taken by Serbia (X tons), with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Albania stood at +12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+5.4% per year) and Serbia (-14.9% per year).

In value terms, Albania ($X) emerged as the key foreign market for ethylene glycol (ethanediol) exports from Greece, comprising 79% of total exports. The second position in the ranking was taken by Cyprus ($X), with a 5.6% share of total exports. It was followed by Serbia, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value to Albania stood at +8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+2.6% per year) and Serbia (-24.9% per year).

Export Prices by Country

The average ethylene glycol export price stood at $X per ton in 2022, picking up by 9.7% against the previous year. In general, the export price, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2014 when the average export price increased by 32% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Albania ($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 Germany (+4.9%), while the prices for the other major destinations experienced mixed trend patterns.

Ethylene Glycol Imports

Imports into Greece

Ethylene glycol imports into Greece expanded modestly to X tons in 2022, picking up by 3.5% compared with the previous year. Over the period under review, imports enjoyed mild growth. The most prominent rate of growth was recorded in 2015 with an increase of 142%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, ethylene glycol imports reduced to $X in 2022. Overall, imports, however, showed a slight decrease. The pace of growth was the most pronounced in 2014 with an increase of 109%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Taiwan (Chinese) (X tons), the United States (X tons) and Turkey (X tons) were the main suppliers of ethylene glycol imports to Greece, with a combined 98% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +214.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), the United States ($X) and Turkey ($X) appeared to be the largest ethylene glycol suppliers to Greece, with a combined 97% share of total imports.

The United States, with a CAGR of +176.5%, recorded 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

The average ethylene glycol import price stood at $X per ton in 2022, with a decrease of -6.1% against the previous year. Over the period under review, the import price continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2014 an increase of 98% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Turkey ($X per ton) and Kuwait ($X per ton), while the price for the United States ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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