India: Propylene Glycol Market 2024

Propylene Glycol Market Size in India

In 2022, after two years of growth, there was significant decline in the Indian propylene glycol market, when its value decreased by -6.1% to $X. In general, consumption, however, saw buoyant growth. 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 India

In value terms, propylene glycol production reached $X in 2022 estimated in export price. In general, production recorded resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 30% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Propylene Glycol Exports

Exports from India

In 2022, overseas shipments of propylene glycol (propane-1,2-diol) increased by 7.1% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 443%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, propylene glycol exports surged to $X in 2022. In general, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of 232% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates (X tons), Iran (X tons) and Nepal (X tons) were the main destinations of propylene glycol exports from India, with a combined 48% share of total exports. Ireland, Israel, Sudan, Yemen, Bangladesh, Sri Lanka, Ghana, Turkey, Democratic Republic of the Congo and the United States lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +1,048.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ireland ($X) emerged as the key foreign market for propylene glycol (propane-1,2-diol) exports from India, comprising 26% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 11% share of total exports. It was followed by Iran, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Ireland stood at +34.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+32.9% per year) and Iran (+84.6% per year).

Export Prices by Country

The average propylene glycol export price stood at $X per ton in 2022, growing by 37% against the previous year. In general, the export price posted a buoyant expansion. The pace of growth was the most pronounced in 2021 an increase of 83% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Ireland ($X per ton), while the average price for exports to Israel ($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 Ireland (+16.4%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into India

In 2022, imports of propylene glycol (propane-1,2-diol) into India plummeted to X tons, with a decrease of -37.1% compared with 2021 figures. In general, imports, however, continue to indicate a pronounced expansion. The growth pace was the most rapid in 2021 with an increase of 62%. As a result, imports reached the peak of X tons, and then fell dramatically in the following year.

In value terms, propylene glycol imports fell remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 when imports increased by 142%. As a result, imports reached the peak of $X, and then fell remarkably in the following year.

Imports by Country

Singapore (X tons), Saudi Arabia (X tons) and China (X tons) were the main suppliers of propylene glycol imports to India, with a combined 74% share of total imports. Thailand, South Korea, the United Arab Emirates, Germany and the United States lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +59.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Saudi Arabia ($X) and China ($X) appeared to be the largest propylene glycol suppliers to India, together accounting for 72% of total imports. Thailand, South Korea, the United Arab Emirates, Germany and the United States lagged somewhat behind, together comprising a further 25%.

In terms of the main suppliers, Thailand, with a CAGR of +66.2%, 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 average propylene glycol import price stood at $X per ton in 2022, picking up by 28% against the previous year. In general, import price indicated a perceptible expansion from 2012 to 2022: its price 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, propylene glycol import price increased by +91.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 49% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

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 Thailand ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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