Saudi Arabia: Propylene Glycol Market 2024

Propylene Glycol Market Size in Saudi Arabia

In 2022, the Saudi propylene glycol market increased by 36% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a remarkable increase. Propylene glycol consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Propylene Glycol Production in Saudi Arabia

In value terms, propylene glycol production reduced to $X in 2022 estimated in export price. In general, production, however, posted a resilient increase. The pace of growth was the most pronounced in 2014 with an increase of 192% against the previous year. Propylene glycol production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Propylene Glycol Exports

Exports from Saudi Arabia

In 2022, the amount of propylene glycol (propane-1,2-diol) exported from Saudi Arabia contracted notably to X tons, dropping by -31.8% against the previous year's figure. Over the period under review, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 496% against the previous year. The exports peaked at X tons in 2021, and then fell remarkably in the following year.

In value terms, propylene glycol exports shrank rapidly to $X in 2022. Overall, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 400% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then fell dramatically in the following year.

Exports by Country

India (X tons), Turkey (X tons) and Singapore (X tons) were the main destinations of propylene glycol exports from Saudi Arabia, together comprising 56% of total exports. China, South Africa, Australia and Belgium lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa (with a CAGR of +54.7%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), India ($X) and Singapore ($X) were the largest markets for propylene glycol exported from Saudi Arabia worldwide, with a combined 60% share of total exports. China, South Africa, Australia and Belgium lagged somewhat behind, together comprising a further 23%.

In terms of the main countries of destination, South Africa, with a CAGR of +62.8%, 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

The average propylene glycol export price stood at $X per ton in 2022, which is down by -2.7% against the previous year. Overall, the export price showed a abrupt descent. The growth pace was the most rapid in 2021 an increase of 48% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Belgium ($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 China (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Propylene Glycol Imports

Imports into Saudi Arabia

In 2021, approx. X tons of propylene glycol (propane-1,2-diol) were imported into Saudi Arabia; waning by -22.9% against the year before. In general, imports saw a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 5% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, propylene glycol imports dropped to $X in 2021. Over the period under review, imports showed a abrupt downturn. The growth pace was the most rapid in 2017 when imports increased by 18%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest propylene glycol supplier to Saudi Arabia, accounting for a 25% share of total imports. Moreover, propylene glycol imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. The third position in this ranking was held by the Netherlands (X tons), with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-17.9% per year) and the Netherlands (-17.8% per year).

In value terms, China ($X) constituted the largest supplier of propylene glycol (propane-1,2-diol) to Saudi Arabia, comprising 36% of total imports. The second position in the ranking was taken by South Korea ($X), with a 17% share of total imports. It was followed by the Netherlands, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-10.3% per year) and the Netherlands (-13.9% per year).

Import Prices by Country

In 2021, the average propylene glycol import price amounted to $X per ton, picking up by 11% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 34%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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