Thailand: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in Thailand

In 2022, the Thai ethylene glycol market increased by 13% to $X, rising for the second year in a row after two years of decline. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Ethylene Glycol Production in Thailand

In value terms, ethylene glycol production shrank modestly to $X in 2022 estimated in export price. Overall, production saw a perceptible reduction. The most prominent rate of growth was recorded in 2016 with an increase of 14% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Ethylene Glycol Exports

Exports from Thailand

In 2022, shipments abroad of ethylene glycol (ethanediol) was finally on the rise to reach X tons after two years of decline. Overall, exports, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2019 with an increase of 61% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, ethylene glycol exports rose remarkably to $X in 2022. In general, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 85% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Australia (X tons), Vietnam (X tons) and Singapore (X tons) were the main destinations of ethylene glycol exports from Thailand, with a combined 57% share of total exports. New Zealand, Japan, the Philippines, Malaysia, Indonesia, China, Papua New Guinea and Nigeria lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +71.3%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Vietnam ($X) and Singapore ($X) were the largest markets for ethylene glycol exported from Thailand worldwide, with a combined 57% share of total exports. New Zealand, Japan, the Philippines, Malaysia, Indonesia, China, Papua New Guinea and Nigeria lagged somewhat behind, together comprising a further 34%.

Among the main countries of destination, Japan, with a CAGR of +56.8%, 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 ethylene glycol export price stood at $X per ton in 2022, declining by -5.5% against the previous year. Overall, the export price continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2021 an increase of 55% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Indonesia ($X per ton) and the Philippines ($X per ton), while the average price for exports to China ($X per ton) and Malaysia ($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 Indonesia (-1.3%), while the prices for the other major destinations experienced a decline.

Ethylene Glycol Imports

Imports into Thailand

In 2022, overseas purchases of ethylene glycol (ethanediol) increased by 39% to X tons, rising for the third consecutive year after two years of decline. Overall, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +3.8% 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 +116.7% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, ethylene glycol imports surged to $X in 2022. Over the period under review, imports, however, saw a slight decrease. The pace of growth appeared the most rapid in 2021 when imports increased by 75%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Singapore (X tons), Saudi Arabia (X tons) and Malaysia (X tons) were the main suppliers of ethylene glycol imports to Thailand, with a combined 99% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +6.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Singapore ($X), Saudi Arabia ($X) and Malaysia ($X) were the largest ethylene glycol suppliers to Thailand, with a combined 97% share of total imports.

Among the main suppliers, Singapore, with a CAGR of -0.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average ethylene glycol import price stood at $X per ton in 2022, waning by -5.2% against the previous year. Overall, the import price saw a abrupt decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by 49% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the price for Malaysia ($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 (-5.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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