Global Propylene Glycol Market 2024

Propylene Glycol Market Size

The global propylene glycol market declined slightly to $X in 2022, dropping by -1.6% against the previous year. In general, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +7.7% against 2020 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the global market remained at a somewhat lower figure.

Propylene Glycol Production

In value terms, propylene glycol production shrank to $X in 2022 estimated in export price. Over the period under review, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.7% against 2020 indices. The growth pace was the most rapid in 2018 when the production volume increased by 34%. As a result, production reached the peak level of $X. From 2019 to 2022, global production growth failed to regain momentum.

Propylene Glycol Exports

Exports

In 2022, approx. X tons of propylene glycol (propane-1,2-diol) were exported worldwide; reducing by -14.2% compared with 2021. The total export volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 23%. As a result, the exports attained the peak of X tons, and then dropped in the following year.

In value terms, propylene glycol exports reduced modestly to $X in 2022. Over the period under review, exports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 105% against the previous year. As a result, the exports reached the peak of $X, and then contracted in the following year.

Exports by Country

China (X tons) and Germany (X tons) represented the main exporters of propylene glycol (propane-1,2-diol) in 2022, amounting to approx. 16% and 16% of total exports, respectively. Kuwait (X tons) took a 9.4% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (9%), South Korea (8.4%), the United States (8.2%), Saudi Arabia (6%), Singapore (5.6%) and the Netherlands (4.9%).

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +127.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest propylene glycol supplying countries worldwide were Germany ($X), China ($X) and South Korea ($X), together comprising 44% of global exports. The United States, Thailand, the Netherlands, Singapore, Saudi Arabia and Kuwait lagged somewhat behind, together accounting for a further 35%.

Among the main exporting countries, Kuwait, with a CAGR of +102.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average propylene glycol export price amounted to $X per ton, surging by 12% against the previous year. In general, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% 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 +87.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 67%. The global export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.7%), while the other global leaders experienced more modest paces of growth.

Propylene Glycol Imports

Imports

In 2022, the amount of propylene glycol (propane-1,2-diol) imported worldwide dropped markedly to X tons, which is down by -18.9% against the year before. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2021 when imports increased by 25% against the previous year. As a result, imports attained the peak of X tons, and then fell sharply in the following year.

In value terms, propylene glycol imports reduced to $X in 2022. In general, imports, however, posted a moderate increase. The most prominent rate of growth was recorded in 2021 when imports increased by 98%. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

The purchases of the twelve major importers of propylene glycol (propane-1,2-diol), namely France, China, India, Italy, Indonesia, Turkey, Singapore, Belgium, Spain, the Netherlands, Mexico and the UK, represented more than half of total import. Germany (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Germany (with a CAGR of +6.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, France ($X), Indonesia ($X) and China ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 18% of global imports. Italy, India, Turkey, Spain, Belgium, the Netherlands, the UK, Germany, Singapore and Mexico lagged somewhat behind, together accounting for a further 38%.

Germany, with a CAGR of +12.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average propylene glycol import price stood at $X per ton in 2022, surging by 23% against the previous year. Over the period under review, import price indicated moderate growth from 2012 to 2022: its price 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, propylene glycol import price increased by +94.9% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 59% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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