Eastern Asia: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in Eastern Asia

In 2022, the East Asian ethylene glycol market decreased by -11.5% to $X, falling for the fourth year in a row after two years of growth. Overall, consumption saw a noticeable curtailment. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Ethylene Glycol Production in Eastern Asia

In value terms, ethylene glycol production declined slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a mild decline. The pace of growth was the most pronounced in 2017 with an increase of 36% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Ethylene Glycol Exports

Exports in Eastern Asia

Ethylene glycol exports contracted markedly to X tons in 2022, declining by -18.2% compared with the previous year. Over the period under review, exports showed a slight decrease. The most prominent rate of growth was recorded in 2017 with an increase of 18%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, ethylene glycol exports plummeted to $X in 2022. Overall, exports continue to indicate a drastic downturn. The growth pace was the most rapid in 2021 when exports increased by 40% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) was the key exporting country with an export of about X tons, which resulted at 85% of total exports. It was distantly followed by South Korea (X tons), creating an 11% share of total exports. The following exporters - Japan (X tons) and China (X tons) - each recorded a 4.2% share of total exports.

Exports from Taiwan (Chinese) increased at an average annual rate of +1.0% from 2012 to 2022. At the same time, China (+11.9%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +11.9% from 2012-2022. By contrast, South Korea (-8.6%) and Japan (-16.2%) illustrated a downward trend over the same period. While the share of Taiwan (Chinese) (+20 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (-9.1 p.p.) and South Korea (-12 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Taiwan (Chinese) ($X) remains the largest ethylene glycol supplier in Eastern Asia, comprising 83% of total exports. The second position in the ranking was held by South Korea ($X), with a 12% share of total exports. It was followed by China, with a 3.1% share.

In Taiwan (Chinese), ethylene glycol exports shrank by an average annual rate of -4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (-13.1% per year) and China (+7.7% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, reducing by -13.9% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2021 when the export price increased by 44% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-3.8%), while the other leaders experienced a decline in the export price figures.

Ethylene Glycol Imports

Imports in Eastern Asia

In 2022, purchases abroad of ethylene glycol (ethanediol) decreased by -11.1% to X tons, falling for the second year in a row after four years of growth. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 31%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, ethylene glycol imports dropped rapidly to $X in 2022. Overall, imports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 49%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

China prevails in imports structure, recording X tons, which was approx. 96% of total imports in 2022. South Korea (X tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of imports of ethylene glycol (ethanediol). South Korea (-5.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +2.4 percentage points.

In value terms, China ($X) constitutes the largest market for imported ethylene glycol (ethanediol) in Eastern Asia, comprising 95% of total imports. The second position in the ranking was held by South Korea ($X), with a 4.2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at -5.7%.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, dropping by -9.8% against the previous year. Over the period under review, the import price recorded a abrupt contraction. The pace of growth appeared the most rapid in 2021 an increase of 43% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-3.8%).

Source: IndexBox Platform

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