Southern Asia: Propylene Glycol Market 2024

Propylene Glycol Market Size in Southern Asia

In 2022, the South Asian propylene glycol market decreased by -5.7% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, showed resilient growth. Over the period under review, the market hit record highs at $X in 2021, and then contracted in the following year.

Propylene Glycol Production in Southern Asia

In value terms, propylene glycol production stood at $X in 2022 estimated in export price. Over the period under review, production showed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 29% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Propylene Glycol Exports

Exports in Southern Asia

In 2022, shipments abroad 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 appeared the most rapid in 2019 with an increase of 442% against the previous year. 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. Overall, exports enjoyed resilient growth. The pace of growth appeared the most rapid in 2019 when exports increased by 232%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The shipments of the one major exporters of propylene glycol (propane-1,2-diol), namely India, represented more than two-thirds of total export.

India experienced a relatively flat trend pattern with regard to volume of exports of propylene glycol (propane-1,2-diol). India (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest propylene glycol supplier in Southern Asia.

From 2012 to 2022, the average annual growth rate of value in India stood at +9.9%.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, with an increase of 37% against the previous year. Over the period under review, the export price enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2021 an increase of 83%. The level of export peaked in 2022 and is likely to continue growth in years to come.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +9.6% per year.

Propylene Glycol Imports

Imports in Southern Asia

In 2022, the amount of propylene glycol (propane-1,2-diol) imported in Southern Asia contracted rapidly to X tons, shrinking by -34.2% compared with 2021. Overall, imports, however, showed a resilient expansion. The growth pace was the most rapid in 2021 with an increase of 57% against the previous year. As a result, imports reached the peak of X tons, and then fell dramatically in the following year.

In value terms, propylene glycol imports shrank remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 135% against the previous year. As a result, imports attained the peak of $X, and then reduced rapidly in the following year.

Imports by Country

India represented the main importing country with an import of about X tons, which finished at 80% of total imports. Pakistan (X tons) ranks second in terms of the total imports with a 12% share, followed by Bangladesh (5.7%).

Imports into India increased at an average annual rate of +4.3% from 2012 to 2022. At the same time, Bangladesh (+23.2%) and Pakistan (+5.5%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +23.2% from 2012-2022. From 2012 to 2022, the share of Bangladesh increased by +4.6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported propylene glycol (propane-1,2-diol) in Southern Asia, comprising 77% of total imports. The second position in the ranking was held by Pakistan ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +7.6%. The remaining importing countries recorded the following average annual rates of imports growth: Pakistan (+11.1% per year) and Bangladesh (+25.9% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, rising by 26% against the previous year. Import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% 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 +89.8% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 50%. The level of import peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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