Ethylene Glycol Market

The article provides a detailed analysis of the global ethylene glycol market, forecasting a continued upward consumption trend over the next eight years. Market performance is expected to decelerate, with a forecasted CAGR of +0.8% for consumption volume reaching 29M tons by 2030. In terms of value, the market is anticipated to increase to $45.1B by 2030. China remains the largest consumer of ethylene glycol, with significant growth rates recorded in countries like India and the United States. Production and export trends are also highlighted, with insights on import prices and key exporting countries.

Market Forecast

Driven by increasing demand for ethylene glycol (ethanediol) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.8% for the period from 2022 to 2030, which is projected to bring the market volume to 29M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of -9.7% for the period from 2022 to 2030, which is projected to bring the market value to $45.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ethylene Glycol (Ethanediol)

Global ethylene glycol consumption reached 28M tons in 2022, surging by 3.8% on the previous year. The total consumption volume increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the maximum volume at 28M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global ethylene glycol market value surged to $102.3B in 2022, picking up by 186% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a pronounced downturn. Global consumption peaked at $165.5B in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Consumption By Country

China (7.5M tons) remains the largest ethylene glycol consuming country worldwide, accounting for 27% of total volume. Moreover, ethylene glycol consumption in China exceeded the figures recorded by the second-largest consumer, India (2.8M tons), threefold. The third position in this ranking was held by the United States (1.5M tons), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume in China was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+4.7% per year) and the United States (-2.5% per year).

In value terms, China ($5.1B) led the market, alone. The second position in the ranking was taken by India ($2.5B). It was followed by the United States.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to -3.8%. The remaining consuming countries recorded the following average annual rates of market growth: India (+1.9% per year) and the United States (-5.4% per year).

In 2022, the highest levels of ethylene glycol per capita consumption was registered in Singapore (92 kg per person), followed by Taiwan (Chinese) (39 kg per person), Canada (25 kg per person) and Germany (11 kg per person), while the world average per capita consumption of ethylene glycol was estimated at 3.5 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the ethylene glycol per capita consumption in Singapore stood at +18.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Taiwan (Chinese) (+12.0% per year) and Canada (+15.6% per year).

Production

World Production of Ethylene Glycol (Ethanediol)

In 2022, the amount of ethylene glycol (ethanediol) produced worldwide amounted to 23M tons, surging by 3.1% against the year before. The total output volume increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 35%. Global production peaked at 24M tons in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, ethylene glycol production shrank slightly to $15.8B in 2022 estimated in export price. In general, production, however, saw a pronounced reduction. The growth pace was the most rapid in 2015 when the production volume increased by 19% against the previous year. Global production peaked at $19.5B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (3.8M tons), Saudi Arabia (2.5M tons) and Canada (1.9M tons), together comprising 35% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the United States (with a CAGR of +10.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Ethylene Glycol (Ethanediol)

In 2022, overseas purchases of ethylene glycol (ethanediol) decreased by -5.4% to 15M tons, falling for the second consecutive year after four years of growth. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 19%. Global imports peaked at 17M tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, ethylene glycol imports contracted to $10.1B in 2022. Over the period under review, imports continue to indicate a noticeable setback. The most prominent rate of growth was recorded in 2017 when imports increased by 43% against the previous year. Over the period under review, global imports reached the maximum at $15.8B in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports By Country

China was the main importer of ethylene glycol (ethanediol) in the world, with the volume of imports amounting to 7.5M tons, which was near 50% of total imports in 2022. It was distantly followed by India (1.4M tons), constituting a 9.3% share of total imports. Belgium (609K tons), Mexico (459K tons), Indonesia (449K tons), the United States (376K tons), Pakistan (322K tons), Germany (309K tons), Turkey (307K tons), Oman (281K tons), South Korea (280K tons), Vietnam (274K tons) and Spain (271K tons) took a little share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of ethylene glycol (ethanediol). At the same time, Oman (+70.3%), Vietnam (+15.0%), Mexico (+10.6%), India (+7.9%), Turkey (+7.9%), Spain (+6.7%), Belgium (+5.3%), Pakistan (+2.5%) and Indonesia (+1.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in the world, with a CAGR of +70.3% from 2012-2022. By contrast, Germany (-1.1%), South Korea (-4.7%) and the United States (-9.7%) illustrated a downward trend over the same period. While the share of India (+4.7 p.p.), Mexico (+1.9 p.p.) and Oman (+1.9 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the United States (-4.8 p.p.) and China (-6.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.5B) constitutes the largest market for imported ethylene glycol (ethanediol) worldwide, comprising 44% of global imports. The second position in the ranking was held by India ($812M), with an 8% share of global imports. It was followed by Turkey, with a 6.6% share.

In China, ethylene glycol imports decreased by an average annual rate of -5.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: India (+1.6% per year) and Turkey (+14.8% per year).

Import Prices By Country

In 2022, the average ethylene glycol import price amounted to $672 per ton, reducing by -3.2% against the previous year. In general, the import price recorded a perceptible contraction. The pace of growth was the most pronounced in 2021 an increase of 39%. Global import price peaked at $1,068 per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($2,169 per ton), while Oman ($558 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+6.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Ethylene Glycol (Ethanediol)

In 2022, shipments abroad of ethylene glycol (ethanediol) decreased by -9.6% to 11M tons, falling for the second year in a row after three years of growth. Overall, exports recorded a slight setback. The most prominent rate of growth was recorded in 2015 with an increase of 41% against the previous year. As a result, the exports attained the peak of 14M tons. From 2016 to 2022, the growth of the global exports remained at a lower figure.

In value terms, ethylene glycol exports dropped to $7.2B in 2022. In general, exports showed a noticeable slump. The pace of growth appeared the most rapid in 2021 with an increase of 39% against the previous year. Over the period under review, the global exports hit record highs at $11.6B in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

The United States (2.7M tons) and Saudi Arabia (2.3M tons) represented the major exporters of ethylene glycol (ethanediol) in 2022, accounting for approx. 25% and 20% of total exports, respectively. Kuwait (983K tons) held the next position in the ranking, followed by Canada (943K tons), Iran (891K tons), Belgium (870K tons), Taiwan (Chinese) (704K tons) and Singapore (677K tons). All these countries together held near 46% share of total exports. Malaysia (190K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +17.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest ethylene glycol supplying countries worldwide were the United States ($1.7B), Saudi Arabia ($1.2B) and Canada ($958M), together accounting for 53% of global exports.

In terms of the main exporting countries, the United States, with a CAGR of +11.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced a decline in the exports figures.

Export Prices By Country

In 2022, the average ethylene glycol export price amounted to $650 per ton, therefore, remained relatively stable against the previous year. Over the period under review, the export price showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when the average export price increased by 44% against the previous year. The global export price peaked at $1,018 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Canada ($1,015 per ton), while Saudi Arabia ($525 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+0.8%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform