Venezuela: Ethylene Glycol Market 2024

Ethylene Glycol Market Size in Venezuela

The Venezuelan ethylene glycol market amounted to $X in 2022, increasing by 2.7% against the previous year. In general, consumption, however, saw a mild descent. Ethylene glycol consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Ethylene Glycol Production in Venezuela

In value terms, ethylene glycol production totaled $X in 2022 estimated in export price. Overall, production, however, continues to indicate a noticeable reduction. The pace of growth was the most pronounced in 2020 with an increase of 15% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Ethylene Glycol Exports

Exports from Venezuela

In 2022, exports of ethylene glycol (ethanediol) from Venezuela expanded slightly to X tons, picking up by 3.3% against 2021. In general, exports, however, recorded a sharp contraction. The most prominent rate of growth was recorded in 2014 with an increase of 34%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, ethylene glycol exports declined to $X in 2022. Overall, exports, however, showed a sharp downturn. The pace of growth was the most pronounced in 2013 when exports increased by 50%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Belgium (X tons), Russia (X tons) and the United States (X tons) were the main destinations of ethylene glycol exports from Venezuela, together accounting for 59% of total exports. Chile, Switzerland, France and Brazil lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +7.1%), while the other leaders experienced a decline.

In value terms, Belgium ($X) remains the key foreign market for ethylene glycol (ethanediol) exports from Venezuela, comprising 31% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 12% share of total exports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Belgium stood at -36.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-22.1% per year) and the United States (-31.2% per year).

Export Prices by Country

The average ethylene glycol export price stood at $X per ton in 2022, declining by -7.1% against the previous year. Overall, the export price recorded a noticeable slump. The pace of growth appeared the most rapid in 2013 when the average export price increased by 30%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+0.5%), while the prices for the other major destinations experienced mixed trend patterns.

Ethylene Glycol Imports

Imports into Venezuela

In 2022, after two years of growth, there was significant decline in overseas purchases of ethylene glycol (ethanediol), when their volume decreased by -44.6% to X tons. Overall, imports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by 833% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, ethylene glycol imports contracted markedly to $X in 2022. Over the period under review, imports, however, showed a resilient increase. The growth pace was the most rapid in 2021 when imports increased by 950%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest ethylene glycol supplier to Venezuela, accounting for a 73% share of total imports. Moreover, ethylene glycol imports from the United States exceeded the figures recorded by the second-largest supplier, Colombia (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +26.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+5.8% per year) and China (+79.8% per year).

In value terms, the United States ($X) constituted the largest supplier of ethylene glycol (ethanediol) to Venezuela, comprising 74% of total imports. The second position in the ranking was taken by Colombia ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +18.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+11.8% per year) and China (+84.4% per year).

Import Prices by Country

In 2022, the average ethylene glycol import price amounted to $X per ton, flattening at the previous year. Overall, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ethylene glycol import price increased by +48.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 33%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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