Propylene Glycol (PG) Prices

Propylene Glycol Prices September 2024

The propylene glycol prices in the United States for Q3 2024 reached 1260 USD/MT in September. The region saw sharp price declines, driven by a combination of ample supply and weakened demand across key sectors. Furthermore, the market reflected a cautious consumer outlook, prompting price adjustments to maintain competitiveness amid a consistently bearish environment and continued downward pressure.

The price trend for propylene glycol in Singapore for Q3 2024 settled at 980 USD/MT in September. The market faced notable price declines due to weak domestic and international demand and economic uncertainties. Supply chain disruptions added to the oversupply situation, influencing prices throughout the quarter and underlining the persistent downward market trend with weakened consumer sentiment.

In Netherlands, the propylene glycol prices for Q3 2024 reached 1360 USD/MT in September. The market saw a significant price decline, mainly influenced by reduced domestic demand and logistical disruptions. Moreover, the economic outlook dampened business sentiment, worsening the negative trend. Rising shipping costs further impacted purchasing behavior, reinforcing the ongoing price drop throughout the period.

Propylene Glycol Prices June 2024

The propylene glycol prices in the United States for Q2 2024 reached 1430 USD/MT in June. The region saw a notable decline due to reduced end-user demand and high interest rates impacting consumer purchasing power. Seasonality effects and lower new product orders further pressured prices, while geopolitical strains and logistical challenges contributed to increased domestic supply and a cautious market environment.

The price trend for propylene glycol in South Korea for Q2 2024 settled at 950 USD/MT in June. The market faced significant price declines due to moderated domestic demand, persistent inflation, and global economic ambiguities. Moreover, seasonality factors and a prudent approach from overseas buyers added to the downward trend, amplifying the negative sentiment that impacted the broader APAC region.

In Germany, the propylene glycol prices for Q2 2024 reached 1435 USD/MT in June. The market experienced significant price drops due to weak demand across industries and elevated inventory levels. Additionally, inflation and high interest rates weakened consumer spending, while seasonal shifts, such as reduced antifreeze use during warmer months, further drove the bearish pricing trend in the region.

Propylene Glycol Prices March 2024

The propylene glycol prices in the United States for Q1 2024 reached 1630 USD/MT in March. The region experienced price increases driven by strong demand from food, healthcare, and pharmaceutical sectors. Limited warehousing and rising storage costs further strained supply. Despite such challenges, economic stability and positive business sentiment kept the market atmosphere generally optimistic and steady.

The price trend for propylene glycol in South Korea for Q1 2024 settled at 1050 USD/MT in March. The market faced fluctuating prices. Initial declines stemmed from reduced sectoral consumption and currency depreciation, making imports costlier. A February surge followed as improved business confidence drove demand, but prices fell again later due to weaker consumption and tight financing conditions.

In Netherlands, the propylene glycol prices for Q1 2024 reached 1710 USD/MT in March. The market experienced an upward price trend due to geopolitical conflicts, logistical issues, and strong demand from key sectors. The Euro's depreciation spurred export demand, while lower inflation and increased raw material costs further influenced the market, driving participants to replenish inventories.

Propylene Glycol Prices December 2023

During Q4 2023, the US propylene glycol (PG) prices showed a decreasing trend, because of the softened demand, the oversupply situation and the stocks correction. To a certain extent, these disinflationary factors, especially the falling price of oil and other energies, as well as the decrease in business and freight costs had a negative impact and the prices declined. On the other hand, this combination of the factors also added to the pressure on PG market valuations through declining Propylene oxide (PO) prices. The US experienced a severe price drop of 44% and 14%, respectively, for the year-on-year and quarterly rates. The Industrial Grade FOB Los Angeles landed at 1520 USD/MT.

The South Korean PG market in the fourth quarter of 2023 had a drop in its prices with the consumption at safer levels and the production at surplus. In December, the market registered a 7.69% decrease, and the current price of Propylene Glycol FOB Busan reflected this trend. Decline in the several sectors as well as the global supply chains has increased the inventory and, therefore has negatively affected the prices of the items. Over the course of the year, the prices went down by 52% and dropped by 23% from the previous quarter, this was at the price level of 1075 USD/MT.

In the Netherlands, the Propylene Glycol (PG) market encountered the instability of the price during the fourth quarter (Q4) of 2023. The prices first went up because of moderated inflation in October and improved consumer trust. Nevertheless, the downward trend was gradually getting weaker because of the insufficient demand and a massive supply. This quarter experienced a -23% year-over-year price decline as well as a -10% quarterly decrease. Amidst these modifications the prices stabilized during quarters with the final price at 1685 USD/MT (Industrial Grade FOB Rotterdam) for the last half.

Regional Coverage 

The report provides a detailed analysis of the propylene glycol market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the propylene glycol price trend.

Global Propylene Glycol Price 

The report offers a holistic view of the global propylene glycol pricing trends in the form of propylene glycol price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of propylene glycol but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed propylene glycol demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Propylene Glycol Price

Q3 2024:

During Q3 2024, the market in Europe recorded a marked price decrease, impacted by weak demand linked to economic challenges and logistical hurdles across the region. Business sentiment declined amid growing concerns over economic prospects, further dampening domestic market activity. Moreover, the disruption in shipping costs exacerbated the financial strain on both buyers and suppliers, affecting purchasing behaviors. As a result, this environment led to a pronounced downward price trend, with the Netherlands seeing significant changes. The consistent decrease in prices was observed throughout the quarter, illustrating the continued impact of these market pressures by the close of the period.

Q2 2024:

During Q2 2024, the propylene glycol market in Europe faced a marked decline due to dampened demand across various industries such as cosmetics, food, and pharmaceuticals. High inventory levels and fewer orders prompted suppliers to reduce prices to boost demand. Moreover, persistent inflation, fueled interest rates, and rising energy costs further exacerbated weak consumer spending and added pressure on profitability. Germany experienced the most significant price drops, with seasonal factors such as warmer weather leading to lower antifreeze demand contributing to the trend. The overall pricing environment remained bearish, reflecting broader economic and sectoral challenges throughout the quarter.

Q1 2024:

During Q1 2024, the propylene glycol market in Europe faced a dynamic pricing environment due to various influences. Geopolitical tensions, logistical disruptions, and constrained inventories pushed prices upward, supported by strong demand from pharmaceutical, food, and healthcare sectors. Moreover, the Euro's depreciation against the U.S. Dollar boosted exports and increased international demand. Additionally, lower inflation rates in the Eurozone, alongside higher raw material costs for propylene oxide, also played a role in the price rise. Market participants responded by replenishing inventories, contributing to sustained price growth through the quarter.

Q4 2023:

In Europe, the propylene glycol market was unstable during the period and first enjoyed the benefit of moderated inflation and increased consumer confidence that resulted in a short-lived price increase. Nevertheless, the changed direction because of declining demands from both domestic and international markets and the availability of an acceptable supply. This situation, which was defined by an ongoing downward trend, was affected by various factors, such as abundant market supply and economic conditions that started to influence consumer and industrial demand. As a result, these dynamics make the market a difficult one and this altogether leads to a decrease in the prices.

This analysis can be extended to include detailed propylene glycol price information for a comprehensive list of countries. 

North America Propylene Glycol Price 

Q3 2024:

Throughout the third quarter of 2024, the propylene glycol market in North America faced a significant decline, with notable price drops observed throughout the region, particularly in the USA. Market conditions were impacted by a mix of factors, such as a steady supply and weakening demand from various end-user sectors. Additionally, the cautious sentiment among consumers added to the bearish trend, prompting participants to adjust prices to stay competitive. Furthermore, the market experienced consistent downward momentum across the quarter, emphasizing a challenging environment for suppliers and buyers. The overall market sentiment remained negative, characterized by subdued demand and a well-stocked supply.

Q2 2024:

Throughout the second quarter of 2024, the North American propylene glycol market faced a significant downturn influenced by several key factors. Weakened demand from major sectors, including industrial, pharmaceuticals, and food applications, along with ample supply, contributed to declining prices. In addition, the impact of high interest rates, aimed at curbing inflation, further reduced customer purchasing power, weakening demand. The USA experienced the most notable fluctuations, with seasonality effects and decreased new product orders exacerbating the decline. Furthermore, logistical challenges and geopolitical uncertainties bolstered domestic supply as international buyers remained cautious, emphasizing the negative pricing environment.

Q1 2024:

Throughout the first quarter of 2024, the North American propylene glycol market experienced notable fluctuations, primarily driven by increased demand from sectors like food, pharmaceuticals, and healthcare. Furthermore, limited warehousing capacity and rising storage costs added to the price pressures, with expenses passed on to consumers. Despite such challenges, stable economic performance in the U.S., supported by positive consumer sentiment and business activity, maintained a generally bullish market atmosphere. The pricing environment was positive overall, marked by shifting supply and demand dynamics that sustained price growth throughout the quarter.

Q4 2023:

The propylene glycol market in North America had a decreasing trend because of the weak demand and excess supply. Among the factors leading to this decline were the rise of inflation, high rates of interest, and geopolitical uncertainties. Propylene glycol was still very available based on a low demand within and outside the domestic economy. The market participants restocked, and the slowing down of the inflation, especially in the energy cost even added more to the downward pressures of the prices. Further, a fall in the price of another essential raw material – Propylene oxide, due to lower demand from downstream industries – was also instrumental in stipulating the bearish market sentiments.

Specific propylene glycol historical data within the United States and Canada can also be provided.

Middle East and Africa Propylene Glycol Price

The report explores the propylene glycol pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices. 

In addition to region-wise data, information on propylene glycol prices for countries can also be provided.

Asia Pacific Propylene Glycol Price 

Q3 2024:

The propylene glycol market in the APAC region experienced a considerable price decline in Q3 2024, driven by sluggish market sentiment and reduced demand, both locally and internationally. The impact of global economic uncertainties and shipping disruptions further contributed to the oversupply. Singapore was notably affected, showcasing significant price volatility that mirrored broader regional patterns. In addition, the persistent concerns over an economic downturn and supply chain disruptions weighed on consumer confidence, curbing demand. Consequently, the quarter demonstrated a continuous price decline, highlighting the challenging landscape and negative sentiment prevalent in the market by quarter-end.

Q2 2024:

In Q2 2024, the APAC propylene glycol market witnessed a significant negative trend due to weakened end-user demand, market oversupply, and economic instabilities. Persistent inflation and elevated interest rates further impacted consumer spending, deepening the negative sentiment. In addition, logistical disruptions and geopolitical tensions added to the region's challenges, impacting shipping and market confidence. South Korea saw pronounced price declines driven by diminished domestic demand, high inflation, and a wary approach from global buyers amid economic instability. Moreover, seasonality factors, including reduced industrial activities during summer, compounded the price drop and highlighted ongoing difficulties across the region.

Q1 2024:

The Asia Pacific propylene glycol market in Q1 2024 saw mixed pricing trends influenced by multiple factors. Prices fell initially due to decreased demand from key sectors and currency depreciation, which raised import costs and dampened consumption. However, February brought a surge in prices as improved business confidence drove demand, especially in food and pharmaceutical industries. Towards the quarter end, weak consumption and high interest rates led to another decline in prices. Overall, the market was marked by a balance of growth and challenges across the region.

Q4 2023:

The APAC propylene glycol market was characterized by several challenges, most notably, weak domestic and export trade leading to a price fall. The market was of a high supply, with increased production activity and export reduction that, coupled with global supply chain disruptions had resulted in inventory accumulations. All these factors, wrapped in the slowdown of demand in various industries, contributed to the continued decline of the market representing the widespread problems of the region.

This propylene glycol price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Propylene Glycol Price 

The analysis of propylene glycol prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region. 

Propylene Glycol Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Propylene Glycol Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024Edition,” offers an in-depth analysis of propylene glycol pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of propylene glycol at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of propylene glycol price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing propylene glycol price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Propylene Glycol Market Analysis

The global propylene glycol market size reached US$ 4.3 Million in 2023. By 2032, IMARC Group expects the market to reach US$ 6.1 Million, at a projected CAGR of 3.30% during 2023-2032. 

The expanding application in the field of food and dye materials processing, the increasing demand from automotive technology and solvents from different end users are driving the growth of the propylene glycol market worldwide. Moreover, propylene glycol is a major substance used by the transportation industry. It is a creamy transparent liquid without smell. It is the most hygroscopic compound and can be completely dissolved in alcohols, esters, water, amines and ketones. It has limited compatibility with complex components and is incompatible with aliphatic hydrocarbons. From being employed in public railway systems to helping with traffic management in smart cities, it serves a wide spectrum of uses in the transport industry. Propylene glycol is used to produce fire-resistant brakes and other fluids including those used for cooling in the transportation industry and can be used for production of many things as an initial source of raw materials of paints, raw components for de-icing of planes, and as a heat transfer fluid for high-temperature applications. Besides this, propylene glycol is used for the preparation of unsaturated polyester resins and has multiple functions in the automotive sector. The rise in the global production of automotive vehicles is propelling the market for propylene glycol. Based on the Organisation Internationale des Constructeurs d'Automobiles" (OICA) statistics, global automotive car production scaled to 85.02 million units in 2022, against 80.2 million from 2021, at a growth rate of 6%. The growth of the aviation industry is influencing the growth of propylene glycol market. The Boeing Commercial Outlook 2023-2042 forecasts that by 2042 the demand for new commercial jets will total 42,595, priced at USD 8 trillion. By 2042, the global fleet will be almost doubled reaching 48,600 jets increasing annually by 3.5%. Propylene Glycol is credited for its low toxicity index and biodegradability which provide benefits to the environment by reducing hazardous waste discharged into treatment plants. Eco-friendly formulations in antifreeze that use it as an ingredient are an example of their role in ensuring environmentally friendly industrial manufacturing practices. This is creating a positive outlook for the market across the globe. For instance, in March 2024, in the trail of the toxic cough syrup deaths, India’s drugs regulator instructed manufacturing companies to stop using propylene glycol imported from a Delhi-based firm. The purpose of this guideline is to continue the improvement of the quality and safety of pharmaceutical products. This is further supporting the market growth.

Propylene Glycol News 

The report covers the latest developments, updates, and trends impacting the global propylene glycol market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in propylene glycol production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the propylene glycol price trend.

Latest developments in the Propylene Glycol industry:

• In April 2024, a petrochemical subsidiary of The Chatterjee Group Haldia Petrochemicals Ltd (HPL) announced that it is planning a $10 billion-plus oil-to-chemicals project in southern India, which they hope to bring to financial close by end-2024. This enterprise comprises increasing profits by local production of specialty chemicals to meet the growing Indian market demand.
• In December 2023, LyondellBasell (LYB) announced that it has agreed to sell its Ethylene Oxide & Derivatives (EO&D) business along with the production facility located in Bayport, Texas to INEOS Oxide (INEOS).

Product Description

Propylene glycol is a synthetic organic compound of the chemical formula C3H8O2, and it is characterized by its viscous, colorless, and almost odorless properties. It is a diol, or a type of double alcohol, with a singular set of properties like low toxicity, high boiling point, and capability to dissolve in many substances and thus very versatile. Propylene glycol is hygroscopic and has a low freezing point and is an effective de-icing agent and is typically used in antifreeze. The compatibility with both water and many organic solvents makes it very useful for the pharmaceutical, food, cosmetic and chemical industries. The stability and non-reactivity of the compound also make it a good solvent and preservative, emphasizing its versatile nature in various areas.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of propylene glycol pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting propylene glycol price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The propylene glycol price charts ensure our clients remain at the forefront of the industry.