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In 2023–2024, the United States, Germany, and China were the leading exporters of propylene glycol (CAS 57-55-6), collectively accounting for over 40% of global export value, while India, South Korea, and Mexico emerged as top importers driven by pharmaceutical and food-grade demand. Import volumes into Southeast Asia and Latin America increased steadily through 2024 amid rising industrial formulation activity, coinciding with moderate upward pressure on propylene glycol prices following feedstock cost fluctuations.
Recent Propylene Glycol Market Intelligence
1. **Price Trends**
- Domestic propylene glycol prices have recently shown a narrow-range fluctuation. Mainstream prices in East China range between 8,500 and 9,000 yuan/ton, up approximately 100-200 yuan/ton compared to the same period last week. Prices in South China range from 8,600 to 9,100 yuan/ton, with a similar fluctuation range to East China. Prices in North China range from 8,400 to 8,900 yuan/ton, overall slightly lower than in East and South China.
- In the international market, Asian propylene glycol prices have also seen a slight increase, driven by the domestic market. The FOB Korea price is 1,150-1,200 USD/ton, up about 20 USD/ton from last week. European market prices remain relatively stable, with the FOB Northwest Europe price at 1,300-1,350 EUR/ton.
2. **Supply Situation**
- The operating rate of domestic propylene glycol production enterprises remains at a high level, with an overall operating rate of approximately 75%-80%. Some large enterprises have stable operations, with production meeting market demand and a certain volume of export orders. However, a few enterprises have temporarily reduced production loads recently due to equipment maintenance or raw material supply issues, affecting supply in certain local areas.
- On the import side, due to the lack of a clear price advantage in international markets and sufficient domestic production capacity, propylene glycol imports have decreased. Customs data show that last month's import volume dropped by about 15% compared to the previous month.
3. **Demand Situation**
- The operating rate of the downstream unsaturated polyester resin industry has increased, boosting demand for propylene glycol. With the gradual resumption of work in the real estate and construction sectors, the application of unsaturated polyester resin in products such as fiberglass and artificial stone has increased, driving up propylene glycol consumption.
- Demand for propylene glycol in the cosmetics and daily chemical industry remains stable and growing. With the arrival of summer, demand for sunscreen and moisturizing cosmetics is high. As an important moisturizer and solvent, propylene glycol is widely used in cosmetic formulations, driving demand in this sector.
- The tobacco industry also provides support for propylene glycol demand. Some e-cigarette products use propylene glycol as a main component of e-liquid. With the gradual standardization and development of the e-cigarette market, demand for propylene glycol shows a steady upward trend.
4. **Raw Material Market**
- The price of propylene oxide, a main raw material for propylene glycol, has shown little fluctuation recently, with market prices ranging from 9,000 to 9,500 yuan/ton. Propylene oxide production enterprises are operating normally with sufficient supply, providing average cost support for propylene glycol prices.
- The price of another raw material, propylene, has shown a narrow-range oscillation influenced by fluctuations in international crude oil prices. Propylene market prices range from 6,800 to 7,200 yuan/ton, with limited cost transmission impact on propylene glycol prices.
Analysis and Judgment
1. **Reasons for Price Fluctuations**: The recent narrow-range fluctuation in propylene glycol prices is mainly influenced by supply and demand relationships. Although the overall operating rate on the supply side is high, local supply has decreased due to enterprise maintenance. On the demand side, increased operating rates in downstream industries have boosted demand, particularly notable in the unsaturated polyester resin and cosmetics sectors, pushing prices up. Meanwhile, raw material prices remain relatively stable, having a minor impact on propylene glycol prices.
2. **Market Supply-Demand Balance**: The propylene glycol market is currently in basic supply-demand balance. Although there are local fluctuations on the supply side, overall production can meet market demand, and export orders have absorbed part of the production. Increased demand from downstream industries provides some support to the market, but there is no obvious situation of supply falling short of demand.
Forecast
1. **Price Trend Forecast**: In the short term, propylene glycol prices are expected to continue a narrow-range upward trend. With sustained increases in downstream industry demand, especially with the arrival of the peak season for cosmetics and e-cigarettes in summer, demand for propylene glycol will further expand. Local maintenance on the supply side may continue for some time. Prices are expected to rise by 200-300 yuan/ton from current levels. In the medium to long term, if raw material prices show no significant fluctuations and downstream industry demand maintains stable growth, propylene glycol prices are expected to remain at a high level.
2. **Market Supply-Demand Forecast**: On the supply side, as enterprise maintenance ends, operating rates will gradually recover, making market supply more sufficient. On the demand side, demand from downstream industries such as unsaturated polyester resin, cosmetics, and e-cigarettes will continue to grow. The market supply and demand are expected to remain in a state of basic balance or slightly tight.
Propylene glycol is a colorless, nearly odorless, viscous liquid with low volatility, a melting point of –59 °C, and a boiling point of 188 °C. It is classified as a diol (specifically, a 1,2-diol) and an organic chemical intermediate. Industrially, it serves primarily as a solvent, humectant, and raw material for the synthesis of unsaturated polyester resins, plasticizers (e.g., propylene glycol esters), and functional fluids. Its key application areas include polymers, coatings, food additives, pharmaceuticals, and personal care products—where it functions as a carrier, stabilizer, or formulation aid.
Propylene glycol is used for similar applications as other glycols.Propylene glycol is an important raw material for unsaturated polyester, epoxy resin, and polyurethane resin. The use amount in this area accounts for about 45% of the total consumption of propylene glycol. Such unsaturated polyester is used extensively for reinforced plastics and surface coatings. Propylene glycol is excellent in viscosity and hygroscopicity and is non-toxic, and thus is widely used as hygroscopic agent, antifreeze, lubricants and solvents in the food, pharmaceutical and cosmetic industry. In the food industry, propylene glycol reacts with fatty acid to give propylene ester of fatty acids, and is mainly used as food emulsifier; Propylene glycol is a good solvent for flavorings and pigments. Propylene glycol is commonly used as solvents, softeners and excipients, etc. in the pharmaceutical industry for the manufacture of various types of ointments and salves. Propylene glycol is also used as a solvent and a softener for cosmetic since it has good mutual solubility with various spices. Propylene glycol is also used as tobacco moisturizing agents, antifungal agents, food processing equipment lubricants and solvents for food marking ink. Aqueous solution of propylene glycol is an effective anti-freeze agent.
This chemical is included in Basic Chemicals - Alcohols. See more about what is Propylene glycol and Propylene glycol SDS information.
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