ASEAN: Acetone Market 2024

Acetone Market Size in ASEAN

The ASEAN acetone market declined to $X in 2021, dropping by -4.3% against the previous year. In general, consumption showed a mild shrinkage. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Acetone Production in ASEAN

In value terms, acetone production rose remarkably to $X in 2021 estimated in export price. Overall, production enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 45% against the previous year. Over the period under review, production reached the peak level in 2021 and is likely to continue growth in the immediate term.

Acetone Exports

Exports in ASEAN

In 2021, approx. X tons of acetone were exported in ASEAN; surging by 6% against 2020. Total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +20.3% against 2019 indices. The growth pace was the most rapid in 2016 with an increase of 36%. The volume of export peaked in 2021 and is likely to continue growth in years to come.

In value terms, acetone exports skyrocketed to $X in 2021. Over the period under review, exports showed a noticeable expansion. The most prominent rate of growth was recorded in 2020 with an increase of 66% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

The shipments of the two major exporters of acetone, namely Thailand and Singapore, represented more than two-thirds of total export.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +11.9%).

In value terms, the largest acetone supplying countries in ASEAN were Thailand ($X) and Singapore ($X).

Thailand, with a CAGR of +9.3%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, increasing by 18% against the previous year. Over the period under review, the export price, however, saw a slight contraction. The most prominent rate of growth was recorded in 2020 an increase of 46% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-1.0%).

Acetone Imports

Imports in ASEAN

In 2021, supplies from abroad of acetone increased by 2.2% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 6.9%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, acetone imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 41%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Thailand was the key importing country with an import of around X tons, which finished at 42% of total imports. It was distantly followed by Vietnam (X tons), Indonesia (X tons), Malaysia (X tons), Singapore (X tons) and the Philippines (X tons), together making up a 58% share of total imports.

Imports into Thailand decreased at an average annual rate of -2.9% from 2012 to 2021. At the same time, Vietnam (+12.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +12.5% from 2012-2021. The Philippines and Indonesia experienced a relatively flat trend pattern. By contrast, Malaysia (-1.6%) and Singapore (-4.5%) illustrated a downward trend over the same period. While the share of Vietnam (+13 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Singapore (-2.2 p.p.) and Thailand (-9.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported acetone in ASEAN, comprising 42% of total imports. The second position in the ranking was taken by Vietnam ($X), with an 18% share of total imports. It was followed by Indonesia, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Thailand amounted to -2.3%. In the other countries, the average annual rates were as follows: Vietnam (+11.5% per year) and Indonesia (-1.0% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, surging by 30% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the import price increased by 36% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Malaysia ($X per ton) and Singapore ($X per ton), while Vietnam ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform