ASEAN: Carbonate Market 2024

Carbonate Market Size in ASEAN

In 2021, the ASEAN carbonate market increased by 9.8% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Carbonate Production in ASEAN

In value terms, carbonate production rose slightly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a perceptible contraction. The pace of growth was the most pronounced in 2018 when the production volume increased by 17% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Carbonate Exports

Exports in ASEAN

In 2021, overseas shipments of carbonates and peroxocarbonates decreased by -2.5% to X tons, falling for the third year in a row after seven years of growth. Total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.9% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 45%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, carbonate exports skyrocketed to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 22% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Vietnam (X tons) represented the main exporter of carbonates and peroxocarbonates, achieving 55% of total exports. Malaysia (X tons) took a 24% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (14%) and Singapore (4.7%). Indonesia (X tons) followed a long way behind the leaders.

Exports from Vietnam increased at an average annual rate of +19.4% from 2012 to 2021. At the same time, Singapore (+24.0%) and Thailand (+6.5%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +24.0% from 2012-2021. Malaysia experienced a relatively flat trend pattern. By contrast, Indonesia (-6.6%) illustrated a downward trend over the same period. While the share of Vietnam (+32 p.p.) and Singapore (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Thailand (-2.5 p.p.), Indonesia (-7.6 p.p.) and Malaysia (-25.2 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest carbonate supplier in ASEAN, comprising 44% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 20% share of total exports. It was followed by Thailand, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam totaled +16.0%. In the other countries, the average annual rates were as follows: Malaysia (-1.1% per year) and Thailand (+4.9% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, increasing by 20% against the previous year. Overall, the export price, however, saw a mild reduction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+5.0%), while the other leaders experienced a decline in the export price figures.

Carbonate Imports

Imports in ASEAN

Carbonate imports rose rapidly to X tons in 2021, growing by 6.2% against 2020. The total import volume increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 15%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, carbonate imports stood at $X in 2021. Total imports indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -6.1% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 23%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Indonesia (X tons), Thailand (X tons), Vietnam (X tons) and Malaysia (X tons) represented roughly 87% of total imports in 2021. It was distantly followed by the Philippines (X tons), committing a 7.5% share of total imports. The following importers - Myanmar (X tons) and Singapore (X tons) - each resulted at a 3.7% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of +15.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest carbonate importing markets in ASEAN were Indonesia ($X), Thailand ($X) and Vietnam ($X), together accounting for 71% of total imports. These countries were followed by Malaysia, the Philippines, Singapore and Myanmar, which together accounted for a further 28%.

In terms of the main importing countries, Malaysia, with a CAGR of +11.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, growing by 5.7% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 11%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform