ASEAN: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in ASEAN

The ASEAN industrial stearic acid market soared to $X in 2021, picking up by 26% against the previous year. Over the period under review, consumption, however, continues to indicate a slight reduction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Industrial Stearic Acid Production in ASEAN

In value terms, industrial stearic acid production fell to $X in 2021 estimated in export price. Overall, production, however, saw a perceptible setback. The pace of growth was the most pronounced in 2018 when the production volume increased by 10%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Industrial Stearic Acid Exports

Exports in ASEAN

In 2021, overseas shipments of industrial stearic acid were finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, industrial stearic acid exports surged to $X in 2021. Total exports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +3.7% 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 +88.7% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Indonesia (X tons) represented the key exporter of industrial stearic acid, committing 67% of total exports. It was distantly followed by Malaysia (X tons), constituting a 33% share of total exports.

Indonesia was also the fastest-growing in terms of the industrial stearic acid exports, with a CAGR of +5.7% from 2012 to 2021. Malaysia experienced a relatively flat trend pattern. Indonesia (+12 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -11.8% from 2012 to 2021, respectively.

In value terms, Indonesia ($X) and Malaysia ($X) were the countries with the highest levels of exports in 2021.

Among the main exporting countries, Indonesia, with a CAGR of +6.0%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, growing by 41% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Malaysia ($X per ton), while Indonesia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.5%).

Industrial Stearic Acid Imports

Imports in ASEAN

After two years of decline, purchases abroad of industrial stearic acid increased by 15% to X tons in 2021. The total import volume increased at an average annual rate of +3.6% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 23% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, industrial stearic acid imports soared to $X in 2021. Total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +70.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the three major importers of industrial stearic acid, namely Singapore, Vietnam and Thailand, represented more than two-thirds of total import. It was distantly followed by Malaysia (X tons), creating a 5.7% share of total imports. The following importers - the Philippines (X tons) and Indonesia (X tons) - each reached a 5.7% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +11.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest industrial stearic acid importing markets in ASEAN were Singapore ($X), Thailand ($X) and Vietnam ($X), together comprising 89% of total imports.

In terms of the main importing countries, Vietnam, with a CAGR of +9.8%, 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

In 2021, the import price in ASEAN amounted to $X per ton, with an increase of 38% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform