ASEAN: Polycarboxylic Acid Market 2024

Polycarboxylic Acid Market Size in ASEAN

The ASEAN polycarboxylic acid market dropped to $X in 2022, which is down by -9.9% against the previous year. The market value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Polycarboxylic Acid Production in ASEAN

In value terms, polycarboxylic acid production fell to $X in 2022 estimated in export price. Over the period under review, production showed a perceptible curtailment. The growth pace was the most rapid in 2018 when the production volume increased by 17% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Polycarboxylic Acid Exports

Exports in ASEAN

For the fourth consecutive year, ASEAN recorded growth in overseas shipments of polycarboxylic acids, which increased by 6.4% to X tons in 2022. In general, exports, however, continue to indicate a mild contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 7.6% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, polycarboxylic acid exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2021 with an increase of 38%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand represented the main exporter of polycarboxylic acids in ASEAN, with the volume of exports amounting to X tons, which was approx. 73% of total exports in 2022. It was distantly followed by Malaysia (X tons) and Indonesia (X tons), together comprising a 25% share of total exports. Vietnam (X tons) followed a long way behind the leaders.

Exports from Thailand decreased at an average annual rate of -2.4% from 2012 to 2022. At the same time, Vietnam (+21.1%) and Indonesia (+8.2%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +21.1% from 2012-2022. Malaysia experienced a relatively flat trend pattern. Indonesia (+7.3 p.p.) significantly strengthened its position in terms of the total exports, while Thailand saw its share reduced by -6.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest polycarboxylic acid supplier in ASEAN, comprising 71% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 14% share of total exports. It was followed by Indonesia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand amounted to -4.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-3.8% per year) and Indonesia (+4.6% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, jumping by 17% against the previous year. Overall, the export price, however, showed a pronounced downturn. The most prominent rate of growth was recorded in 2021 when the export price increased by 34% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-0.4%), while the other leaders experienced a decline in the export price figures.

Polycarboxylic Acid Imports

Imports in ASEAN

In 2022, overseas purchases of polycarboxylic acids decreased by -5.6% to X tons, falling for the second year in a row after five years of growth. Total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -14.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 39%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, polycarboxylic acid imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 27% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Vietnam (X tons) was the largest importer of polycarboxylic acids, achieving 61% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 12% share, followed by Singapore (9%), Thailand (8.7%) and Indonesia (6.2%). The Philippines (X tons) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the polycarboxylic acids imports, with a CAGR of +10.8% from 2012 to 2022. At the same time, Thailand (+1.4%) displayed positive paces of growth. Singapore and the Philippines experienced a relatively flat trend pattern. By contrast, Malaysia (-1.6%) and Indonesia (-6.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam increased by +29 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported polycarboxylic acids in ASEAN, comprising 43% of total imports. The second position in the ranking was held by Singapore ($X), with a 16% share of total imports. It was followed by Thailand, with a 15% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam totaled +4.9%. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (+1.1% per year) and Thailand (+1.3% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, almost unchanged from the previous year. In general, the import price continues to indicate a perceptible setback. The pace of growth appeared the most rapid in 2021 an increase of 32% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform