ASEAN: Salicylic Acid Market 2024

Salicylic Acid Market Size in ASEAN

The ASEAN salicylic acid market skyrocketed to $X in 2021, surging by 24% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Salicylic Acid Production in ASEAN

In value terms, salicylic acid production contracted modestly to $X in 2021 estimated in export price. The total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +63.2% against 2014 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 42%. The level of production peaked at $X in 2020, and then shrank modestly in the following year.

Salicylic Acid Exports

Exports in ASEAN

In 2021, after three years of growth, there was significant decline in overseas shipments of salicylic acid and its salts, when their volume decreased by -43.2% to X tons. In general, exports continue to indicate a deep slump. The growth pace was the most rapid in 2018 with an increase of 117%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, salicylic acid exports reduced remarkably to $X in 2021. Overall, exports showed a abrupt contraction. The growth pace was the most rapid in 2019 when exports increased by 110% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand represented the largest exporter of salicylic acid and its salts in ASEAN, with the volume of exports resulting at X tons, which was near 52% of total exports in 2021. It was distantly followed by Indonesia (X tons) and the Philippines (X tons), together creating a 40% share of total exports. Singapore (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Philippines (with a CAGR of +55.8%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the largest salicylic acid supplier in ASEAN, comprising 51% of total exports. The second position in the ranking was taken by the Philippines ($X), with an 18% share of total exports. It was followed by Indonesia, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in Thailand amounted to +29.9%. The remaining exporting countries recorded the following average annual rates of exports growth: the Philippines (+75.6% per year) and Indonesia (+6.3% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, surging by 36% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by 160% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Indonesia ($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 (+12.7%), while the other leaders experienced more modest paces of growth.

Salicylic Acid Imports

Imports in ASEAN

In 2021, supplies from abroad of salicylic acid and its salts was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, salicylic acid imports soared to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 21%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Thailand (X tons) was the key importer of salicylic acid and its salts, committing 49% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 23% share, followed by Indonesia (14%) and the Philippines (7.9%). Vietnam (X tons) and Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to salicylic acid imports into Thailand stood at -3.6%. At the same time, Malaysia (+23.9%), the Philippines (+14.5%), Indonesia (+3.6%) and Vietnam (+1.0%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +23.9% from 2012-2021. Singapore experienced a relatively flat trend pattern. While the share of Malaysia (+20 p.p.), the Philippines (+5.3 p.p.) and Indonesia (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Thailand (-27.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) constitutes the largest market for imported salicylic acid and its salts in ASEAN, comprising 50% of total imports. The second position in the ranking was held by Indonesia ($X), with a 20% share of total imports. It was followed by Malaysia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Thailand stood at -3.6%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+3.0% per year) and Malaysia (+8.1% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, which is down by -12.4% against the previous year. Overall, the import price showed a slight reduction. The most prominent rate of growth was recorded in 2019 when the import price increased by 23% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, 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 ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+0.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform