ASEAN: Market for Salts Of Acetic Acid 2024

Market Size for Salts Of Acetic Acid in ASEAN

In 2022, the ASEAN salts of acetic acid market decreased by -5.6% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption recorded a perceptible decrease. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Salts Of Acetic Acid in ASEAN

In value terms, salts of acetic acid production reached $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 29%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Salts Of Acetic Acid

Exports in ASEAN

In 2022, overseas shipments of salts of acetic acid were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, showed a abrupt shrinkage. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, salts of acetic acid exports surged to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand dominates exports structure, accounting for X tons, which was approx. 81% of total exports in 2022. It was distantly followed by Malaysia (X tons) and Singapore (X tons), together constituting a 16% share of total exports. Indonesia (X tons) followed a long way behind the leaders.

Thailand was also the fastest-growing in terms of the salts of acetic acid exports, with a CAGR of +2.5% from 2012 to 2022. Malaysia (-2.8%), Indonesia (-3.6%) and Singapore (-27.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand and Malaysia increased by +58 and +4.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest salts of acetic acid supplier in ASEAN, comprising 86% of total exports. The second position in the ranking was taken by Singapore ($X), with a 10% share of total exports. It was followed by Malaysia, with a 3% share.

From 2012 to 2022, the average annual growth rate of value in Thailand amounted to +11.6%. In the other countries, the average annual rates were as follows: Singapore (-15.4% per year) and Malaysia (-2.0% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with an increase of 24% against the previous year. Over the period under review, the export price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 when the export price increased by 99%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+16.7%), while the other leaders experienced more modest paces of growth.

Imports of Salts Of Acetic Acid

Imports in ASEAN

In 2022, approx. X tons of salts of acetic acid were imported in ASEAN; shrinking by -3.1% on the previous year. Over the period under review, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 28%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, salts of acetic acid imports rose modestly to $X in 2022. In general, imports saw a deep downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 36%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Indonesia (X tons), Thailand (X tons) and Vietnam (X tons) represented roughly 82% of total imports in 2022. It was distantly followed by Singapore (X tons), generating a 7.6% share of total imports. The following importers - Malaysia (X tons) and the Philippines (X tons) - each resulted at an 8.9% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +4.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest salts of acetic acid importing markets in ASEAN were Indonesia ($X), Thailand ($X) and Vietnam ($X), with a combined 77% share of total imports. Singapore, Malaysia and the Philippines lagged somewhat behind, together comprising a further 22%.

The Philippines, with a CAGR of +2.7%, saw the highest growth rate of the value of imports, among the main importing countries 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 2022, picking up by 6.1% against the previous year. Import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, salts of acetic acid import price increased by +91.7% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the import price increased by 22%. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+10.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform