ASEAN: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in ASEAN

In 2021, after three years of decline, there was significant growth in the ASEAN synthetic organic tanning substances market, when its value increased by 31% to $X. Over the period under review, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Synthetic Organic Tanning Substances in ASEAN

In value terms, synthetic organic tanning substances production declined to $X in 2021 estimated in export price. Over the period under review, production showed a slight shrinkage. The most prominent rate of growth was recorded in 2018 when the production volume increased by 7% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Synthetic Organic Tanning Substances

Exports in ASEAN

In 2021, synthetic organic tanning substances exports in ASEAN amounted to X tons, stabilizing at 2020. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -2.1% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 44% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, synthetic organic tanning substances exports dropped to $X in 2021. Total exports indicated a noticeable increase 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, exports increased by +107.0% against 2014 indices. The most prominent rate of growth was recorded in 2015 with an increase of 51% against the previous year. The level of export peaked at $X in 2020, and then declined in the following year.

Exports by Country

In 2021, Indonesia (X tons) and Singapore (X tons) represented the main exporters of synthetic organic tanning substances in ASEAN, together mixing up 79% of total exports. It was distantly followed by Thailand (X tons), making up a 21% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of +47.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic organic tanning substances supplying countries in ASEAN were Indonesia ($X), Singapore ($X) and Thailand ($X), with a combined 99% share of total exports.

Thailand, with a CAGR of +41.9%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, falling by -6.1% against the previous year. In general, the export price continues to indicate a perceptible decline. The pace of growth was the most pronounced in 2020 an increase of 8.8% against the previous year. 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.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+0.4%), while the other leaders experienced a decline in the export price figures.

Imports of Synthetic Organic Tanning Substances

Imports in ASEAN

In 2021, approx. X tons of synthetic organic tanning substances were imported in ASEAN; increasing by 17% against the previous year's figure. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. 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, synthetic organic tanning substances imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Vietnam represented the largest importer of synthetic organic tanning substances in ASEAN, with the volume of imports resulting at X tons, which was approx. 43% of total imports in 2021. Thailand (X tons) ranks second in terms of the total imports with a 27% share, followed by Indonesia (15%) and Singapore (13%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Thailand (with a CAGR of +11.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest synthetic organic tanning substances importing markets in ASEAN were Vietnam ($X), Thailand ($X) and Indonesia ($X), together comprising 88% of total imports.

In terms of the main importing countries, Thailand, with a CAGR of +9.6%, 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, picking up by 1.6% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 7.1% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Indonesia ($X per ton) and Thailand ($X per ton), while Singapore ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform