Asia: Acetone Market 2024

Acetone Market Size in Asia

The Asian acetone market was estimated at $X in 2021, surging by 1.6% against the previous year. Over the period under review, consumption showed a mild shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Acetone Production in Asia

In value terms, acetone production soared to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 16%. The level of production peaked in 2021 and is expected to retain growth in the immediate term.

Acetone Exports

Exports in Asia

In 2021, overseas shipments of acetone were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when exports increased by 28%. The volume of export peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, acetone exports soared to $X in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.1% 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 +119.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 55%. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

Saudi Arabia (X tons), South Korea (X tons), Taiwan (Chinese) (X tons), Thailand (X tons) and Singapore (X tons) represented roughly 89% of total exports in 2021. It was distantly followed by China (X tons), constituting a 5.4% share of total exports. Japan (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +64.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest acetone supplying countries in Asia were Saudi Arabia ($X), South Korea ($X) and Taiwan (Chinese) ($X), with a combined 57% share of total exports. Thailand, Singapore, China and Japan lagged somewhat behind, together comprising a further 40%.

China, with a CAGR of +54.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, jumping by 23% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 57%. Over the period under review, the export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.0%), while the other leaders experienced a decline in the export price figures.

Acetone Imports

Imports in Asia

In 2021, supplies from abroad of acetone decreased by -0.4% to X tons, falling for the second consecutive year after three years of growth. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 19%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, acetone imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a slight decrease. The pace of growth appeared the most rapid in 2020 when imports increased by 54%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China represented the main importing country with an import of about X tons, which amounted to 64% of total imports. India (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (4.8%). The following importers - Turkey (X tons), Japan (X tons), Vietnam (X tons) and Indonesia (X tons) - together made up 13% of total imports.

Imports into China decreased at an average annual rate of -1.1% from 2012 to 2021. At the same time, Japan (+16.9%), Vietnam (+12.5%), Turkey (+4.4%) and India (+1.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Asia, with a CAGR of +16.9% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Thailand (-2.9%) illustrated a downward trend over the same period. Japan (+3.1 p.p.) and India (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while China saw its share reduced by -4.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported acetone in Asia, comprising 61% of total imports. The second position in the ranking was taken by India ($X), with a 12% share of total imports. It was followed by Thailand, with a 5.4% share.

From 2012 to 2021, the average annual growth rate of value in China totaled -2.4%. The remaining importing countries recorded the following average annual rates of imports growth: India (+0.7% per year) and Thailand (-2.3% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, increasing by 19% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 68% 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 remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Thailand ($X per ton) and Turkey ($X per ton), while China ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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