Asia: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Asia

The Asian monocarboxylic acid market contracted modestly to $X in 2022, with a decrease of -1.6% against the previous year. The total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.8% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Monocarboxylic Acid Production in Asia

In value terms, monocarboxylic acid production contracted to $X in 2022 estimated in export price. The total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.3% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 48%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Monocarboxylic Acid Exports

Exports in Asia

In 2022, exports of acrylic acid and its salts and other monocarboxylic acid in Asia fell to X tons, waning by -8.9% compared with 2021. Total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +47.3% against 2016 indices. The growth pace was the most rapid in 2019 with an increase of 23% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, monocarboxylic acid exports expanded significantly to $X in 2022. In general, exports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of 39% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

In 2022, China (X tons), distantly followed by Saudi Arabia (X tons), Japan (X tons), South Korea (X tons) and India (X tons) represented the largest exporters of acrylic acid and its salts and other monocarboxylic acid, together making up 86% of total exports. The following exporters - Malaysia (X tons) and Singapore (X tons) - each amounted to an 8.6% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Saudi Arabia (with a CAGR of +44.5%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest monocarboxylic acid supplier in Asia, comprising 58% of total exports. The second position in the ranking was held by India ($X), with a 10% share of total exports. It was followed by Saudi Arabia, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +7.3%. In the other countries, the average annual rates were as follows: India (+14.9% per year) and Saudi Arabia (+42.6% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, increasing by 19% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+10.2%), while the other leaders experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports in Asia

Monocarboxylic acid imports dropped to X tons in 2022, with a decrease of -8% compared with the previous year's figure. Total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +89.8% against 2015 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 34% against the previous year. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, monocarboxylic acid imports expanded markedly to $X in 2022. Overall, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 47%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

Taiwan (Chinese) (X tons) and India (X tons) represented roughly 37% of total imports in 2022. Malaysia (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by China (11%), South Korea (11%), Turkey (7.4%), Thailand (6.6%) and Singapore (4.9%).

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +30.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constitutes the largest market for imported acrylic acid and its salts and other monocarboxylic acid in Asia, comprising 25% of total imports. The second position in the ranking was held by South Korea ($X), with a 12% share of total imports. It was followed by China, with a 10% share.

In India, monocarboxylic acid imports expanded at an average annual rate of +18.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+7.2% per year) and China (+0.5% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, increasing by 17% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 29% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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