Asia: Adipic Acid Market 2024

Adipic Acid Market Size in Asia

The Asian adipic acid market declined to $X in 2022, reducing by -2.4% against the previous year. The market value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Adipic Acid Production in Asia

In value terms, adipic acid production shrank modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 15%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Adipic Acid Exports

Exports in Asia

In 2022, adipic acid exports in Asia fell to X tons, therefore, remained relatively stable against the previous year's figure. Over the period under review, exports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2017 when exports increased by 56% against the previous year. The volume of export peaked at X tons in 2021, and then contracted in the following year.

In value terms, adipic acid exports rose rapidly to $X in 2022. Overall, exports, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2021 with an increase of 95% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

China was the largest exporting country with an export of around X tons, which recorded 81% of total exports. It was distantly followed by South Korea (X tons), achieving a 14% share of total exports. Turkey (X tons) held a minor share of total exports.

Exports from China increased at an average annual rate of +24.3% from 2012 to 2022. At the same time, Turkey (+36.7%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +36.7% from 2012-2022. By contrast, South Korea (-1.9%) illustrated a downward trend over the same period. China (+51 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -42.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest adipic acid supplier in Asia, comprising 79% of total exports. The second position in the ranking was taken by South Korea ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China stood at +23.5%. In the other countries, the average annual rates were as follows: South Korea (-3.3% per year) and Turkey (+37.9% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, with an increase of 8.6% against the previous year. Over the period under review, the export price, however, continues to indicate a mild contraction. The pace of growth appeared the most rapid in 2021 when the export price increased by 52%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.9%), while the other leaders experienced a decline in the export price figures.

Adipic Acid Imports

Imports in Asia

Adipic acid imports contracted to X tons in 2022, therefore, remained relatively stable against the previous year's figure. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 13% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then fell modestly in the following year.

In value terms, adipic acid imports rose markedly to $X in 2022. Total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +84.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 65%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

In 2022, Turkey (X tons), Taiwan (Chinese) (X tons), Singapore (X tons) and India (X tons) was the main importer of adipic acid, its salts and esters in Asia, achieving 64% of total import. It was distantly followed by Japan (X tons), South Korea (X tons) and Pakistan (X tons), together generating a 20% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Pakistan (with a CAGR of +51.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), India ($X) and Singapore ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 49% of total imports. Taiwan (Chinese), Japan, South Korea and Pakistan lagged somewhat behind, together comprising a further 33%.

Pakistan, with a CAGR of +49.4%, recorded 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 Asia stood at $X per ton in 2022, surging by 12% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 52% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+1.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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