Asia: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Asia

The Asian carboxylic acid market declined to $X in 2021, falling by -5.9% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Carboxylic Acid Production in Asia

In value terms, carboxylic acid production shrank modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 13%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Carboxylic Acid Exports

Exports in Asia

In 2021, exports of carboxylic acid with alcohol, phenol, aldehyde or ketone functions in Asia surged to X tons, growing by 25% against 2020. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +8.6% 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 increased by +38.6% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, carboxylic acid exports surged to $X in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.7% 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 +24.9% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the main exporting country with an export of about X tons, which reached 65% of total exports. Thailand (X tons) took a 10% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (7.7%), Japan (5.3%) and Taiwan (Chinese) (5%). India (X tons) and Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to carboxylic acid exports from China stood at +8.7%. At the same time, Singapore (+19.5%), Thailand (+17.5%), India (+13.8%), South Korea (+11.4%), Japan (+9.5%) and Taiwan (Chinese) (+1.7%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in Asia, with a CAGR of +19.5% from 2012-2021. From 2012 to 2021, the share of Thailand and South Korea increased by +5.2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest carboxylic acid supplier in Asia, comprising 57% of total exports. The second position in the ranking was held by India ($X), with a 13% share of total exports. It was followed by South Korea, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +6.7%. In the other countries, the average annual rates were as follows: India (+15.2% per year) and South Korea (+9.3% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, surging by 3.5% against the previous year. In general, the export price, however, continues to indicate a slight setback. The most prominent rate of growth was recorded in 2018 when the export price increased by 9.2% 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.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+1.3%), while the other leaders experienced a decline in the export price figures.

Carboxylic Acid Imports

Imports in Asia

In 2021, the amount of carboxylic acid with alcohol, phenol, aldehyde or ketone functions imported in Asia surged to X tons, picking up by 16% against 2020 figures. Total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +78.8% against 2012 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, carboxylic acid imports surged to $X in 2021. The total import value increased at an average annual rate of +4.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X tons), distantly followed by Japan (X tons), China (X tons), South Korea (X tons), Thailand (X tons), Turkey (X tons) and Taiwan (Chinese) (X tons) were the major importers of carboxylic acid with alcohol, phenol, aldehyde or ketone functions, together achieving 73% of total imports. Indonesia (X tons), Vietnam (X tons), the United Arab Emirates (X tons), Singapore (X tons), Malaysia (X tons) and Saudi Arabia (X tons) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +14.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), India ($X) and China ($X) were the countries with the highest levels of imports in 2021, together comprising 52% of total imports. South Korea, Turkey, Singapore, Thailand, Taiwan (Chinese), Indonesia, the United Arab Emirates, Vietnam, Malaysia and Saudi Arabia lagged somewhat behind, together comprising a further 39%.

The United Arab Emirates, with a CAGR of +23.1%, saw the highest rates of growth with regard to 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 2021, approximately reflecting the previous year. In general, the import price, however, showed a slight descent. The most prominent rate of growth was recorded in 2018 an increase of 5.5%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Japan ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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