Asia: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in Asia

In 2021, the Asian industrial stearic acid market was finally on the rise to reach $X after two years of decline. In general, consumption, however, continues to indicate a perceptible slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Industrial Stearic Acid Production in Asia

In value terms, industrial stearic acid production shrank to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a pronounced decrease. The growth pace was the most rapid in 2020 when the production volume increased by 12% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Industrial Stearic Acid Exports

Exports in Asia

In 2021, overseas shipments of industrial stearic acid increased by 19% to X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +3.3% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, industrial stearic acid exports skyrocketed to $X in 2021. Total exports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.5% 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 +87.2% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia represented the key exporter of industrial stearic acid in Asia, with the volume of exports amounting to X tons, which was approx. 64% of total exports in 2021. It was distantly followed by Malaysia (X tons), creating a 32% share of total exports.

Indonesia was also the fastest-growing in terms of the industrial stearic acid exports, with a CAGR of +5.7% from 2012 to 2021. Malaysia experienced a relatively flat trend pattern. While the share of Indonesia (+12 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-10.8 p.p.) displayed negative dynamics.

In value terms, the largest industrial stearic acid supplying countries in Asia were Indonesia ($X) and Malaysia ($X).

Among the main exporting countries, Indonesia, with a CAGR of +6.0%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, jumping by 40% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Malaysia ($X per ton), while Indonesia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.5%).

Industrial Stearic Acid Imports

Imports in Asia

After two years of decline, overseas purchases of industrial stearic acid increased by 18% to X tons in 2021. The total import volume increased at an average annual rate of +3.8% 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 2018 when imports increased by 19% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, industrial stearic acid imports soared to $X in 2021. Total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China represented the major importing country with an import of around X tons, which recorded 39% of total imports. Turkey (X tons) held a 10% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (9.8%), Singapore (6%), Vietnam (5.5%), Thailand (5.4%), Taiwan (Chinese) (5.3%) and Japan (4.7%).

Imports into China increased at an average annual rate of +3.7% from 2012 to 2021. At the same time, Vietnam (+11.1%), Turkey (+6.4%), South Korea (+2.9%), Singapore (+2.0%), Thailand (+2.0%) and Taiwan (Chinese) (+1.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia, with a CAGR of +11.1% from 2012-2021. Japan experienced a relatively flat trend pattern. While the share of Vietnam (+2.5 p.p.) and Turkey (+2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported industrial stearic acid in Asia, comprising 39% of total imports. The second position in the ranking was taken by Turkey ($X), with a 12% share of total imports. It was followed by South Korea, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +4.4%. In the other countries, the average annual rates were as follows: Turkey (+7.8% per year) and South Korea (+2.9% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, jumping by 45% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+1.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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