Asia-Pacific: Acetic Acid Market 2024

Acetic Acid Market Size in Asia-Pacific

In 2021, after two years of decline, there was significant growth in the Asia-Pacific acetic acid market, when its value increased by 20% to $X. The market value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Acetic Acid Production in Asia-Pacific

In value terms, acetic acid production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 34%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Acetic Acid Exports

Exports in Asia-Pacific

In 2021, approx. X tons of acetic acid were exported in Asia-Pacific; rising by 71% compared with 2020. Over the period under review, exports showed a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, acetic acid exports soared to $X in 2021. Overall, exports showed a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the main exporter of acetic acid in Asia-Pacific, with the volume of exports finishing at X tons, which was near 57% of total exports in 2021. Malaysia (X tons) held the second position in the ranking, followed by Singapore (X tons), Taiwan (Chinese) (X tons) and South Korea (X tons). All these countries together took near 41% share of total exports.

Exports from China increased at an average annual rate of +20.4% from 2012 to 2021. At the same time, Taiwan (Chinese) (+20.8%), South Korea (+8.1%), Singapore (+6.5%) and Malaysia (+1.7%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +20.8% from 2012-2021. From 2012 to 2021, the share of China and Taiwan (Chinese) increased by +27 and +4.6 percentage points, respectively.

In value terms, China ($X) emerged as the largest acetic acid supplier in Asia-Pacific, comprising 42% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total exports. It was followed by Singapore, with a 16% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +20.9%. In the other countries, the average annual rates were as follows: Malaysia (+9.1% per year) and Singapore (+14.2% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, growing by 83% against the previous year. Export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+7.3%), while the other leaders experienced more modest paces of growth.

Acetic Acid Imports

Imports in Asia-Pacific

Acetic acid imports soared to X tons in 2021, rising by 67% compared with 2020 figures. Over the period under review, imports posted a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, acetic acid imports skyrocketed to $X in 2021. In general, imports continue to indicate a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India prevails in imports structure, recording X tons, which was near 60% of total imports in 2021. It was distantly followed by Thailand (X tons), Singapore (X tons), Japan (X tons) and South Korea (X tons), together committing a 31% share of total imports. The following importers - Indonesia (X tons) and Pakistan (X tons) - together made up 5.3% of total imports.

From 2012 to 2021, average annual rates of growth with regard to acetic acid imports into India stood at +11.1%. At the same time, Japan (+18.7%), South Korea (+12.6%), Singapore (+11.1%), Pakistan (+8.5%) and Thailand (+6.5%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +18.7% from 2012-2021. By contrast, Indonesia (-2.6%) illustrated a downward trend over the same period. India (+6.5 p.p.) and Japan (+4 p.p.) significantly strengthened its position in terms of the total imports, while Thailand and Indonesia saw its share reduced by -2.6% and -5.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported acetic acid in Asia-Pacific, comprising 54% of total imports. The second position in the ranking was held by Singapore ($X), with a 12% share of total imports. It was followed by Japan, with an 8.3% share.

In India, acetic acid imports increased at an average annual rate of +12.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Singapore (+19.6% per year) and Japan (+21.6% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, surging by 68% against the previous year. Import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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