Asia-Pacific: Acetone Market 2024

Acetone Market Size in Asia-Pacific

The Asia-Pacific acetone market rose modestly to $X in 2021, with an increase of 2.4% against the previous year. Overall, consumption showed a slight setback. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Acetone Production in Asia-Pacific

In value terms, acetone production rose sharply to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 19% against the previous year. Over the period under review, production hit record highs in 2021 and is likely to see gradual growth in years to come.

Acetone Exports

Exports in Asia-Pacific

Acetone exports expanded remarkably to X tons in 2021, growing by 10% against the previous year. The total export volume increased at an average annual rate of +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 26%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, acetone exports soared to $X in 2021. Total exports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.5% 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 +126.0% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 67% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The biggest shipments were from South Korea (X tons), Taiwan (Chinese) (X tons), Thailand (X tons) and Singapore (X tons), together recording 87% of total export. It was distantly followed by China (X tons), mixing up a 6.9% share of total exports. The following exporters - Japan (X tons) and India (X tons) - together made up 6.5% of total exports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +64.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest acetone supplying countries in Asia-Pacific were South Korea ($X), Taiwan (Chinese) ($X) and Thailand ($X), together accounting for 67% of total exports. Singapore, China, India and Japan lagged somewhat behind, together comprising a further 33%.

China, with a CAGR of +54.4%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, rising by 23% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the export price increased by 61% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in India ($X per ton) and China ($X per ton), while Japan ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-1.0%), while the other leaders experienced a decline in the export price figures.

Acetone Imports

Imports in Asia-Pacific

In 2021, purchases abroad of acetone decreased by -2.5% to X tons, falling for the second year in a row after three years of growth. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 22% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, acetone imports expanded rapidly to $X in 2021. Over the period under review, imports recorded a mild slump. The most prominent rate of growth was recorded in 2020 when imports increased by 57%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

China was the major importing country with an import of around X tons, which accounted for 68% of total imports. India (X tons) ranks second in terms of the total imports with a 13% share, followed by Thailand (5.1%). Japan (X tons), Vietnam (X tons) and Indonesia (X tons) took a little share of total imports.

Imports into China decreased at an average annual rate of -1.1% from 2012 to 2021. At the same time, Japan (+16.9%), Vietnam (+12.5%) and India (+1.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +16.9% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Thailand (-2.9%) illustrated a downward trend over the same period. While the share of Japan (+3.3 p.p.), India (+1.9 p.p.) and Vietnam (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of China (-4.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported acetone in Asia-Pacific, comprising 65% of total imports. The second position in the ranking was taken by India ($X), with a 13% share of total imports. It was followed by Thailand, with a 5.8% share.

In China, acetone imports shrank by an average annual rate of -2.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: India (+0.7% per year) and Thailand (-2.3% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, surging by 18% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by 69% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Thailand ($X per ton) and Indonesia ($X per ton), while China ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :