Asia-Pacific: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Asia-Pacific

The Asia-Pacific monocarboxylic acid market reduced to $X in 2022, shrinking by -1.6% against the previous year. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.1% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Monocarboxylic Acid Production in Asia-Pacific

In value terms, monocarboxylic acid production shrank to $X in 2022 estimated in export price. Overall, production, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2018 with an increase of 56%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports in Asia-Pacific

In 2022, approx. X tons of acrylic acid and its salts and other monocarboxylic acid were exported in Asia-Pacific; falling by -5.1% against 2021 figures. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when exports increased by 21%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank in the following year.

In value terms, monocarboxylic acid exports totaled $X in 2022. Over the period under review, exports, however, showed a strong increase. The growth pace was the most rapid in 2021 with an increase of 37%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Exports by Country

China was the major exporter of acrylic acid and its salts and other monocarboxylic acid in Asia-Pacific, with the volume of exports reaching X tons, which was approx. 55% of total exports in 2022. Japan (X tons) ranks second in terms of the total exports with a 13% share, followed by South Korea (7.3%), India (6.6%), Malaysia (5.9%), Singapore (5.8%) and Indonesia (5.7%).

Exports from China increased at an average annual rate of +5.4% from 2012 to 2022. At the same time, Singapore (+17.6%), South Korea (+8.8%), Japan (+5.3%) and India (+4.3%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +17.6% from 2012-2022. By contrast, Malaysia (-7.7%) and Indonesia (-8.6%) illustrated a downward trend over the same period. While the share of China (+13 p.p.), Singapore (+4.3 p.p.), South Korea (+3.3 p.p.) and Japan (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-11 p.p.) and Indonesia (-12.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest monocarboxylic acid supplier in Asia-Pacific, comprising 65% of total exports. The second position in the ranking was held by India ($X), with an 11% share of total exports. It was followed by Japan, with a 9% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +7.3%. In the other countries, the average annual rates were as follows: India (+14.9% per year) and Japan (+2.0% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, rising by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.3%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+10.2%), while the other leaders experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports in Asia-Pacific

In 2022, the amount of acrylic acid and its salts and other monocarboxylic acid imported in Asia-Pacific fell to X tons, with a decrease of -3.4% compared with the previous year. Total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.7% 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 +95.3% against 2015 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 34%. Over the period under review, imports attained the peak figure at X tons in 2021, and then fell modestly in the following year.

In value terms, monocarboxylic acid imports reached $X in 2022. In general, imports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 45%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Taiwan (Chinese) (X tons) and India (X tons) represented the main importers of acrylic acid and its salts and other monocarboxylic acid in 2022, recording approx. 21% and 20% of total imports, respectively. Malaysia (X tons) ranks next in terms of the total imports with a 13% share, followed by China (12%), South Korea (12%), Thailand (7.3%) and Singapore (5.5%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Malaysia (with a CAGR of +30.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constitutes the largest market for imported acrylic acid and its salts and other monocarboxylic acid in Asia-Pacific, comprising 27% of total imports. The second position in the ranking was held by South Korea ($X), with a 13% share of total imports. It was followed by China, with an 11% share.

In India, monocarboxylic acid imports expanded at an average annual rate of +18.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+7.2% per year) and China (+0.5% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, picking up by 11% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 28% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

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 India ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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