Asia-Pacific: Adipic Acid Market 2024

Adipic Acid Market Size in Asia-Pacific

The Asia-Pacific adipic acid market shrank to $X in 2022, waning by -2.3% against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Adipic Acid Production in Asia-Pacific

In value terms, adipic acid production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the production volume increased by 16% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Adipic Acid Exports

Exports in Asia-Pacific

In 2022, the amount of adipic acid, its salts and esters exported in Asia-Pacific shrank modestly to X tons, approximately reflecting 2021. In general, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 when exports increased by 57% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped slightly in the following year.

In value terms, adipic acid exports expanded sharply to $X in 2022. Overall, exports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 95%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

China was the key exporter of adipic acid, its salts and esters in Asia-Pacific, with the volume of exports amounting to X tons, which was near 82% of total exports in 2022. It was distantly followed by South Korea (X tons), comprising a 15% share of total exports.

China was also the fastest-growing in terms of the adipic acid, its salts and esters exports, with a CAGR of +24.3% from 2012 to 2022. South Korea (-1.9%) illustrated a downward trend over the same period. While the share of China (+52 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-43.1 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest adipic acid supplier in Asia-Pacific, comprising 81% of total exports. The second position in the ranking was taken by South Korea ($X), with a 15% share of total exports.

In China, adipic acid exports increased at an average annual rate of +23.5% over the period from 2012-2022.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, surging by 8.2% against the previous year. Over the period under review, the export price, however, showed a mild decrease. The most prominent rate of growth was recorded in 2021 an increase of 53%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.6%).

Adipic Acid Imports

Imports in Asia-Pacific

In 2022, the amount of adipic acid, its salts and esters imported in Asia-Pacific dropped modestly to X tons, declining by -4% compared with the previous year. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 15% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, adipic acid imports expanded modestly to $X in 2022. Total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.6% 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 +72.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 65%. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Imports by Country

In 2022, Taiwan (Chinese) (X tons), Singapore (X tons) and India (X tons) represented the major importer of adipic acid, its salts and esters in Asia-Pacific, committing 59% of total import. Japan (X tons) ranks next in terms of the total imports with an 11% share, followed by South Korea (9.5%) and Pakistan (6.7%). The following importers - Thailand (X tons) and Indonesia (X tons) - each accounted for a 6% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Pakistan (with a CAGR of +51.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Singapore ($X) and Taiwan (Chinese) ($X) were the countries with the highest levels of imports in 2022, together accounting for 53% of total imports. Japan, South Korea, Pakistan, Indonesia and Thailand lagged somewhat behind, together accounting for a further 38%.

Among the main importing countries, Pakistan, with a CAGR of +49.4%, recorded the highest rates of growth with regard to the value of imports, 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-Pacific stood at $X per ton in 2022, with an increase of 9.1% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 50%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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 Indonesia ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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