Asia-Pacific: Acrylic Acid Esters Market 2024

Acrylic Acid Esters Market Size in Asia-Pacific

The Asia-Pacific acrylic acid esters market expanded modestly to $X in 2022, surging by 4.9% against the previous year. Over the period under review, consumption showed a resilient expansion. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Acrylic Acid Esters Production in Asia-Pacific

In value terms, acrylic acid esters production rose rapidly to $X in 2022 estimated in export price. Overall, production posted a strong increase. The growth pace was the most rapid in 2017 with an increase of 25%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Acrylic Acid Esters Exports

Exports in Asia-Pacific

In 2022, approx. X tons of esters of acrylic acid were exported in Asia-Pacific; which is down by -26.8% compared with 2021 figures. Over the period under review, exports, however, showed noticeable growth. The growth pace was the most rapid in 2021 when exports increased by 115%. As a result, the exports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, acrylic acid esters exports shrank rapidly to $X in 2022. Overall, exports, however, enjoyed a notable increase. The most prominent rate of growth was recorded in 2021 when exports increased by 191%. As a result, the exports reached the peak of $X, and then dropped significantly in the following year.

Exports by Country

China represented the major exporter of esters of acrylic acid in Asia-Pacific, with the volume of exports finishing at X tons, which was approx. 50% of total exports in 2022. It was distantly followed by Malaysia (X tons), Taiwan (Chinese) (X tons), South Korea (X tons) and Japan (X tons), together committing a 44% share of total exports. The following exporters - Indonesia (X tons) and India (X tons) - together made up 5.7% of total exports.

From 2012 to 2022, average annual rates of growth with regard to acrylic acid esters exports from China stood at +16.1%. At the same time, India (+17.3%), Japan (+3.7%) and Taiwan (Chinese) (+2.8%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +17.3% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, Indonesia (-3.5%) and South Korea (-4.6%) illustrated a downward trend over the same period. China (+33 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia, Malaysia and South Korea saw its share reduced by -4.1%, -8.9% and -12% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest acrylic acid esters supplier in Asia-Pacific, comprising 45% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 13% share of total exports. It was followed by Malaysia, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +13.2%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+2.9% per year) and Malaysia (-1.4% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, flattening at the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by 35% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.2%), while the other leaders experienced more modest paces of growth.

Acrylic Acid Esters Imports

Imports in Asia-Pacific

In 2022, the amount of esters of acrylic acid imported in Asia-Pacific shrank rapidly to X tons, with a decrease of -17.5% compared with the previous year's figure. The total import volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 44%. As a result, imports attained the peak of X tons, and then shrank sharply in the following year.

In value terms, acrylic acid esters imports fell sharply to $X in 2022. Overall, imports, however, continue to indicate tangible growth. The pace of growth was the most pronounced in 2021 when imports increased by 106%. As a result, imports reached the peak of $X, and then declined markedly in the following year.

Imports by Country

India was the largest importing country with an import of around X tons, which resulted at 39% of total imports. China (X tons) took a 9.6% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (8.7%), Indonesia (6.7%), Taiwan (Chinese) (6.2%), Japan (6.2%), Thailand (5.9%) and Vietnam (5%).

India was also the fastest-growing in terms of the esters of acrylic acid imports, with a CAGR of +7.0% from 2012 to 2022. At the same time, Indonesia (+5.0%), South Korea (+2.8%), Vietnam (+2.6%) and Taiwan (Chinese) (+2.1%) displayed positive paces of growth. Thailand and China experienced a relatively flat trend pattern. By contrast, Japan (-4.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported esters of acrylic acid in Asia-Pacific, comprising 34% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by South Korea, with a 9.7% share.

In India, acrylic acid esters imports expanded at an average annual rate of +7.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+1.1% per year) and South Korea (+0.4% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, remaining stable against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 43%. As a result, import price reached the peak level of $X per ton, leveling off in the following year.

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 ($X per ton), while Vietnam ($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 (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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