Asia-Pacific: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in Asia-Pacific

In 2021, the Asia-Pacific industrial stearic acid market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a pronounced decline. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Industrial Stearic Acid Production in Asia-Pacific

In value terms, industrial stearic acid production shrank modestly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 10% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Industrial Stearic Acid Exports

Exports in Asia-Pacific

In 2021, shipments abroad of industrial stearic acid was finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, industrial stearic acid exports skyrocketed to $X in 2021. Total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.2% 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 +86.5% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia was the major exporting country with an export of about X tons, which amounted to 65% of total exports. It was distantly followed by Malaysia (X tons), making up a 32% share of total exports.

Indonesia was also the fastest-growing in terms of the industrial stearic acid exports, with a CAGR of +5.7% from 2012 to 2021. Malaysia experienced a relatively flat trend pattern. From 2012 to 2021, the share of Indonesia increased by +14 percentage points.

In value terms, the largest industrial stearic acid supplying countries in Asia-Pacific were Indonesia ($X) and Malaysia ($X).

In terms of the main exporting countries, Indonesia, with a CAGR of +6.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, surging by 40% against the previous year. In general, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Malaysia ($X per ton), while Indonesia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.5%).

Industrial Stearic Acid Imports

Imports in Asia-Pacific

After two years of decline, overseas purchases of industrial stearic acid increased by 13% to X tons in 2021. The total import volume increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 21% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, industrial stearic acid imports skyrocketed to $X in 2021. Total imports indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China represented the largest importer of industrial stearic acid in Asia-Pacific, with the volume of imports recording X tons, which was approx. 46% of total imports in 2021. South Korea (X tons) took the second position in the ranking, followed by Singapore (X tons), Vietnam (X tons), Thailand (X tons), Taiwan (Chinese) (X tons) and Japan (X tons). All these countries together took near 43% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to industrial stearic acid imports into China stood at +3.7%. At the same time, Vietnam (+11.1%), South Korea (+2.9%), Singapore (+2.0%), Thailand (+2.0%) and Taiwan (Chinese) (+1.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +11.1% from 2012-2021. Japan experienced a relatively flat trend pattern. While the share of Vietnam (+3.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported industrial stearic acid in Asia-Pacific, comprising 46% of total imports. The second position in the ranking was held by South Korea ($X), with a 12% share of total imports. It was followed by Singapore, with a 7% share.

In China, industrial stearic acid imports increased at an average annual rate of +4.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+2.9% per year) and Singapore (+2.5% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, jumping by 44% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :