Asia-Pacific: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in Asia-Pacific

The Asia-Pacific synthetic organic tanning substances market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption, however, recorded a slight curtailment. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Synthetic Organic Tanning Substances in Asia-Pacific

In value terms, synthetic organic tanning substances production reached $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 13%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Exports of Synthetic Organic Tanning Substances

Exports in Asia-Pacific

After three years of decline, shipments abroad of synthetic organic tanning substances increased by 15% to X tons in 2021. In general, exports, however, continue to indicate a noticeable descent. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, synthetic organic tanning substances exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a perceptible shrinkage. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India was the major exporter of synthetic organic tanning substances in Asia-Pacific, with the volume of exports reaching X tons, which was near 50% of total exports in 2021. China (X tons) took a 14% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (8.9%), Taiwan (Chinese) (8.1%), Singapore (6.2%) and Hong Kong SAR (6.1%). Thailand (X tons) held a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to synthetic organic tanning substances exports from India stood at -3.1%. At the same time, Thailand (+47.7%), China (+4.5%), Indonesia (+3.6%), Singapore (+2.7%) and Taiwan (Chinese) (+2.6%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +47.7% from 2012-2021. By contrast, Hong Kong SAR (-16.0%) illustrated a downward trend over the same period. While the share of China (+6.8 p.p.), Thailand (+3.9 p.p.), Indonesia (+3.9 p.p.), Taiwan (Chinese) (+3.2 p.p.) and Singapore (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Hong Kong SAR (-16.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest synthetic organic tanning substances supplier in Asia-Pacific, comprising 40% of total exports. The second position in the ranking was held by China ($X), with a 15% share of total exports. It was followed by Hong Kong SAR, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in India amounted to -4.1%. In the other countries, the average annual rates were as follows: China (+2.6% per year) and Hong Kong SAR (-16.3% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, approximately reflecting the previous year. In general, the export price showed a mild curtailment. The most prominent rate of growth was recorded in 2014 an increase of 3.8% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Hong Kong SAR ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Synthetic Organic Tanning Substances

Imports in Asia-Pacific

In 2021, purchases abroad of synthetic organic tanning substances increased by 19% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, recorded a mild decline. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, synthetic organic tanning substances imports surged to $X in 2021. Over the period under review, imports, however, saw a pronounced curtailment. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

China was the main importing country with an import of around X tons, which finished at 46% of total imports. Vietnam (X tons) ranks second in terms of the total imports with a 7.4% share, followed by Pakistan (7.2%), Bangladesh (7.2%), South Korea (6.7%), India (6.5%) and Thailand (4.6%).

China experienced a relatively flat trend pattern with regard to volume of imports of synthetic organic tanning substances. At the same time, Thailand (+11.7%), Vietnam (+5.1%), Pakistan (+2.6%) and India (+2.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +11.7% from 2012-2021. By contrast, Bangladesh (-1.4%) and South Korea (-2.9%) illustrated a downward trend over the same period. Vietnam (+3.3 p.p.), Thailand (+3.2 p.p.), China (+2.9 p.p.), Pakistan (+2.3 p.p.) and India (+2 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported synthetic organic tanning substances in Asia-Pacific, comprising 47% of total imports. The second position in the ranking was taken by India ($X), with a 6.9% share of total imports. It was followed by Bangladesh, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to -1.6%. The remaining importing countries recorded the following average annual rates of imports growth: India (+1.9% per year) and Bangladesh (-2.8% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, rising by 3.2% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices attained the peak figure 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 India ($X per ton) and Thailand ($X per ton), while Vietnam ($X per ton) and Pakistan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :