Asia: Salicylic Acid Market 2024

Salicylic Acid Market Size in Asia

The Asian salicylic acid market fell markedly to $X in 2021, waning by -17.1% against the previous year. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Salicylic Acid Production in Asia

In value terms, salicylic acid production rose markedly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 27% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Salicylic Acid Exports

Exports in Asia

In 2021, salicylic acid exports in Asia stood at X tons, picking up by 8.8% on 2020 figures. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +55.0% against 2014 indices. The most prominent rate of growth was recorded in 2018 with an increase of 30% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, salicylic acid exports amounted to $X in 2021. Total exports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -0.1% against 2019 indices. The growth pace was the most rapid in 2018 with an increase of 47% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

China prevails in exports structure, resulting at X tons, which was approx. 93% of total exports in 2021. It was distantly followed by India (X tons), mixing up a 5.7% share of total exports.

China was also the fastest-growing in terms of the salicylic acid and its salts exports, with a CAGR of +8.3% from 2012 to 2021. At the same time, India (+5.6%) displayed positive paces of growth. While the share of China (+3.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest salicylic acid supplier in Asia, comprising 73% of total exports. The second position in the ranking was taken by India ($X), with a 22% share of total exports.

In China, salicylic acid exports increased at an average annual rate of +6.9% over the period from 2012-2021.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, flattening at the previous year. Over the period under review, the export price, however, continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2018 an increase of 14% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per ton), while China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-1.3%).

Salicylic Acid Imports

Imports in Asia

In 2021, the amount of salicylic acid and its salts imported in Asia amounted to X tons, increasing by 9.2% compared with the previous year. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +8.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +3.9% against 2018 indices. The pace of growth was the most pronounced in 2018 when imports increased by 31% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

In value terms, salicylic acid imports contracted markedly to $X in 2021. Overall, imports showed resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 52%. The level of import peaked at $X in 2020, and then fell notably in the following year.

Imports by Country

India dominates imports structure, reaching X tons, which was near 75% of total imports in 2021. It was distantly followed by Thailand (X tons), achieving a 7% share of total imports. The following importers - Malaysia (X tons), Japan (X tons), Indonesia (X tons), Turkey (X tons) and South Korea (X tons) - together made up 11% of total imports.

From 2012 to 2021, average annual rates of growth with regard to salicylic acid imports into India stood at +11.8%. At the same time, Malaysia (+23.9%), Turkey (+15.5%), Indonesia (+3.6%) and South Korea (+2.0%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in Asia, with a CAGR of +23.9% from 2012-2021. By contrast, Japan (-3.1%) and Thailand (-3.6%) illustrated a downward trend over the same period. While the share of India (+19 p.p.) and Malaysia (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-3.6 p.p.) and Thailand (-13 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported salicylic acid and its salts in Asia, comprising 68% of total imports. The second position in the ranking was taken by Thailand ($X), with a 6.9% share of total imports. It was followed by Japan, with a 4.1% share.

In India, salicylic acid imports increased at an average annual rate of +12.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-3.6% per year) and Japan (+2.5% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, with a decrease of -27.8% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 16% against the previous year. The level of import peaked at $X per ton in 2020, and then declined markedly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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