Asia: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in Asia

In 2021, after three years of decline, there was significant growth in the Asian synthetic organic tanning substances market, when its value increased by 20% to $X. In general, consumption, however, showed a slight setback. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Synthetic Organic Tanning Substances in Asia

In value terms, synthetic organic tanning substances production rose modestly to $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 15% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Exports of Synthetic Organic Tanning Substances

Exports in Asia

After three years of decline, shipments abroad of synthetic organic tanning substances increased by 17% to X tons in 2021. Over the period under review, exports, however, saw a perceptible decrease. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, synthetic organic tanning substances exports soared to $X in 2021. In general, exports, however, continue to indicate a perceptible contraction. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

India represented the key exporter of synthetic organic tanning substances in Asia, with the volume of exports accounting for X tons, which was approx. 47% of total exports in 2021. It was distantly followed by China (X tons), Indonesia (X tons), Taiwan (Chinese) (X tons), Singapore (X tons) and Hong Kong SAR (X tons), together mixing up a 41% share of total exports. Turkey (X tons) followed a long way behind the leaders.

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, Turkey (+11.3%), China (+4.5%), Indonesia (+3.6%), Singapore (+2.7%) and Taiwan (Chinese) (+2.6%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +11.3% from 2012-2021. By contrast, Hong Kong SAR (-16.0%) illustrated a downward trend over the same period. While the share of China (+6.2 p.p.), Indonesia (+3.6 p.p.), Turkey (+2.9 p.p.), Taiwan (Chinese) (+2.9 p.p.) and Singapore (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of India (-2.4 p.p.) and Hong Kong SAR (-16.5 p.p.) displayed negative dynamics.

In value terms, India ($X) remains the largest synthetic organic tanning substances supplier in Asia, comprising 38% of total exports. The second position in the ranking was held by China ($X), with a 14% share of total exports. It was followed by Hong Kong SAR, with a 9% share.

From 2012 to 2021, the average annual growth rate of value in India stood at -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 stood at $X per ton in 2021, standing approx. at the previous year. Over the period under review, the export price, however, saw a mild slump. The most prominent rate of growth was recorded in 2014 an increase of 4.2% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a 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

In 2021, after three years of decline, there was significant growth in purchases abroad of synthetic organic tanning substances, when their volume increased by 21% to X tons. Over the period under review, imports, however, showed a perceptible downturn. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, synthetic organic tanning substances imports soared to $X in 2021. Overall, imports, however, showed a pronounced shrinkage. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China was the major importing country with an import of about X tons, which amounted to 42% of total imports. Vietnam (X tons) held the second position in the ranking, followed by Pakistan (X tons), Bangladesh (X tons), South Korea (X tons), India (X tons) and Turkey (X tons). All these countries together held near 38% share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of synthetic organic tanning substances. At the same time, Vietnam (+5.1%), Pakistan (+2.6%) and India (+2.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia, with a CAGR of +5.1% from 2012-2021. By contrast, Bangladesh (-1.4%), South Korea (-2.9%) and Turkey (-7.7%) illustrated a downward trend over the same period. While the share of China (+3.8 p.p.), Vietnam (+3.2 p.p.), Pakistan (+2.3 p.p.) and India (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Turkey (-4.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported synthetic organic tanning substances in Asia, comprising 43% of total imports. The second position in the ranking was taken by India ($X), with a 6.4% share of total imports. It was followed by Bangladesh, with a 6.3% share.

In China, synthetic organic tanning substances imports plunged by an average annual rate of -1.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: India (+1.9% per year) and Bangladesh (-2.8% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, increasing by 3.3% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by 4.5% against the previous year. Over the period under review, import prices reached 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 ($X per ton) and Turkey ($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 Turkey (+2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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