Australia: Acetic Acid Market 2024

Acetic Acid Market Size in Australia

The Australian acetic acid market soared to $X in 2021, with an increase of 31% against the previous year. Overall, the total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -15.5% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Acetic Acid Production in Australia

In value terms, acetic acid production surged to $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Acetic Acid Exports

Exports from Australia

In 2021, shipments abroad of acetic acid was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 198%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, acetic acid exports surged to $X in 2021. In general, exports, however, faced a deep contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 147%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Papua New Guinea (X tons) was the main destination for acetic acid exports from Australia, with a 85% share of total exports. Moreover, acetic acid exports to Papua New Guinea exceeded the volume sent to the second major destination, Fiji (X tons), more than tenfold. The third position in this ranking was taken by New Caledonia (X tons), with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume to Papua New Guinea amounted to -1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (+156.2% per year) and New Caledonia (+42.2% per year).

In value terms, Papua New Guinea ($X) emerged as the key foreign market for acetic acid exports from Australia, comprising 74% of total exports. The second position in the ranking was held by Fiji ($X), with a 7.4% share of total exports. It was followed by New Zealand, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value to Papua New Guinea totaled +3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (+89.6% per year) and New Zealand (-20.4% per year).

Export Prices by Country

The average acetic acid export price stood at $X per ton in 2021, rising by 11% against the previous year. Over the period under review, the export price, however, saw a slight reduction. The most prominent rate of growth was recorded in 2018 an increase of 47%. Over the period under review, the average export prices attained 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 destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to New Caledonia (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Acetic Acid Imports

Imports into Australia

In 2021, after two years of decline, there was significant growth in overseas purchases of acetic acid, when their volume increased by 28% to X tons. In general, imports recorded strong growth. The pace of growth was the most pronounced in 2015 with an increase of 106%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, acetic acid imports skyrocketed to $X in 2021. Overall, imports showed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Singapore (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of acetic acid imports to Australia, together accounting for 79% of total imports.

From 2013 to 2021, the biggest increases were recorded for China (with a CAGR of +12.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Singapore ($X) and Taiwan (Chinese) ($X) appeared to be the largest acetic acid suppliers to Australia, with a combined 73% share of total imports.

China, with a CAGR of +24.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average acetic acid import price amounted to $X per ton, picking up by 86% against the previous year. Overall, the import price posted a prominent expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Malaysia ($X per ton) and South Korea ($X per ton), while the price for Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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