Australia: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Australia

The Australian monocarboxylic acid market expanded rapidly to $X in 2022, rising by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Monocarboxylic acid consumption peaked in 2022 and is likely to continue growth in the near future.

Monocarboxylic Acid Exports

Exports from Australia

In 2022, exports of acrylic acid and its salts and other monocarboxylic acid from Australia reduced rapidly to X tons, which is down by -58.3% compared with 2021 figures. In general, exports continue to indicate a noticeable reduction. The growth pace was the most rapid in 2018 with an increase of 8,711% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, monocarboxylic acid exports shrank notably to $X in 2022. Over the period under review, exports faced a precipitous descent. The pace of growth was the most pronounced in 2018 with an increase of 377%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

New Zealand (X tons) was the main destination for monocarboxylic acid exports from Australia, accounting for a 70% share of total exports. Moreover, monocarboxylic acid exports to New Zealand exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Papua New Guinea (X tons) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume to New Zealand stood at +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+14.5% per year) and Papua New Guinea (+1.3% per year).

In value terms, New Zealand ($X) emerged as the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Australia, comprising 59% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 22% share of total exports. It was followed by Papua New Guinea, with a 6.8% share.

From 2012 to 2022, the average annual growth rate of value to New Zealand stood at +13.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+25.2% per year) and Papua New Guinea (+2.0% per year).

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, falling by -33.8% against the previous year. Overall, the export price showed a significant decline. The growth pace was the most rapid in 2014 when the average export price increased by 222%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Papua New Guinea ($X per ton), while the average price for exports to Wallis and Futuna Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+21.2%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Australia

In 2022, approx. X tons of acrylic acid and its salts and other monocarboxylic acid were imported into Australia; falling by -9.5% compared with the previous year's figure. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 28% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, monocarboxylic acid imports soared to $X in 2022. Overall, total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +61.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 40% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Japan (X tons), Indonesia (X tons) and Malaysia (X tons) were the main suppliers of monocarboxylic acid imports to Australia, with a combined 74% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +18.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Australia, comprising 48% of total imports. The second position in the ranking was taken by Japan ($X), with a 15% share of total imports. It was followed by India, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+20.0% per year) and India (+7.7% per year).

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, increasing by 27% against the previous year. Overall, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by +30.3% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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