Azerbaijan: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Azerbaijan

The Azerbaijani monocarboxylic acid market amounted to $X in 2022, surging 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). In general, consumption, however, recorded a resilient expansion. Monocarboxylic acid consumption peaked in 2022 and is expected to retain growth in years to come.

Monocarboxylic Acid Exports

Exports from Azerbaijan

For the third consecutive year, Azerbaijan recorded growth in overseas shipments of acrylic acid and its salts and other monocarboxylic acid, which increased by 9% to X tons in 2022. Over the period under review, exports enjoyed a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 227%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, monocarboxylic acid exports skyrocketed to $X in 2022. Overall, exports recorded significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 153% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

China (X tons) was the main destination for monocarboxylic acid exports from Azerbaijan, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to China stood at +35.2%.

In value terms, China ($X) also remains the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Azerbaijan.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at +44.2%.

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, increasing by 6.2% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid export price increased by +48.3% against 2017 indices. The pace of growth was the most pronounced in 2013 an increase of 57% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +6.6% per year.

Monocarboxylic Acid Imports

Imports into Azerbaijan

Monocarboxylic acid imports into Azerbaijan dropped slightly to X tons in 2022, standing approx. at the previous year. In general, imports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2019 when imports increased by 126% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, monocarboxylic acid imports soared to $X in 2022. Overall, imports, however, saw strong growth. The pace of growth appeared the most rapid in 2019 when imports increased by 162% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of monocarboxylic acid to Azerbaijan, accounting for a 63% share of total imports. Moreover, monocarboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), fourfold. The third position in this ranking was held by Russia (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+29.1% per year) and Russia (+44.7% per year).

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Azerbaijan, comprising 60% of total imports. The second position in the ranking was held by France ($X), with a 29% share of total imports. It was followed by Russia, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +28.9%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+20.6% per year) and Russia (+24.9% per year).

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, jumping by 25% against the previous year. In general, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 +83.8% against 2016 indices. The growth pace was the most rapid in 2015 when the average import price increased by 28%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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