Belgium: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Belgium

In 2022, the Belgian monocarboxylic acid market decreased by -6.5% to $X, falling for the second consecutive year after four years of growth. In general, consumption continues to indicate a abrupt decrease. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Monocarboxylic Acid Production in Belgium

In value terms, monocarboxylic acid production stood at $X in 2022 estimated in export price. Overall, production recorded a perceptible decline. The growth pace was the most rapid in 2014 with an increase of 27%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports from Belgium

In 2022, overseas shipments of acrylic acid and its salts and other monocarboxylic acid decreased by -20.2% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, total exports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.7% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of 53%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, monocarboxylic acid exports declined rapidly to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 92% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X tons) was the main destination for monocarboxylic acid exports from Belgium, accounting for a 40% share of total exports. Moreover, monocarboxylic acid exports to Germany exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by the UK (X tons), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany stood at +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.9% per year) and the UK (+1.3% per year).

In value terms, Germany ($X), the Netherlands ($X) and the UK ($X) appeared to be the largest markets for monocarboxylic acid exported from Belgium worldwide, with a combined 67% share of total exports. The United States, France, Turkey and Brazil lagged somewhat behind, together comprising a further 26%.

The United States, with a CAGR of +5.5%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average monocarboxylic acid export price stood at $X per ton in 2022, growing by 2% against the previous year. Overall, the export price, however, showed a mild decrease. The pace of growth was the most pronounced in 2021 an increase of 26%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the United States ($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 Netherlands (+1.6%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Belgium

After two years of growth, purchases abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -49% to X tons in 2022. Over the period under review, imports continue to indicate a noticeable reduction. The growth pace was the most rapid in 2013 when imports increased by 48%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, monocarboxylic acid imports contracted sharply to $X in 2022. In general, imports continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by 60%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

France (X tons), Germany (X tons) and the Netherlands (X tons) were the main suppliers of monocarboxylic acid imports to Belgium, with a combined 75% share of total imports. China, the Czech Republic, Austria and Japan lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +207.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest monocarboxylic acid suppliers to Belgium were France ($X), Germany ($X) and China ($X), with a combined 69% share of total imports. The Netherlands, Austria, the Czech Republic and Japan lagged somewhat behind, together comprising a further 23%.

Austria, with a CAGR of +177.2%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, with an increase of 7.9% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average import price increased by 22%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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