Belgium: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Belgium

The Belgian carboxylic acid market soared to $X in 2021, picking up by 76% against the previous year. Overall, consumption posted a prominent expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Carboxylic Acid Production in Belgium

In value terms, carboxylic acid production rose significantly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +93.6% against 2016 indices. The pace of growth appeared the most rapid in 2017 with an increase of 48%. Carboxylic acid production peaked in 2021 and is expected to retain growth in years to come.

Carboxylic Acid Exports

Exports from Belgium

In 2021, overseas shipments of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 2.3% to X tons, rising for the fourth year in a row after three years of decline. Overall, total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +60.2% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 43% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, carboxylic acid exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 91% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Germany (X tons), the Netherlands (X tons) and France (X tons) were the main destinations of carboxylic acid exports from Belgium, with a combined 48% share of total exports. The United States, Italy, Spain, Poland, Chile, Russia, the UK and Austria lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +23.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and the Netherlands ($X) constituted the largest markets for carboxylic acid exported from Belgium worldwide, together comprising 48% of total exports. These countries were followed by Italy, the United States, Spain, the UK, Poland, Russia, Chile and Austria, which together accounted for a further 31%.

Among the main countries of destination, Chile, with a CAGR of +11.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average carboxylic acid export price amounted to $X per ton, with an increase of 14% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 43%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Spain ($X per ton), while the average price for exports to Chile ($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 Spain (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Carboxylic Acid Imports

Imports into Belgium

In 2021, overseas purchases of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 27% to X tons, rising for the fifth year in a row after two years of decline. Overall, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 40%. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, carboxylic acid imports expanded notably to $X in 2021. In general, imports recorded perceptible growth. The most prominent rate of growth was recorded in 2017 with an increase of 46%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest carboxylic acid supplier to Belgium, accounting for a 33% share of total imports. Moreover, carboxylic acid imports from the Netherlands exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. The third position in this ranking was held by Germany (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands amounted to +13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+6.3% per year) and Germany (+5.2% per year).

In value terms, the Netherlands ($X), South Korea ($X) and China ($X) appeared to be the largest carboxylic acid suppliers to Belgium, together accounting for 45% of total imports. These countries were followed by Germany, Italy, Taiwan (Chinese), the United States, India and France, which together accounted for a further 46%.

Italy, with a CAGR of +13.4%, 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

The average carboxylic acid import price stood at $X per ton in 2021, dropping by -10.3% against the previous year. Over the period under review, the import price recorded a perceptible descent. The pace of growth appeared the most rapid in 2017 when the average import price increased by 20%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+7.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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