Canada: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Canada

In 2021, the Canadian carboxylic acid market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, showed a perceptible shrinkage. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Carboxylic Acid Production in Canada

In value terms, carboxylic acid production reached $X in 2021 estimated in export price. Overall, production, however, showed a mild slump. The pace of growth was the most pronounced in 2015 when the production volume increased by 34% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Carboxylic Acid Exports

Exports from Canada

In 2021, overseas shipments of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 7.8% to X tons, rising for the sixth year in a row after two years of decline. The total export volume increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 15%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, carboxylic acid exports skyrocketed to $X in 2021. Overall, exports, however, saw a mild descent. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for carboxylic acid exports from Canada, with a 55% share of total exports. Moreover, carboxylic acid exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), more than tenfold. The third position in this ranking was taken by Ireland (X tons), with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+2.7% per year) and Ireland (+12.8% per year).

In value terms, the United States ($X) remains the key foreign market for carboxylic acid with alcohol, phenol, aldehyde or ketone functions exports from Canada, comprising 58% of total exports. The second position in the ranking was held by the UK ($X), with a 4.7% share of total exports. It was followed by Ireland, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-0.1% per year) and Ireland (+8.7% per year).

Export Prices by Country

The average carboxylic acid export price stood at $X per ton in 2021, picking up by 13% against the previous year. Overall, the export price, however, recorded a perceptible shrinkage. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, the countries with the highest prices were France ($X per ton) and the United States ($X per ton), while the average price for exports to Egypt ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+5.8%), while the prices for the other major destinations experienced a decline.

Carboxylic Acid Imports

Imports into Canada

Carboxylic acid imports into Canada stood at X tons in 2021, increasing by 7.6% compared with the year before. Over the period under review, imports, however, saw a mild shrinkage. The most prominent rate of growth was recorded in 2018 when imports increased by 29% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, carboxylic acid imports rose rapidly to $X in 2021. In general, imports, however, continue to indicate a pronounced downturn. The growth pace was the most rapid in 2014 when imports increased by 14%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest carboxylic acid supplier to Canada, with a 57% share of total imports. Moreover, carboxylic acid imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold. The third position in this ranking was taken by the UK (X tons), with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled -2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.4% per year) and the UK (-5.8% per year).

In value terms, the United States ($X), China ($X) and the UK ($X) appeared to be the largest carboxylic acid suppliers to Canada, with a combined 63% share of total imports. These countries were followed by India, Italy, South Korea, Spain, Belgium and Taiwan (Chinese), which together accounted for a further 24%.

In terms of the main suppliers, Belgium, with a CAGR of +33.7%, recorded the highest rates of growth with regard to the value of imports, 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 carboxylic acid import price amounted to $X per ton, stabilizing at the previous year. Overall, the import price, however, saw a mild reduction. The most prominent rate of growth was recorded in 2015 when the average import price increased by 18% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was India ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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