China: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in China

In 2022, the Chinese monocarboxylic acid market decreased by -5.1% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption, however, recorded buoyant growth. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Monocarboxylic Acid Production in China

In value terms, monocarboxylic acid production reduced to $X in 2022 estimated in export price. In general, production, however, posted a resilient expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 64%. Monocarboxylic acid production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Monocarboxylic Acid Exports

Exports from China

In 2022, overseas shipments of acrylic acid and its salts and other monocarboxylic acid increased by 6.7% to X tons, rising for the second consecutive year after two years of decline. Overall, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +42.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 58% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, monocarboxylic acid exports surged to $X in 2022. Over the period under review, exports recorded a strong increase. The pace of growth was the most pronounced in 2021 when exports increased by 35% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

India (X tons), the United States (X tons) and South Korea (X tons) were the main destinations of monocarboxylic acid exports from China, with a combined 33% share of total exports. Brazil, Indonesia, Mexico, Belgium, the Netherlands, Spain, Turkey, the United Arab Emirates, Germany and Russia lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +24.5%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), the United States ($X) and Brazil ($X) appeared to be the largest markets for monocarboxylic acid exported from China worldwide, together accounting for 43% of total exports.

In terms of the main countries of destination, India, with a CAGR of +25.1%, recorded the highest growth rate of 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

The average monocarboxylic acid export price stood at $X per ton in 2022, with an increase of 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2016 when the average export price increased by 24%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

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 Brazil ($X per ton), while the average price for exports to South Korea ($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 Brazil (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into China

In 2022, supplies from abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -4.3% to X tons, falling for the second year in a row after two years of growth. In general, imports continue to indicate a mild decrease. The pace of growth was the most pronounced in 2017 when imports increased by 106% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, monocarboxylic acid imports expanded sharply to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 59%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Japan (X tons) constituted the largest supplier of monocarboxylic acid to China, accounting for a 43% share of total imports. Moreover, monocarboxylic acid imports from Japan exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The third position in this ranking was held by India (X tons), with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from Japan amounted to +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-9.3% per year) and India (+16.6% per year).

In value terms, India ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to China, comprising 49% of total imports. The second position in the ranking was held by Japan ($X), with a 19% share of total imports. It was followed by South Korea, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from India stood at +12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.4% per year) and South Korea (+18.9% per year).

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, jumping by 17% against the previous year. In general, import price indicated measured growth 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 +75.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 51% against the previous year. The import price peaked in 2022 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 ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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