China: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in China

The Chinese carboxylic acid market declined markedly to $X in 2021, waning by -25.6% against the previous year. Overall, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Carboxylic Acid Production in China

In value terms, carboxylic acid production dropped modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 15%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Carboxylic Acid Exports

Exports from China

In 2021, shipments abroad of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 25% to X tons, rising for the second year in a row after two years of decline. In general, total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +8.7% 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 +36.3% against 2019 indices. The growth pace was the most rapid in 2017 when exports increased by 27% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, carboxylic acid exports soared to $X in 2021. Overall, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.7% 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 +40.6% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X tons) was the main destination for carboxylic acid exports from China, accounting for a 15% share of total exports. Moreover, carboxylic acid exports to India exceeded the volume sent to the second major destination, the United States (X tons), twofold. Japan (X tons) ranked third in terms of total exports with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume to India stood at +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+3.7% per year) and Japan (+2.7% per year).

In value terms, the largest markets for carboxylic acid exported from China were the United States ($X), India ($X) and Japan ($X), together accounting for 29% of total exports. These countries were followed by South Korea, Brazil, Russia, Germany, Spain, Australia, Turkey, Taiwan (Chinese), Thailand and the United Arab Emirates, which together accounted for a further 23%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +11.5%, 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

In 2021, the average carboxylic acid export price amounted to $X per ton, growing by 5% against the previous year. Over the period under review, the export price, however, saw a slight downturn. The most prominent rate of growth was recorded in 2018 an increase of 11% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to the United Arab Emirates ($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 the United States (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Carboxylic Acid Imports

Imports into China

In 2021, the amount of carboxylic acid with alcohol, phenol, aldehyde or ketone functions imported into China soared to X tons, growing by 22% compared with 2020. Overall, imports saw resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 32%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, carboxylic acid imports soared to $X in 2021. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +34.0% against 2014 indices. The most prominent rate of growth was recorded in 2014 with an increase of 29%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

Singapore (X tons), Taiwan (Chinese) (X tons) and Thailand (X tons) were the main suppliers of carboxylic acid imports to China, with a combined 51% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +58.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest carboxylic acid suppliers to China were Japan ($X), Taiwan (Chinese) ($X) and Singapore ($X), together comprising 40% of total imports.

In terms of the main suppliers, Singapore, with a CAGR of +42.7%, recorded the highest growth rate of 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, waning by -5.4% against the previous year. Over the period under review, the import price showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2014 when the average import price increased by 23%. As a result, import price reached the peak level of $X per ton. From 2015 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 Japan ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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