China: Market for Phthalic Anhydride, Terephthalic Acid And Its Salts 2024

Market Size for Phthalic Anhydride, Terephthalic Acid And Its Salts in China

The Chinese market for phthalic anhydride, terephthalic acid and its salts reduced sharply to $X in 2021, shrinking by -24.4% against the previous year. In general, consumption showed a deep contraction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Phthalic Anhydride, Terephthalic Acid And Its Salts in China

In value terms, phthalic anhydride and terephthalic acid production expanded significantly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -22.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 63% against the previous year. Phthalic anhydride and terephthalic acid production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Exports of Phthalic Anhydride, Terephthalic Acid And Its Salts

Exports from China

In 2021, exports of phthalic anhydride, terephthalic acid and its salts from China skyrocketed to X tons, increasing by 203% on 2020 figures. Overall, exports continue to indicate a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 764%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, phthalic anhydride and terephthalic acid exports soared to $X in 2021. Over the period under review, exports posted a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 615%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

India (X tons), Turkey (X tons) and Oman (X tons) were the main destinations of phthalic anhydride and terephthalic acid exports from China, with a combined 49% share of total exports. These countries were followed by Russia, Saudi Arabia, Vietnam, Pakistan, South Africa and Egypt, which together accounted for a further 43%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +326.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for phthalic anhydride and terephthalic acid exported from China were India ($X), Turkey ($X) and Oman ($X), together comprising 49% of total exports. These countries were followed by Russia, Saudi Arabia, Vietnam, Pakistan, South Africa and Egypt, which together accounted for a further 43%.

Among the main countries of destination, Vietnam, with a CAGR of +334.7%, 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 export price for phthalic anhydride, terephthalic acid and its salts amounted to $X per ton, increasing by 38% against the previous year. In general, the export price, however, recorded a abrupt slump. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Egypt ($X per ton), while the average price for exports to Pakistan ($X per ton) and Russia ($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 Vietnam (+2.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Phthalic Anhydride, Terephthalic Acid And Its Salts

Imports into China

In 2021, purchases abroad of phthalic anhydride, terephthalic acid and its salts decreased by -86.4% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, imports recorded a sharp slump. The growth pace was the most rapid in 2019 when imports increased by 52%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, phthalic anhydride and terephthalic acid imports dropped notably to $X in 2021. In general, imports saw a precipitous curtailment. The pace of growth was the most pronounced in 2018 when imports increased by 78%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Japan (X tons), South Korea (X tons) and Thailand (X tons) were the main suppliers of phthalic anhydride and terephthalic acid imports to China, with a combined 31% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of -20.6%), while purchases for the other leaders experienced a decline.

In value terms, the largest phthalic anhydride and terephthalic acid suppliers to China were Japan ($X), South Korea ($X) and Thailand ($X), together accounting for 30% of total imports.

Among the main suppliers, Japan, with a CAGR of -26.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average import price for phthalic anhydride, terephthalic acid and its salts amounted to $X per ton, increasing by 48% against the previous year. In general, the import price, however, recorded a pronounced reduction. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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