Colombia: Acetic Acid Market 2024

Acetic Acid Market Size in Colombia

In 2021, the Colombian acetic acid market increased by 83% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption posted prominent growth. Acetic acid consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Acetic Acid Exports

Exports from Colombia

In 2021, overseas shipments of acetic acid increased by 56% to X tons, rising for the second year in a row after three years of decline. In general, exports showed a resilient expansion. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, acetic acid exports surged to $X in 2021. Overall, exports showed a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons) was the main destination for acetic acid exports from Colombia, accounting for a 93% share of total exports. Moreover, acetic acid exports to Germany exceeded the volume sent to the second major destination, Honduras (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Germany stood at +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (0.0% per year) and Ecuador (+210.0% per year).

In value terms, Germany ($X) remains the key foreign market for acetic acid exports from Colombia, comprising 94% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 3.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany amounted to +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+210.2% per year) and Honduras (0.0% per year).

Export Prices by Country

The average acetic acid export price stood at $X per ton in 2021, stabilizing at the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2015 an increase of 14% against the previous year. The export price peaked in 2021 and is likely to continue growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Honduras ($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 Venezuela (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Acetic Acid Imports

Imports into Colombia

In 2021, supplies from abroad of acetic acid was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, total imports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 44%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, acetic acid imports soared to $X in 2021. Overall, imports saw a buoyant expansion. The pace of growth was the most pronounced in 2018 with an increase of 108%. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of acetic acid to Colombia, with a 64% share of total imports. Moreover, acetic acid imports from the United States exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. The third position in this ranking was held by China (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+20.6% per year) and China (+18.8% per year).

In value terms, the United States ($X) constituted the largest supplier of acetic acid to Colombia, comprising 59% of total imports. The second position in the ranking was held by South Korea ($X), with a 24% share of total imports. It was followed by China, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+22.3% per year) and China (+21.2% per year).

Import Prices by Country

In 2021, the average acetic acid import price amounted to $X per ton, rising by 49% against the previous year. In general, import price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+29.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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