Colombia: Adipic Acid Market 2024

Adipic Acid Market Size in Colombia

In 2022, the Colombian adipic acid market decreased by -12.8% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, recorded a pronounced increase. Over the period under review, the market hit record highs at $X in 2021, and then contracted in the following year.

Adipic Acid Exports

Exports from Colombia

In 2022, shipments abroad of adipic acid, its salts and esters was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of 366%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, adipic acid exports skyrocketed to $X in 2022. Overall, exports, however, showed a abrupt decline. The pace of growth appeared the most rapid in 2016 when exports increased by 249%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Brazil (X tons) was the main destination for adipic acid exports from Colombia, accounting for a 72% share of total exports. Moreover, adipic acid exports to Brazil exceeded the volume sent to the second major destination, Ecuador (X tons), sixfold. Costa Rica (X tons) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2022, the average annual growth rate of volume to Brazil stood at -9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-2.7% per year) and Costa Rica (-4.5% per year).

In value terms, Brazil ($X) emerged as the key foreign market for adipic acid, its salts and esters exports from Colombia, comprising 69% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 14% share of total exports. It was followed by Costa Rica, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value to Brazil totaled -13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-7.3% per year) and Costa Rica (-4.6% per year).

Export Prices by Country

In 2022, the average adipic acid export price amounted to $X per ton, waning by -21.7% against the previous year. Over the period under review, the export price continues to indicate a noticeable slump. The growth pace was the most rapid in 2021 an increase of 36% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Honduras ($X per ton), while the average price for exports to Brazil ($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 Uruguay (+16.0%), while the prices for the other major destinations experienced more modest paces of growth.

Adipic Acid Imports

Imports into Colombia

After two years of growth, overseas purchases of adipic acid, its salts and esters decreased by -1.8% to X tons in 2022. Overall, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +88.3% against 2015 indices. The most prominent rate of growth was recorded in 2018 with an increase of 44%. Over the period under review, imports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, adipic acid imports dropped to $X in 2022. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 34% against the previous year. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

China (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of adipic acid imports to Colombia, together comprising 84% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +50.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest adipic acid suppliers to Colombia were the United States ($X), China ($X) and Germany ($X), together accounting for 87% of total imports.

Among the main suppliers, China, with a CAGR of +38.3%, 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 mixed trend patterns.

Import Prices by Country

In 2022, the average adipic acid import price amounted to $X per ton, shrinking by -11.2% against the previous year. In general, the import price recorded a pronounced setback. The pace of growth appeared the most rapid in 2021 an increase of 25%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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