Colombia: Salicylic Acid Market 2024

Salicylic Acid Market Size in Colombia

The Colombian salicylic acid market contracted to $X in 2021, waning by -7.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a relatively flat trend pattern. Salicylic acid consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Salicylic Acid Exports

Exports from Colombia

In 2021, salicylic acid exports from Colombia soared to X kg, picking up by 29% against 2020. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 105% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, salicylic acid exports soared to $X in 2021. In general, exports showed a mild expansion. The most prominent rate of growth was recorded in 2018 with an increase of 102% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

El Salvador (X kg), Peru (X kg) and Argentina (X kg) were the main destinations of salicylic acid exports from Colombia, together accounting for 99.9% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Peru (with a CAGR of +61.5%), while the other leaders experienced mixed trend patterns.

In value terms, El Salvador ($X), Peru ($X) and Argentina ($X) appeared to be the largest markets for salicylic acid exported from Colombia worldwide, together comprising 99.9% of total exports.

Among the main countries of destination, Peru, with a CAGR of +65.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average salicylic acid export price stood at $X per ton in 2021, approximately equating the previous year. Over the period under review, the export price saw a sharp setback. The growth pace was the most rapid in 2018 when the average export price increased by 20%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Argentina ($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 Ecuador (+93.9%), while the prices for the other major destinations experienced more modest paces of growth.

Salicylic Acid Imports

Imports into Colombia

In 2021, after two years of growth, there was significant decline in overseas purchases of salicylic acid and its salts, when their volume decreased by -6% to X tons. 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. Based on 2021 figures, imports increased by +101.0% against 2018 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 78% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then fell in the following year.

In value terms, salicylic acid imports contracted to $X in 2021. Over the period under review, imports showed a perceptible downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 176% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of salicylic acid to Colombia, accounting for a 79% share of total imports. Moreover, salicylic acid imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), sixfold. India (X tons) ranked third in terms of total imports with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +21.6%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+5.7% per year) and India (+6.3% per year).

In value terms, China ($X) constituted the largest supplier of salicylic acid and its salts to Colombia, comprising 61% of total imports. The second position in the ranking was taken by Spain ($X), with a 15% share of total imports. It was followed by France, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +21.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+7.0% per year) and France (+1.8% per year).

Import Prices by Country

The average salicylic acid import price stood at $X per ton in 2021, waning by -2.9% against the previous year. Overall, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2016 when the average import price increased by 79% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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