Eastern Asia: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Eastern Asia

In 2022, the East Asian monocarboxylic acid market decreased by -3.3% to $X, falling for the third year in a row after two years of growth. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -12.8% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Monocarboxylic Acid Production in Eastern Asia

In value terms, monocarboxylic acid production reduced to $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.4% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 54%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports in Eastern Asia

Monocarboxylic acid exports rose to X tons in 2022, increasing by 3.4% on the year before. Total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +31.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 30%. The volume of export peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, monocarboxylic acid exports expanded markedly to $X in 2022. In general, exports posted strong growth. The growth pace was the most rapid in 2021 when exports increased by 37%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

In 2022, China (X tons) was the key exporter of acrylic acid and its salts and other monocarboxylic acid, committing 72% of total exports. Japan (X tons) ranks second in terms of the total exports with a 17% share, followed by South Korea (9.6%).

From 2012 to 2022, average annual rates of growth with regard to monocarboxylic acid exports from China stood at +5.4%. At the same time, South Korea (+8.8%) and Japan (+5.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +8.8% from 2012-2022. South Korea (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest monocarboxylic acid supplier in Eastern Asia, comprising 81% of total exports. The second position in the ranking was taken by Japan ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +7.3%. In the other countries, the average annual rates were as follows: Japan (+2.0% per year) and South Korea (+7.0% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, surging by 7.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2016 when the export price increased by 9% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.8%), while the other leaders experienced a decline in the export price figures.

Monocarboxylic Acid Imports

Imports in Eastern Asia

In 2022, purchases abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -0.5% to X tons, falling for the third year in a row after four years of growth. Total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -21.2% against 2019 indices. The growth pace was the most rapid in 2019 when imports increased by 44%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, monocarboxylic acid imports rose notably to $X in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +37.6% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 48% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Taiwan (Chinese) represented the key importer of acrylic acid and its salts and other monocarboxylic acid in Eastern Asia, with the volume of imports resulting at X tons, which was approx. 45% of total imports in 2022. China (X tons) held a 27% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (27%). Japan (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +15.9%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest monocarboxylic acid importing markets in Eastern Asia were South Korea ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 87% share of total imports.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of +13.2%, 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 more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, growing by 12% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 27% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+16.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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