Eastern Asia: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in Eastern Asia

After two years of decline, the East Asian industrial stearic acid market increased by 9.8% to $X in 2021. Overall, consumption, however, continues to indicate a noticeable slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Industrial Stearic Acid Production in Eastern Asia

In value terms, industrial stearic acid production rose slightly to $X in 2021 estimated in export price. Overall, production, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2018 when the production volume increased by 5.4%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Industrial Stearic Acid Exports

Exports in Eastern Asia

For the tenth year in a row, Eastern Asia recorded growth in shipments abroad of industrial stearic acid, which increased by 4.8% to X tons in 2021. Overall, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 27%. The volume of export peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, industrial stearic acid exports surged to $X in 2021. Over the period under review, exports posted a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, reaching X tons, which was approx. 86% of total exports in 2021. It was distantly followed by South Korea (X tons) and Taiwan (Chinese) (X tons), together committing a 10% share of total exports. Japan (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the industrial stearic acid exports, with a CAGR of +13.6% from 2012 to 2021. At the same time, South Korea (+5.0%) and Japan (+2.8%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-8.7%) illustrated a downward trend over the same period. While the share of China (+27 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of South Korea (-2.1 p.p.), Japan (-2.5 p.p.) and Taiwan (Chinese) (-19.2 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest industrial stearic acid supplier in Eastern Asia, comprising 84% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 5.7% share of total exports. It was followed by South Korea, with a 5.4% share.

In China, industrial stearic acid exports increased at an average annual rate of +12.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (-9.0% per year) and South Korea (+4.7% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, with an increase of 41% against the previous year. Over the period under review, the export price, however, recorded a mild contraction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Japan ($X per ton) and Taiwan (Chinese) ($X per ton), while China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-0.3%), while the other leaders experienced a decline in the export price figures.

Industrial Stearic Acid Imports

Imports in Eastern Asia

In 2021, purchases abroad of industrial stearic acid was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 22%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

In value terms, industrial stearic acid imports skyrocketed to $X in 2021. Total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% 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 +87.6% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China represented the major importer of industrial stearic acid in Eastern Asia, with the volume of imports accounting for X tons, which was approx. 67% of total imports in 2021. South Korea (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (8.9%) and Japan (8%).

China was also the fastest-growing in terms of the industrial stearic acid imports, with a CAGR of +3.7% from 2012 to 2021. At the same time, South Korea (+2.9%) and Taiwan (Chinese) (+1.6%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. While the share of China (+3.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-1.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported industrial stearic acid in Eastern Asia, comprising 66% of total imports. The second position in the ranking was taken by South Korea ($X), with a 17% share of total imports. It was followed by Taiwan (Chinese), with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value in China totaled +4.4%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+2.9% per year) and Taiwan (Chinese) (+2.0% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, growing by 46% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Japan ($X per ton) and Taiwan (Chinese) ($X per ton), while China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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