Eastern Asia: Salicylic Acid Market 2024

Salicylic Acid Market Size in Eastern Asia

For the sixth year in a row, the East Asian salicylic acid market recorded decline in sales value, which decreased by -42.5% to $X in 2021. Overall, consumption continues to indicate a abrupt downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Salicylic Acid Production in Eastern Asia

In value terms, salicylic acid production rose significantly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Salicylic Acid Exports

Exports in Eastern Asia

In 2021, exports of salicylic acid and its salts in Eastern Asia expanded notably to X tons, increasing by 11% compared with the year before. Total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +59.0% against 2014 indices. The growth pace was the most rapid in 2018 with an increase of 31% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, salicylic acid exports surged to $X in 2021. Total exports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.7% 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 with an increase of 64%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

Exports by Country

The shipments of the one major exporters of salicylic acid and its salts, namely China, represented more than two-thirds of total export.

China was also the fastest-growing in terms of the salicylic acid and its salts exports, with a CAGR of +8.3% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest salicylic acid supplier in Eastern Asia.

In China, salicylic acid exports increased at an average annual rate of +6.9% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, growing by 3.9% against the previous year. In general, the export price, however, showed a mild decrease. The most prominent rate of growth was recorded in 2018 an increase of 25%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -1.3% per year.

Salicylic Acid Imports

Imports in Eastern Asia

Salicylic acid imports reduced to X tons in 2021, shrinking by -10.7% compared with the previous year. Over the period under review, imports saw a perceptible reduction. The most prominent rate of growth was recorded in 2014 with an increase of 11%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, salicylic acid imports shrank to $X in 2021. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 30%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) and South Korea (X tons) represented the major importers of salicylic acid and its salts in Eastern Asia, together committing 73% of total imports. It was distantly followed by Taiwan (Chinese) (X tons) and China (X tons), together achieving a 26% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +2.0%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest salicylic acid importing markets in Eastern Asia were Japan ($X), South Korea ($X) and Taiwan (Chinese) ($X), together accounting for 88% of total imports.

Japan, with a CAGR of +2.5%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, standing approx. at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.2%. The pace of growth was the most pronounced in 2019 when the import price increased by 25%. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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