Greece: Salicylic Acid Market 2024

Salicylic Acid Market Size in Greece

In 2021, the Greek salicylic acid market increased by 6.2% to $X, rising for the second year in a row after two years of decline. In general, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +40.9% against 2019 indices. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Salicylic Acid Exports

Exports from Greece

In 2021, salicylic acid exports from Greece reduced markedly to X tons, dropping by -47.3% against 2020 figures. Over the period under review, exports, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 1,235% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, salicylic acid exports dropped significantly to $X in 2021. Overall, exports, however, showed strong growth. The pace of growth was the most pronounced in 2016 with an increase of 871% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Albania (X kg) was the main destination for salicylic acid exports from Greece, accounting for a 76% share of total exports. Moreover, salicylic acid exports to Albania exceeded the volume sent to the second major destination, Hungary (X kg), tenfold. The third position in this ranking was held by Cyprus (X kg), with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume to Albania totaled +11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (0.0% per year) and Cyprus (+23.3% per year).

In value terms, Albania ($X) remains the key foreign market for salicylic acid and its salts exports from Greece, comprising 70% of total exports. The second position in the ranking was held by Cyprus ($X), with a 14% share of total exports. It was followed by Hungary, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value to Albania stood at +9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+22.9% per year) and Hungary (0.0% per year).

Export Prices by Country

In 2021, the average salicylic acid export price amounted to $X per ton, rising by 6.6% against the previous year. Over the period under review, the export price, however, continues to indicate a mild contraction. The pace of growth appeared the most rapid in 2019 an increase of 340% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Hungary ($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 France (+77.1%), while the prices for the other major destinations experienced mixed trend patterns.

Salicylic Acid Imports

Imports into Greece

In 2021, supplies from abroad of salicylic acid and its salts increased by 5.9% to X tons, rising for the second year in a row after two years of decline. In general, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.5% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 55%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, salicylic acid imports totaled $X in 2021. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +9.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +40.7% against 2016 indices. The pace of growth was the most pronounced in 2014 when imports increased by 58%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

France (X tons), Germany (X tons) and India (X tons) were the main suppliers of salicylic acid imports to Greece, together accounting for 90% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +144.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Germany ($X) and India ($X) constituted the largest salicylic acid suppliers to Greece, with a combined 91% share of total imports. Spain and Italy lagged somewhat behind, together comprising a further 5.5%.

In terms of the main suppliers, Italy, with a CAGR of +124.3%, 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 more modest paces of growth.

Import Prices by Country

The average salicylic acid import price stood at $X per ton in 2021, falling by -5.3% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average import price increased by 33% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average 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 ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :