Hong Kong SAR, China: Adipic Acid Market 2024

Adipic Acid Market Size in Hong Kong SAR, China

The Hong Kong adipic acid market reduced to $X in 2022, waning by -7.9% against the previous year. In general, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +9.3% against 2020 indices. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Adipic Acid Production in Hong Kong SAR, China

In value terms, adipic acid production shrank to $X in 2022 estimated in export price. Overall, the total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +12.7% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 38% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Adipic Acid Exports

Exports from Hong Kong SAR, China

In 2022, after three years of growth, there was significant decline in shipments abroad of adipic acid, its salts and esters, when their volume decreased by -84.3% to X tons. Over the period under review, exports showed a noticeable contraction. The growth pace was the most rapid in 2021 when exports increased by 614%. As a result, the exports reached the peak of X tons, and then plummeted in the following year.

In value terms, adipic acid exports declined dramatically to $X in 2022. Overall, exports saw a perceptible setback. The most prominent rate of growth was recorded in 2021 when exports increased by 451% against the previous year. As a result, the exports attained the peak of $X, and then fell sharply in the following year.

Exports by Country

China (X tons) was the main destination for adipic acid exports from Hong Kong SAR, with a 84% share of total exports. Moreover, adipic acid exports to China exceeded the volume sent to the second major destination, Colombia (X tons), sevenfold.

From 2012 to 2022, the average annual growth rate of volume to China totaled -6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (0.0% per year) and Japan (+21.7% per year).

In value terms, China ($X) remains the key foreign market for adipic acid, its salts and esters exports from Hong Kong SAR, comprising 88% of total exports. The second position in the ranking was taken by Colombia ($X), with an 8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China totaled -4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (0.0% per year) and Japan (+21.5% per year).

Export Prices by Country

In 2022, the average adipic acid export price amounted to $X per ton, picking up by 43% against the previous year. In general, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 an increase of 67% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+1.9%).

Adipic Acid Imports

Imports into Hong Kong SAR, China

In 2022, the amount of adipic acid, its salts and esters imported into Hong Kong SAR contracted remarkably to X tons, waning by -72.4% compared with 2021 figures. Overall, imports saw a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 299%. As a result, imports reached the peak of X tons, and then shrank markedly in the following year.

In value terms, adipic acid imports fell markedly to $X in 2022. Over the period under review, imports continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 373%. As a result, imports attained the peak of $X, and then shrank sharply in the following year.

Imports by Country

In 2022, Taiwan (Chinese) (X tons) was the main adipic acid supplier to Hong Kong SAR, with a 94% share of total imports. Moreover, adipic acid imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Taiwan (Chinese) stood at +4.5%.

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of adipic acid, its salts and esters to Hong Kong SAR, comprising 94% of total imports. The second position in the ranking was held by China ($X), with a 6.4% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Taiwan (Chinese) totaled +4.2%.

Import Prices by Country

In 2022, the average adipic acid import price amounted to $X per ton, surging by 32% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Taiwan (Chinese) stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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