Hong Kong SAR, China: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Hong Kong SAR, China

The Hong Kong carboxylic acid market soared to $X in 2021, jumping by 22% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted a remarkable increase. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in years to come.

Carboxylic Acid Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of carboxylic acid with alcohol, phenol, aldehyde or ketone functions was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a abrupt decrease. The growth pace was the most rapid in 2018 when exports increased by 155% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, carboxylic acid exports surged to $X in 2021. Overall, exports, however, recorded a deep downturn. The growth pace was the most rapid in 2018 with an increase of 142% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for carboxylic acid exports from Hong Kong SAR, accounting for a 98% share of total exports. It was followed by Taiwan (Chinese) (X tons), with a 2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -11.8%.

In value terms, China ($X) remains the key foreign market for carboxylic acid with alcohol, phenol, aldehyde or ketone functions exports from Hong Kong SAR, comprising 71% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to -12.0%.

Export Prices by Country

In 2021, the average carboxylic acid export price amounted to $X per ton, rising by 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2016 when the average export price increased by 30% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat for the major external markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to Taiwan (Chinese) totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (-0.1%).

Carboxylic Acid Imports

Imports into Hong Kong SAR, China

Carboxylic acid imports into Hong Kong SAR rose markedly to X tons in 2021, surging by 13% against the previous year's figure. Overall, total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +2.9% 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 decreased by -0.0% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 49%. Imports peaked at X tons in 2018; afterwards, it flattened through to 2021.

In value terms, carboxylic acid imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a slight contraction. The most prominent rate of growth was recorded in 2018 with an increase of 57%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of carboxylic acid to Hong Kong SAR, with a 68% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fivefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+10.7% per year) and Taiwan (Chinese) (+26.7% per year).

In value terms, China ($X) constituted the largest supplier of carboxylic acid with alcohol, phenol, aldehyde or ketone functions to Hong Kong SAR, comprising 50% of total imports. The second position in the ranking was held by the United States ($X), with a 17% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+9.3% per year) and Taiwan (Chinese) (+15.3% per year).

Import Prices by Country

The average carboxylic acid import price stood at $X per ton in 2021, increasing by 9.3% against the previous year. In general, the import price, however, recorded a pronounced shrinkage. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+5.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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