Hong Kong SAR, China: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in Hong Kong SAR, China

In 2021, the Hong Kong industrial oleic acid market decreased by -13.8% to $X for the first time since 2017, thus ending a three-year rising trend. In general, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +59.1% against 2014 indices. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Industrial Oleic Acid Production in Hong Kong SAR, China

In value terms, industrial oleic acid production reduced remarkably to $X in 2021 estimated in export price. Over the period under review, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +41.6% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 55% against the previous year. As a result, production reached the peak level of $X, and then contracted markedly in the following year.

Industrial Oleic Acid Exports

Exports from Hong Kong SAR, China

Industrial oleic acid exports from Hong Kong SAR soared to X tons in 2021, rising by 378% against 2020. In general, exports, however, saw a deep contraction. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, industrial oleic acid exports skyrocketed to $X in 2021. Overall, exports, however, saw a abrupt setback. The growth pace was the most rapid in 2019 when exports increased by 404%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for industrial oleic acid exports from Hong Kong SAR, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China was relatively modest.

In value terms, China ($X) also remains the key foreign market for industrial oleic acid exports from Hong Kong SAR.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled -2.8%.

Export Prices by Country

In 2021, the average industrial oleic acid export price amounted to $X per ton, with a decrease of -54.3% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 128%. As a result, the export price reached the peak level of $X per ton, and then fell markedly in the following year.

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 -2.6% per year.

Industrial Oleic Acid Imports

Imports into Hong Kong SAR, China

In 2021, imports of industrial oleic acid into Hong Kong SAR reduced to X tons, waning by -12.4% compared with 2020. Overall, imports showed a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of 187%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, industrial oleic acid imports shrank remarkably to $X in 2021. Over the period under review, imports showed a dramatic decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 134%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest industrial oleic acid supplier to Hong Kong SAR, with a 41% share of total imports. Moreover, industrial oleic acid imports from Malaysia exceeded the figures recorded by the second-largest supplier, Australia (X kg), sevenfold. The third position in this ranking was held by Belgium (X kg), with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia stood at -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-29.8% per year) and Belgium (-41.1% per year).

In value terms, Malaysia ($X) constituted the largest supplier of industrial oleic acid to Hong Kong SAR, comprising 40% of total imports. The second position in the ranking was taken by Australia ($X), with a 12% share of total imports. It was followed by Belgium, with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia totaled -8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-26.7% per year) and Belgium (-41.6% per year).

Import Prices by Country

In 2021, the average industrial oleic acid import price amounted to $X per ton, shrinking by -3.9% against the previous year. Over the period under review, the import price showed a deep setback. The most prominent rate of growth was recorded in 2016 an increase of 22% against the previous year. 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 Japan ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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