Hong Kong SAR, China: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in Hong Kong SAR, China

In 2021, the Hong Kong synthetic organic tanning substances market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption saw a prominent increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Synthetic Organic Tanning Substances in Hong Kong SAR, China

In value terms, synthetic organic tanning substances production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a abrupt setback. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Exports of Synthetic Organic Tanning Substances

Exports from Hong Kong SAR, China

In 2021, shipments abroad of synthetic organic tanning substances was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, faced a abrupt curtailment. The growth pace was the most rapid in 2013 when exports increased by 16%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, synthetic organic tanning substances exports surged to $X in 2021. In general, exports, however, saw a deep slump. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for synthetic organic tanning substances exports from Hong Kong SAR, with a 78% share of total exports. Moreover, synthetic organic tanning substances exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), tenfold. Thailand (X tons) ranked third in terms of total exports with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume to China amounted to -16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-10.6% per year) and Thailand (+4.7% per year).

In value terms, China ($X) remains the key foreign market for synthetic organic tanning substances exports from Hong Kong SAR, comprising 81% of total exports. The second position in the ranking was held by Vietnam ($X), with a 6.4% share of total exports. It was followed by Ethiopia, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled -16.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-11.1% per year) and Ethiopia (+12.1% per year).

Export Prices by Country

In 2021, the average synthetic organic tanning substances export price amounted to $X per ton, growing by 9.9% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 17%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia ($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 Ethiopia (+5.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Synthetic Organic Tanning Substances

Imports into Hong Kong SAR, China

In 2021, purchases abroad of synthetic organic tanning substances was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, saw a deep slump. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, synthetic organic tanning substances imports soared to $X in 2021. Overall, imports, however, saw a abrupt slump. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

India (X tons), the Netherlands (X tons) and Thailand (X tons) were the main suppliers of synthetic organic tanning substances imports to Hong Kong SAR, with a combined 42% share of total imports. Italy, China, Brazil, Singapore, Germany, Belgium, Spain and Poland lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +24.7%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest synthetic organic tanning substances suppliers to Hong Kong SAR were India ($X), Thailand ($X) and the Netherlands ($X), with a combined 44% share of total imports. These countries were followed by Singapore, Italy, China, Germany, Brazil, Belgium, Spain and Poland, which together accounted for a further 47%.

Among the main suppliers, Belgium, with a CAGR of +18.8%, 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 mixed trend patterns.

Import Prices by Country

In 2021, the average synthetic organic tanning substances import price amounted to $X per ton, picking up by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Singapore ($X per ton), while the price for Brazil ($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 (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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