Hungary: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Hungary

After two years of decline, the Hungarian carboxylic acid market increased by 10% to $X in 2021. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Carboxylic Acid Production in Hungary

In value terms, carboxylic acid production stood at $X in 2021 estimated in export price. In general, production continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 22% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Carboxylic Acid Exports

Exports from Hungary

After three years of growth, overseas shipments of carboxylic acid with alcohol, phenol, aldehyde or ketone functions decreased by -6.7% to X tons in 2021. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 21% against the previous year. The exports peaked at X tons in 2020, and then dropped in the following year.

In value terms, carboxylic acid exports shrank to $X in 2021. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 25%. Over the period under review, the exports reached the peak figure at $X in 2020, and then dropped in the following year.

Exports by Country

Japan (X tons) was the main destination for carboxylic acid exports from Hungary, with a 55% share of total exports. Moreover, carboxylic acid exports to Japan exceeded the volume sent to the second major destination, the UK (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 4.2% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +13.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+16.6% per year) and Germany (-7.4% per year).

In value terms, the largest markets for carboxylic acid exported from Hungary were the Czech Republic ($X), Japan ($X) and the United States ($X), with a combined 62% share of total exports. Germany, the UK, the Netherlands, Croatia, Serbia and Slovakia lagged somewhat behind, together accounting for a further 8.7%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +106.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average carboxylic acid export price stood at $X per ton in 2021, waning by -1.8% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 4.4%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Slovakia ($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 the Czech Republic (+22.8%), while the prices for the other major destinations experienced more modest paces of growth.

Carboxylic Acid Imports

Imports into Hungary

In 2021, carboxylic acid imports into Hungary soared to X tons, growing by 18% compared with the year before. The total import volume increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, carboxylic acid imports soared to $X in 2021. Overall, imports showed a prominent expansion. The growth pace was the most rapid in 2018 when imports increased by 41%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in years to come.

Imports by Country

The Netherlands (X tons), Germany (X tons) and Switzerland (X tons) were the main suppliers of carboxylic acid imports to Hungary, with a combined 48% share of total imports. These countries were followed by Spain, France, Belgium, Italy, South Korea, China, Austria and Slovenia, which together accounted for a further 46%.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +286.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of carboxylic acid with alcohol, phenol, aldehyde or ketone functions to Hungary, comprising 53% of total imports. The second position in the ranking was held by Germany ($X), with a 9% share of total imports. It was followed by Spain, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland stood at +300.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.7% per year) and Spain (+15.3% per year).

Import Prices by Country

The average carboxylic acid import price stood at $X per ton in 2021, rising by 5.3% against the previous year. Overall, import price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, carboxylic acid import price increased by +91.0% against 2015 indices. The most prominent rate of growth was recorded in 2018 an increase of 21%. The import price peaked in 2021 and is expected to retain 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 Switzerland ($X per ton), while the price for Slovenia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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