Hungary: Salicylic Acid Market 2024

Salicylic Acid Market Size in Hungary

In 2021, after four years of growth, there was significant decline in the Hungarian salicylic acid market, when its value decreased by -35.6% to $X. Over the period under review, consumption, however, continues to indicate a resilient increase. Over the period under review, the market attained the maximum level at $X in 2020, and then fell notably in the following year.

Salicylic Acid Exports

Exports from Hungary

In 2021, after three years of decline, there was significant growth in shipments abroad of salicylic acid and its salts, when their volume increased by 2,155% to X tons. Over the period under review, exports, however, recorded a abrupt decrease. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, salicylic acid exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a abrupt setback. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X tons) was the main destination for salicylic acid exports from Hungary, with a 74% share of total exports. Moreover, salicylic acid exports to Romania exceeded the volume sent to the second major destination, Slovakia (X kg), fivefold. The third position in this ranking was held by Serbia (X kg), with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Romania stood at -20.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+160.5% per year) and Serbia (+35.2% per year).

In value terms, Romania ($X) remains the key foreign market for salicylic acid and its salts exports from Hungary, comprising 72% of total exports. The second position in the ranking was held by Slovakia ($X), with a 16% share of total exports. It was followed by Serbia, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value to Romania stood at -18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+196.3% per year) and Serbia (+38.5% per year).

Export Prices by Country

The average salicylic acid export price stood at $X per ton in 2021, dropping by -37.5% against the previous year. In general, the export price, however, recorded a moderate expansion. The pace of growth was the most pronounced in 2018 an increase of 169% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then declined significantly in the following year.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Slovakia ($X per ton) and Slovenia ($X per ton), while the average price for exports to Serbia ($X per ton) and Romania ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Slovakia (+13.7%), while the prices for the other major destinations experienced more modest paces of growth.

Salicylic Acid Imports

Imports into Hungary

In 2021, the amount of salicylic acid and its salts imported into Hungary fell rapidly to X tons, dropping by -39.7% against the year before. Overall, imports, however, saw slight growth. The pace of growth was the most pronounced in 2020 when imports increased by 70% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, salicylic acid imports contracted markedly to $X in 2021. In general, imports, however, saw a perceptible increase. The pace of growth was the most pronounced in 2013 when imports increased by 62% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest salicylic acid supplier to Hungary, accounting for a 62% share of total imports. Moreover, salicylic acid imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), threefold. Poland (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +22.6%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+137.1% per year) and Poland (-4.2% per year).

In value terms, China ($X) constituted the largest supplier of salicylic acid and its salts to Hungary, comprising 50% of total imports. The second position in the ranking was held by France ($X), with a 20% share of total imports. It was followed by Poland, with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +30.7%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+96.7% per year) and Poland (+15.2% per year).

Import Prices by Country

The average salicylic acid import price stood at $X per ton in 2021, rising by 15% against the previous year. Overall, import price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, salicylic acid import price decreased by -19.7% against 2019 indices. The most prominent rate of growth was recorded in 2018 an increase of 24%. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, 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 Poland (+20.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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