India: Adipic Acid Market 2024

Adipic Acid Market Size in India

The Indian adipic acid market dropped modestly to $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Adipic acid consumption peaked at $X in 2019; afterwards, it flattened through to 2022.

Adipic Acid Production in India

In value terms, adipic acid production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 16%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Adipic Acid Exports

Exports from India

After six years of growth, overseas shipments of adipic acid, its salts and esters decreased by -39% to X tons in 2022. In general, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 54%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then plummeted in the following year.

In value terms, adipic acid exports dropped dramatically to $X in 2022. Over the period under review, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2021 when exports increased by 121%. As a result, the exports reached the peak of $X, and then dropped significantly in the following year.

Exports by Country

The United States (X tons) was the main destination for adipic acid exports from India, accounting for a 79% share of total exports. Moreover, adipic acid exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), eightfold. The third position in this ranking was held by Egypt (X tons), with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+33.2% per year) and Egypt (+44.1% per year).

In value terms, the United States ($X) remains the key foreign market for adipic acid, its salts and esters exports from India, comprising 78% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 9.1% share of total exports. It was followed by Saudi Arabia, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +11.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+32.0% per year) and Saudi Arabia (+34.2% per year).

Export Prices by Country

In 2022, the average adipic acid export price amounted to $X per ton, with an increase of 17% against the previous year. In general, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, adipic acid export price increased by +73.0% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 47%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Adipic Acid Imports

Imports into India

For the eleventh year in a row, India recorded growth in purchases abroad of adipic acid, its salts and esters, which increased by 11% to X tons in 2022. Overall, imports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 21%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, adipic acid imports soared to $X in 2022. Over the period under review, imports continue to indicate strong growth. The growth pace was the most rapid in 2021 when imports increased by 94% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of adipic acid to India, accounting for a 68% share of total imports. Moreover, adipic acid imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with a 2.3% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +34.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+18.8% per year) and Japan (+33.5% per year).

In value terms, China ($X) constituted the largest supplier of adipic acid, its salts and esters to India, comprising 65% of total imports. The second position in the ranking was taken by South Korea ($X), with a 28% share of total imports. It was followed by Japan, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +34.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+20.1% per year) and Japan (+33.3% per year).

Import Prices by Country

The average adipic acid import price stood at $X per ton in 2022, increasing by 11% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 60% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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