India: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in India

For the fifth year in a row, the Indian carboxylic acid market recorded growth in sales value, which increased by 0.7% to $X in 2021. The market value increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Carboxylic Acid Production in India

In value terms, carboxylic acid production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 12% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then fell slightly in the following year.

Carboxylic Acid Exports

Exports from India

In 2021, approx. X tons of carboxylic acid with alcohol, phenol, aldehyde or ketone functions were exported from India; with an increase of 32% against the previous year. Over the period under review, exports showed a resilient expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 38%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, carboxylic acid exports rose sharply to $X in 2021. In general, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2013 when exports increased by 47% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the near future.

Exports by Country

The United States (X tons), the Netherlands (X tons) and the United Arab Emirates (X tons) were the main destinations of carboxylic acid exports from India, together accounting for 40% of total exports. France, Italy, China, Switzerland, Belgium, Spain, Israel, Brazil, Germany and Mexico lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +51.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Italy ($X) and the United Arab Emirates ($X) appeared to be the largest markets for carboxylic acid exported from India worldwide, together comprising 43% of total exports.

Italy, with a CAGR of +51.4%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average carboxylic acid export price amounted to $X per ton, dropping by -13.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2015 an increase of 28% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Italy ($X per ton), while the average price for exports to Belgium ($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 United Arab Emirates (+23.0%), while the prices for the other major destinations experienced more modest paces of growth.

Carboxylic Acid Imports

Imports into India

For the tenth consecutive year, India recorded growth in overseas purchases of carboxylic acid with alcohol, phenol, aldehyde or ketone functions, which increased by 10% to X tons in 2021. Over the period under review, imports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 17% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, carboxylic acid imports totaled $X in 2021. In general, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +63.8% against 2016 indices. The pace of growth was the most pronounced in 2020 with an increase of 32%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of carboxylic acid to India, with a 81% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold. The third position in this ranking was taken by the United States (X tons), with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+7.4% per year) and the United States (+2.4% per year).

In value terms, China ($X) constituted the largest supplier of carboxylic acid with alcohol, phenol, aldehyde or ketone functions to India, comprising 62% of total imports. The second position in the ranking was taken by the United States ($X), with a 2.7% share of total imports. It was followed by Singapore, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.7% per year) and Singapore (+26.1% per year).

Import Prices by Country

In 2021, the average carboxylic acid import price amounted to $X per ton, waning by -6.4% against the previous year. Overall, the import price saw a noticeable decline. The most prominent rate of growth was recorded in 2020 when the average import price increased by 17% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+4.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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