India: Salicylic Acid Market 2024

Salicylic Acid Market Size in India

The Indian salicylic acid market declined remarkably to $X in 2021, which is down by -19.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a prominent increase. Salicylic acid consumption peaked at $X in 2020, and then declined markedly in the following year.

Salicylic Acid Exports

Exports from India

After three years of growth, shipments abroad of salicylic acid and its salts decreased by -10.5% to X tons in 2021. Overall, total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 49% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then declined in the following year.

In value terms, salicylic acid exports contracted to $X in 2021. In general, exports recorded a mild slump. The growth pace was the most rapid in 2013 with an increase of 30%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Italy (X tons) was the main destination for salicylic acid exports from India, with a 26% share of total exports. Moreover, salicylic acid exports to Italy exceeded the volume sent to the second major destination, Germany (X tons), twofold. The United States (X tons) ranked third in terms of total exports with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Italy was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+4.4% per year) and the United States (+14.3% per year).

In value terms, Germany ($X), Italy ($X) and the United States ($X) were the largest markets for salicylic acid exported from India worldwide, with a combined 70% share of total exports. The Netherlands, Turkey, Egypt, Mexico, the United Arab Emirates, Bangladesh, Thailand, Brazil and Belgium lagged somewhat behind, together accounting for a further 17%.

Turkey, with a CAGR of +139.4%, saw the highest rates of growth with regard to 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

The average salicylic acid export price stood at $X per ton in 2021, growing by 2.2% against the previous year. Overall, the export price, however, recorded a abrupt slump. The pace of growth appeared the most rapid in 2019 an increase of 17% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Bangladesh ($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 Egypt (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Salicylic Acid Imports

Imports into India

In 2021, approx. X tons of salicylic acid and its salts were imported into India; surging by 6.3% against 2020. Over the period under review, imports recorded a prominent expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 42% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, salicylic acid imports declined notably to $X in 2021. In general, imports posted a buoyant expansion. The pace of growth was the most pronounced in 2018 with an increase of 71%. Over the period under review, imports reached the maximum at $X in 2020, and then fell notably in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest salicylic acid supplier to India, accounting for a 89% share of total imports. Moreover, salicylic acid imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), ninefold. France (X tons) ranked third in terms of total imports with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+66.1% per year) and France (+12.2% per year).

In value terms, China ($X) constituted the largest supplier of salicylic acid and its salts to India, comprising 77% of total imports. The second position in the ranking was taken by Italy ($X), with a 14% share of total imports. It was followed by France, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +15.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+59.4% per year) and France (+9.6% per year).

Import Prices by Country

In 2021, the average salicylic acid import price amounted to $X per ton, with a decrease of -33.7% against the previous year. In general, import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the average import price increased by 21%. Over the period under review, average import prices reached the maximum at $X per ton in 2020, and then declined dramatically in the following year.

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 Brazil ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+7.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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