Indonesia: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Indonesia

The Indonesian monocarboxylic acid market shrank to $X in 2022, falling by -10.8% against the previous year. Over the period under review, consumption, however, showed resilient growth. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Monocarboxylic Acid Production in Indonesia

In value terms, monocarboxylic acid production reduced to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 56%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Monocarboxylic Acid Exports

Exports from Indonesia

In 2022, shipments abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -2.6% to X tons, falling for the fifth consecutive year after two years of growth. Over the period under review, exports saw a drastic downturn. The growth pace was the most rapid in 2017 when exports increased by 104% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, monocarboxylic acid exports skyrocketed to $X in 2022. In general, exports showed a perceptible decrease. The most prominent rate of growth was recorded in 2017 with an increase of 121% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons), Singapore (X tons) and China (X tons) were the main destinations of monocarboxylic acid exports from Indonesia, with a combined 63% share of total exports. Thailand, the Netherlands, Turkey, Australia, Malaysia, Japan, Spain, the United States and France lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +59.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Singapore ($X) and Thailand ($X) were the largest markets for monocarboxylic acid exported from Indonesia worldwide, together accounting for 54% of total exports. China, Malaysia, the Netherlands, Australia, Turkey, Spain, the United States, Japan and France lagged somewhat behind, together accounting for a further 42%.

In terms of the main countries of destination, the United States, with a CAGR of +77.3%, saw the highest rates of growth with regard to 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

In 2022, the average monocarboxylic acid export price amounted to $X per ton, picking up by 45% against the previous year. Overall, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid export price increased by +128.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 58%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 the United States (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Indonesia

Monocarboxylic acid imports into Indonesia shrank rapidly to X tons in 2022, declining by -33.2% against 2021 figures. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 51% against the previous year. Imports peaked at X tons in 2021, and then declined dramatically in the following year.

In value terms, monocarboxylic acid imports fell remarkably to $X in 2022. In general, imports saw a noticeable contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 21% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then contracted notably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest monocarboxylic acid supplier to Indonesia, with a 59% share of total imports. Moreover, monocarboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The third position in this ranking was held by South Korea (X tons), with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-1.9% per year) and South Korea (+14.4% per year).

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Indonesia, comprising 55% of total imports. The second position in the ranking was held by Japan ($X), with a 23% share of total imports. It was followed by India, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+2.0% per year) and India (-11.0% per year).

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, waning by -16.9% against the previous year. In general, the import price showed a pronounced reduction. The pace of growth appeared the most rapid in 2016 when the average import price increased by 34%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+6.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :