Ireland: Acetic Acid Market 2024

Acetic Acid Market Size in Ireland

In 2021, the Irish acetic acid market decreased by -8.6% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, the total consumption indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +49.2% against 2017 indices. As a result, consumption attained the peak level of $X, and then declined in the following year.

Acetic Acid Production in Ireland

In value terms, acetic acid production reduced rapidly to $X in 2021 estimated in export price. Overall, the total production indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +54.7% against 2016 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 43%. As a result, production reached the peak level of $X, and then dropped markedly in the following year.

Acetic Acid Exports

Exports from Ireland

After three years of decline, overseas shipments of acetic acid increased by 45% to X tons in 2021. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 536% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, acetic acid exports surged to $X in 2021. Over the period under review, exports showed significant growth. The growth pace was the most rapid in 2013 with an increase of 521% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

The UK (X tons) was the main destination for acetic acid exports from Ireland, with a 76% share of total exports. Moreover, acetic acid exports to the UK exceeded the volume sent to the second major destination, Germany (X tons), sevenfold. Italy (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +41.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+107.7% per year) and Italy (-16.5% per year).

In value terms, the UK ($X) emerged as the key foreign market for acetic acid exports from Ireland, comprising 61% of total exports. The second position in the ranking was taken by Italy ($X), with a 28% share of total exports. It was followed by Germany, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value to the UK amounted to +44.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+6.7% per year) and Germany (+63.9% per year).

Export Prices by Country

In 2021, the average acetic acid export price amounted to $X per ton, approximately mirroring the previous year. In general, the export price enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by 73% against the previous year. The export price peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Germany ($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 South Korea (+33.5%), while the prices for the other major destinations experienced more modest paces of growth.

Acetic Acid Imports

Imports into Ireland

Acetic acid imports into Ireland skyrocketed to X tons in 2021, growing by 18% against the year before. The total import volume increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 49% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, acetic acid imports surged to $X in 2021. In general, imports enjoyed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Belgium (X tons), the UK (X tons) and Germany (X tons) were the main suppliers of acetic acid imports to Ireland, with a combined 84% share of total imports. The United States, Norway, India and Spain lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +166.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest acetic acid suppliers to Ireland were Belgium ($X), the UK ($X) and the United States ($X), with a combined 55% share of total imports. These countries were followed by Germany, India, Spain and Norway, which together accounted for a further 21%.

India, with a CAGR of +117.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average acetic acid import price amounted to $X per ton, rising by 48% against the previous year. In general, the import price posted a remarkable increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Norway ($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 (+18.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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