Ireland: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Ireland

In 2022, the Irish monocarboxylic acid market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. In general, the total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -25.4% against 2018 indices. 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 Ireland

In value terms, monocarboxylic acid production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, enjoyed measured growth. The most prominent rate of growth was recorded in 2014 with an increase of 111% against the previous year. 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.

Monocarboxylic Acid Exports

Exports from Ireland

For the fourth year in a row, Ireland recorded decline in overseas shipments of acrylic acid and its salts and other monocarboxylic acid, which decreased by 0% to X tons in 2022. In general, exports showed a measured increase. The pace of growth appeared the most rapid in 2018 with an increase of 30% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, monocarboxylic acid exports totaled $X in 2022. Overall, exports saw a buoyant increase. The pace of growth appeared the most rapid in 2018 with an increase of 54%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The UK (X tons) was the main destination for monocarboxylic acid exports from Ireland, with a 35% share of total exports. Moreover, monocarboxylic acid exports to the UK exceeded the volume sent to the second major destination, Turkey (X tons), threefold. Spain (X tons) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume to the UK amounted to +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+24.6% per year) and Spain (-2.4% per year).

In value terms, the UK ($X), Spain ($X) and Turkey ($X) constituted the largest markets for monocarboxylic acid exported from Ireland worldwide, together accounting for 51% of total exports. The Netherlands, Greece, France, Russia, Serbia, Iran, Uganda, Romania, Tanzania and Brazil lagged somewhat behind, together accounting for a further 26%.

Tanzania, with a CAGR of +80.6%, recorded the highest growth rate of the value of exports, among 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 2022, the average monocarboxylic acid export price amounted to $X per ton, leveling off at the previous year. Overall, the export price enjoyed mild growth. The most prominent rate of growth was recorded in 2020 an increase of 32% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Greece ($X per ton), while the average price for exports to Iran ($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 Spain (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Ireland

Monocarboxylic acid imports into Ireland stood at X tons in 2022, approximately mirroring the previous year's figure. In general, imports showed a modest increase. The most prominent rate of growth was recorded in 2018 when imports increased by 88% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, monocarboxylic acid imports amounted to $X in 2022. Over the period under review, imports showed a noticeable reduction. The pace of growth appeared the most rapid in 2018 when imports increased by 164% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of monocarboxylic acid to Ireland, with a 78% share of total imports. Moreover, monocarboxylic acid imports from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The UK (X tons) ranked third in terms of total imports with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+2.1% per year) and the UK (-17.5% per year).

In value terms, Germany ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Ireland, comprising 75% of total imports. The second position in the ranking was taken by China ($X), with a 16% share of total imports. It was followed by the UK, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.3% per year) and the UK (-10.9% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Overall, the import price recorded a deep setback. The growth pace was the most rapid in 2018 an increase of 40%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for China ($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 UK (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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