Ireland: Salicylic Acid Market 2024

Salicylic Acid Market Size in Ireland

In 2021, the Irish salicylic acid market decreased by -12.2% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption showed a dramatic slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Salicylic Acid Production in Ireland

In value terms, salicylic acid production rose remarkably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 31% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Salicylic Acid Exports

Exports from Ireland

For the ninth consecutive year, Ireland recorded decline in shipments abroad of salicylic acid and its salts, which decreased by 0% to X tons in 2021. Over the period under review, exports saw a precipitous decrease. The smallest decline of -3.7% was in 2018. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, salicylic acid exports stood at $X in 2021. Overall, exports continue to indicate a sharp shrinkage. The smallest decline of -9.2% was in 2019. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Spain (X kg) was the main destination for salicylic acid exports from Ireland, accounting for a 4.7% share of total exports. Moreover, salicylic acid exports to Spain exceeded the volume sent to the second major destination, the UK (X kg), threefold. Norway (X kg) ranked third in terms of total exports with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Spain was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-30.9% per year) and Norway (0.0% per year).

In value terms, the largest markets for salicylic acid exported from Ireland were Spain ($X), the UK ($X) and India ($X), together accounting for 26% of total exports.

Spain, with a CAGR of 0.0%, 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 mixed trend patterns.

Export Prices by Country

The average salicylic acid export price stood at $X per ton in 2021, approximately reflecting the previous year. Over the period under review, the export price recorded a temperate increase. The most prominent rate of growth was recorded in 2015 an increase of 44%. As a result, the export price reached 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 foreign markets. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Norway ($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 UK (+25.3%), while the prices for the other major destinations experienced mixed trend patterns.

Salicylic Acid Imports

Imports into Ireland

In 2021, salicylic acid imports into Ireland surged to X kg, jumping by 69% on 2020. In general, imports, however, saw a dramatic shrinkage. The growth pace was the most rapid in 2019 when imports increased by 579% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, salicylic acid imports contracted markedly to $X in 2021. Over the period under review, imports, however, faced a precipitous slump. The pace of growth appeared the most rapid in 2019 when imports increased by 258%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the UK (X kg) constituted the largest supplier of salicylic acid to Ireland, accounting for a 48% share of total imports. Moreover, salicylic acid imports from the UK exceeded the figures recorded by the second-largest supplier, the Netherlands (X kg), twofold. The third position in this ranking was held by Belgium (X kg), with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the UK amounted to -19.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-13.6% per year) and Belgium (+71.5% per year).

In value terms, the UK ($X) constituted the largest supplier of salicylic acid and its salts to Ireland, comprising 34% of total imports. The second position in the ranking was taken by Germany ($X), with a 14% share of total imports. It was followed by the United States, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from the UK stood at -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-29.5% per year) and the United States (-7.4% per year).

Import Prices by Country

The average salicylic acid import price stood at $X per ton in 2021, dropping by -52.5% against the previous year. In general, the import price, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when the average import price increased by 290% against the previous year. As a result, import price reached the peak level of $X per ton, and then contracted sharply 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 the United States ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+57.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :