Japan: Acetic Acid Market 2024

Acetic Acid Market Size in Japan

The Japanese acetic acid market was finally on the rise to reach $X in 2021, after two years of decline. Overall, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Acetic Acid Production in Japan

In value terms, acetic acid production reduced to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a mild downturn. The pace of growth was the most pronounced in 2018 when the production volume increased by 50%. Acetic acid production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Acetic Acid Exports

Exports from Japan

In 2021, after two years of growth, there was decline in overseas shipments of acetic acid, when their volume decreased by -3.5% to X tons. In general, exports saw a slight decrease. The most prominent rate of growth was recorded in 2019 when exports increased by 144% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, acetic acid exports surged to $X in 2021. Overall, exports recorded a pronounced reduction. The growth pace was the most rapid in 2014 when exports increased by 60%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for acetic acid exports from Japan, with a 79% share of total exports. Moreover, acetic acid exports to South Korea exceeded the volume sent to the second major destination, Indonesia (X tons), fivefold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+202.6% per year) and Taiwan (Chinese) (-4.5% per year).

In value terms, South Korea ($X) remains the key foreign market for acetic acid exports from Japan, comprising 73% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 12% share of total exports. It was followed by Indonesia, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value to South Korea totaled -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-4.4% per year) and Indonesia (+185.3% per year).

Export Prices by Country

The average acetic acid export price stood at $X per ton in 2021, surging by 31% against the previous year. Over the period under review, the export price, however, showed a slight downturn. The pace of growth appeared the most rapid in 2018 an increase of 87%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Indonesia ($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 Thailand (+6.6%), while the prices for the other major destinations experienced mixed trend patterns.

Acetic Acid Imports

Imports into Japan

In 2021, after two years of decline, there was significant growth in overseas purchases of acetic acid, when their volume increased by 90% to X tons. Over the period under review, imports showed a buoyant increase. The pace of growth was the most pronounced in 2015 when imports increased by 117% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, acetic acid imports skyrocketed to $X in 2021. Overall, imports showed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

South Korea (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of acetic acid imports to Japan, with a combined 87% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +34.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Taiwan (Chinese) ($X) constituted the largest acetic acid suppliers to Japan, with a combined 90% share of total imports.

China, with a CAGR of +44.3%, recorded the highest rates of growth with regard to the value of imports, among 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, picking up by 80% against the previous year. Overall, import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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