Japan: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Japan

In 2021, the Japanese carboxylic acid market decreased by -5.3% to $X for the first time since 2016, thus ending a four-year rising trend. Over the period under review, consumption recorded a noticeable reduction. Carboxylic acid consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Carboxylic Acid Production in Japan

In value terms, carboxylic acid production dropped modestly to $X in 2021 estimated in export price. In general, production continues to indicate a perceptible reduction. The growth pace was the most rapid in 2017 with an increase of 55%. Carboxylic acid production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Carboxylic Acid Exports

Exports from Japan

Carboxylic acid exports from Japan surged to X tons in 2021, picking up by 24% on the year before. Over the period under review, total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +9.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +127.0% against 2012 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, carboxylic acid exports rose markedly to $X in 2021. Overall, total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +7.4% against 2018 indices. The most prominent rate of growth was recorded in 2017 with an increase of 18%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

South Korea (X tons), the United States (X tons) and China (X tons) were the main destinations of carboxylic acid exports from Japan, with a combined 59% share of total exports. Taiwan (Chinese), Thailand, India, Indonesia, the Netherlands, the Czech Republic, Malaysia, Germany and Singapore lagged somewhat behind, together comprising a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Czech Republic (with a CAGR of +223.8%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), the United States ($X) and China ($X) appeared to be the largest markets for carboxylic acid exported from Japan worldwide, with a combined 56% share of total exports. These countries were followed by Germany, India, the Netherlands, Taiwan (Chinese), the Czech Republic, Singapore, Thailand, Indonesia and Malaysia, which together accounted for a further 31%.

The Czech Republic, with a CAGR of +221.6%, saw the highest rates of growth with regard to 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

The average carboxylic acid export price stood at $X per ton in 2021, shrinking by -8.4% against the previous year. Overall, the export price recorded a abrupt setback. The pace of growth was the most pronounced in 2018 an increase of 11%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to Thailand ($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 China (+0.5%), while the prices for the other major destinations experienced a decline.

Carboxylic Acid Imports

Imports into Japan

In 2021, overseas purchases of carboxylic acid with alcohol, phenol, aldehyde or ketone functions were finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, carboxylic acid imports expanded remarkably to $X in 2021. Overall, imports recorded a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of carboxylic acid to Japan, accounting for a 44% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. The third position in this ranking was taken by South Korea (X tons), with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+5.0% per year) and South Korea (+4.7% per year).

In value terms, China ($X) constituted the largest supplier of carboxylic acid with alcohol, phenol, aldehyde or ketone functions to Japan, comprising 39% of total imports. The second position in the ranking was taken by South Korea ($X), with an 18% share of total imports. It was followed by Italy, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+1.7% per year) and Italy (-0.2% per year).

Import Prices by Country

In 2021, the average carboxylic acid import price amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the import price saw a slight decline. The most prominent rate of growth was recorded in 2016 when the average import price increased by 11%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per ton), while the price for Thailand ($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 (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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