Kenya: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in Kenya

In 2021, after two years of decline, there was significant growth in the Kenyan industrial stearic acid market, when its value increased by 5.2% to $X. Over the period under review, consumption, however, showed a noticeable reduction. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Industrial Stearic Acid Exports

Exports from Kenya

In 2021, overseas shipments of industrial stearic acid decreased by -75% to X tons, falling for the second year in a row after two years of growth. Overall, exports recorded a abrupt contraction. The growth pace was the most rapid in 2019 with an increase of 500% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, industrial stearic acid exports contracted markedly to $X in 2021. Over the period under review, exports saw a slight decrease. The pace of growth appeared the most rapid in 2019 when exports increased by 448%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Tanzania (X tons) was the main destination for industrial stearic acid exports from Kenya, with a 84% share of total exports. Moreover, industrial stearic acid exports to Tanzania exceeded the volume sent to the second major destination, Rwanda (X kg), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to Tanzania amounted to -3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Rwanda (+9.3% per year) and Uganda (-25.5% per year).

In value terms, Tanzania ($X) remains the key foreign market for industrial stearic acid exports from Kenya, comprising 91% of total exports. The second position in the ranking was held by Rwanda ($X), with a 7.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Tanzania stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Rwanda (+5.7% per year) and Uganda (-28.2% per year).

Export Prices by Country

In 2021, the average industrial stearic acid export price amounted to $X per ton, surging by 53% against the previous year. In general, export price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, industrial stearic acid export price increased by +92.6% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Tanzania ($X per ton), while the average price for exports to Uganda ($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 Tanzania (+5.7%), while the prices for the other major destinations experienced a decline.

Industrial Stearic Acid Imports

Imports into Kenya

In 2021, overseas purchases of industrial stearic acid were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, showed a perceptible reduction. The growth pace was the most rapid in 2018 when imports increased by 164% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, industrial stearic acid imports reached $X in 2021. Over the period under review, imports, however, showed a pronounced contraction. The pace of growth was the most pronounced in 2018 with an increase of 122% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and China (X tons) were the main suppliers of industrial stearic acid imports to Kenya, with a combined 35% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +13.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest industrial stearic acid suppliers to Kenya were Malaysia ($X), Indonesia ($X) and China ($X), with a combined 37% share of total imports.

China, with a CAGR of +11.1%, 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 industrial stearic acid import price amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the import price, however, showed a mild descent. The pace of growth was the most pronounced in 2017 when the average import price increased by 9.2% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Singapore ($X per ton), while the price for China ($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 Arab Emirates (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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