Latvia: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Latvia

The Latvian monocarboxylic acid market declined to $X in 2022, which is down by -6.2% against the previous year. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Monocarboxylic Acid Production in Latvia

In value terms, monocarboxylic acid production fell to $X in 2022 estimated in export price. Overall, production continues to indicate a mild downturn. The pace of growth appeared the most rapid in 2019 when the production volume increased by 79% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Monocarboxylic Acid Exports

Exports from Latvia

In 2022, monocarboxylic acid exports from Latvia soared to X tons, jumping by 30% against the year before. Overall, exports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2015 with an increase of 47% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, monocarboxylic acid exports soared to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Estonia (X tons) was the main destination for monocarboxylic acid exports from Latvia, accounting for a 55% share of total exports. Moreover, monocarboxylic acid exports to Estonia exceeded the volume sent to the second major destination, Belarus (X tons), fivefold. The third position in this ranking was held by Lithuania (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia stood at +22.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (-2.4% per year) and Lithuania (+10.3% per year).

In value terms, the United States ($X) emerged as the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Latvia, comprising 62% of total exports. The second position in the ranking was held by Estonia ($X), with a 16% share of total exports. It was followed by Lithuania, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +1,607.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+23.7% per year) and Lithuania (+14.8% per year).

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, surging by 168% against the previous year. In general, the export price enjoyed buoyant growth. 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 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Belarus ($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 the United States (+304.7%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Latvia

In 2022, supplies from abroad of acrylic acid and its salts and other monocarboxylic acid increased by 15% to X tons, rising for the third year in a row after two years of decline. Overall, imports saw prominent growth. The growth pace was the most rapid in 2017 with an increase of 89%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, monocarboxylic acid imports amounted to $X in 2022. Over the period under review, imports saw significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 90% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Poland (X tons), Lithuania (X tons) and China (X tons) were the main suppliers of monocarboxylic acid imports to Latvia, with a combined 64% share of total imports. India, Germany and Ukraine lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +91.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Latvia, comprising 42% of total imports. The second position in the ranking was taken by Lithuania ($X), with a 20% share of total imports. It was followed by Poland, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +83.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+12.2% per year) and Poland (+21.9% per year).

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, falling by -11.2% against the previous year. In general, the import price, however, posted a strong expansion. The growth pace was the most rapid in 2019 an increase of 65% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform