Malaysia: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in Malaysia

After two years of decline, the Malaysian synthetic organic tanning substances market increased by 126% to $X in 2021. In general, consumption, however, faced a abrupt decrease. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Synthetic Organic Tanning Substances

Exports from Malaysia

For the third consecutive year, Malaysia recorded decline in overseas shipments of synthetic organic tanning substances, which decreased by -78.6% to X tons in 2021. Overall, exports saw a deep slump. The pace of growth appeared the most rapid in 2016 when exports increased by 987%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, synthetic organic tanning substances exports plummeted to $X in 2021. Over the period under review, exports recorded a deep downturn. The growth pace was the most rapid in 2016 with an increase of 730% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X tons) was the main destination for synthetic organic tanning substances exports from Malaysia, accounting for a 87% share of total exports. Moreover, synthetic organic tanning substances exports to Thailand exceeded the volume sent to the second major destination, China (X kg), more than tenfold. Indonesia (X kg) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume to Thailand stood at +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-22.1% per year) and Indonesia (-6.4% per year).

In value terms, Thailand ($X) remains the key foreign market for synthetic organic tanning substances exports from Malaysia, comprising 88% of total exports. The second position in the ranking was held by Indonesia ($X), with a 4.3% share of total exports. It was followed by China, with a 1.8% share.

From 2012 to 2021, the average annual growth rate of value to Thailand stood at +15.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-6.7% per year) and China (-35.2% per year).

Export Prices by Country

The average synthetic organic tanning substances export price stood at $X per ton in 2021, rising by 3.4% against the previous year. Overall, the export price, however, showed a pronounced slump. The growth pace was the most rapid in 2018 an increase of 51%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per ton), while the average price for exports to Australia ($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 (+4.5%), while the prices for the other major destinations experienced a decline.

Imports of Synthetic Organic Tanning Substances

Imports into Malaysia

In 2021, supplies from abroad of synthetic organic tanning substances increased by 32% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when imports increased by 446%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic organic tanning substances imports surged to $X in 2021. In general, imports, however, faced a abrupt descent. The pace of growth was the most pronounced in 2016 when imports increased by 691%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Germany (X tons) constituted the largest supplier of synthetic organic tanning substances to Malaysia, with a 36% share of total imports. Moreover, synthetic organic tanning substances imports from Germany exceeded the figures recorded by the second-largest supplier, Australia (X tons), twofold. Hong Kong SAR (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled -12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-1.9% per year) and Hong Kong SAR (-0.8% per year).

In value terms, Germany ($X) constituted the largest supplier of synthetic organic tanning substances to Malaysia, comprising 59% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 9.3% share of total imports. It was followed by France, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany totaled -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+2.8% per year) and France (-2.3% per year).

Import Prices by Country

The average synthetic organic tanning substances import price stood at $X per ton in 2021, rising by 58% against the previous year. Over the period under review, import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic organic tanning substances import price increased by +110.4% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+30.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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