Morocco: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Morocco

In 2022, the Moroccan monocarboxylic acid market increased by 21% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded strong growth. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the near future.

Monocarboxylic Acid Exports

Exports from Morocco

In 2022, shipments abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -49.7% to X kg, falling for the second year in a row after seven years of growth. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 455% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, monocarboxylic acid exports dropped markedly to $X in 2022. Over the period under review, exports recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2020 when exports increased by 385% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Senegal (X kg) was the main destination for monocarboxylic acid exports from Morocco, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Senegal stood at +26.8%.

In value terms, Senegal ($X) emerged as the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Morocco.

From 2012 to 2022, the average annual rate of growth in terms of value to Senegal stood at +20.7%.

Export Prices by Country

The average monocarboxylic acid export price stood at $X per ton in 2022, with an increase of 35% against the previous year. Overall, the export price, however, showed a perceptible reduction. The pace of growth was the most pronounced in 2013 when the average export price increased by 65%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Senegal.

From 2012 to 2022, the rate of growth in terms of prices for Senegal amounted to -4.8% per year.

Monocarboxylic Acid Imports

Imports into Morocco

In 2022, supplies from abroad of acrylic acid and its salts and other monocarboxylic acid increased by 8.3% to X tons, rising for the second consecutive year after two years of decline. In general, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +37.8% against 2020 indices. The growth pace was the most rapid in 2014 when imports increased by 76% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, monocarboxylic acid imports surged to $X in 2022. Overall, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 59% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of monocarboxylic acid to Morocco, accounting for a 71% share of total imports. Moreover, monocarboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), sevenfold. Russia (X tons) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-4.0% per year) and Russia (-1.3% per year).

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Morocco, comprising 70% of total imports. The second position in the ranking was held by Germany ($X), with an 11% share of total imports. It was followed by Spain, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.7% per year) and Spain (+15.8% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, surging by 13% against the previous year. Over the period under review, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by +69.9% against 2015 indices. The growth pace was the most rapid in 2018 when the average import price increased by 20% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

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 Ireland ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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