New Zealand: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in New Zealand

The New Zealand monocarboxylic acid market totaled $X in 2022, with an increase of 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a pronounced downturn. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports from New Zealand

After two years of decline, shipments abroad of acrylic acid and its salts and other monocarboxylic acid increased by 463% to X tons in 2022. Over the period under review, exports, however, showed a deep contraction. 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 posted a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 1,672% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Australia (X tons) was the main destination for monocarboxylic acid exports from New Zealand, with a 71% share of total exports. Moreover, monocarboxylic acid exports to Australia exceeded the volume sent to the second major destination, the United States (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Australia totaled +24.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+119.2% per year) and Fiji (-6.8% per year).

In value terms, the United States ($X) emerged as the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from New Zealand, comprising 64% of total exports. The second position in the ranking was held by Australia ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +140.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+29.4% per year) and Fiji (-2.7% per year).

Export Prices by Country

The average monocarboxylic acid export price stood at $X per ton in 2022, growing by 119% against the previous year. Overall, the export price continues to indicate a prominent increase. The pace of growth was the most pronounced in 2017 when the average export price increased by 1,381% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Fiji ($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 Italy (+312.4%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into New Zealand

In 2022, the amount of acrylic acid and its salts and other monocarboxylic acid imported into New Zealand expanded notably to X tons, surging by 8.5% against the previous year. Overall, imports, however, continue to indicate a deep contraction. The growth pace was the most rapid in 2015 when imports increased by 104%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, monocarboxylic acid imports skyrocketed to $X in 2022. In general, imports recorded a prominent increase. The pace of growth was the most pronounced in 2019 when imports increased by 124%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), the United States (X tons) and Malaysia (X tons) were the main suppliers of monocarboxylic acid imports to New Zealand, together accounting for 90% of total imports. Australia and India lagged somewhat behind, together comprising a further 8.6%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Australia (with a CAGR of +11.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to New Zealand, comprising 71% of total imports. The second position in the ranking was taken by the United States ($X), with a 25% share of total imports. It was followed by Australia, with a 1.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +18.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+18.9% per year) and Australia (+6.1% per year).

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, rising by 28% against the previous year. Over the period under review, the import price continues to indicate a significant increase. The pace of growth was the most pronounced in 2017 an increase of 415%. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+29.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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