Northern America: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Northern America

The North American monocarboxylic acid market declined modestly to $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2021, and then reduced slightly in the following year.

Monocarboxylic Acid Production in Northern America

In value terms, monocarboxylic acid production contracted modestly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 28%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports in Northern America

In 2022, approx. X tons of acrylic acid and its salts and other monocarboxylic acid were exported in Northern America; waning by -13.7% against 2021. Over the period under review, exports recorded a deep setback. The pace of growth was the most pronounced in 2017 with an increase of 15% against the previous year. The volume of export 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 amounted to $X in 2022. Overall, exports showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 25% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) represented roughly 99% of total exports in 2022.

The United States was also the fastest-growing in terms of the acrylic acid and its salts and other monocarboxylic acid exports, with a CAGR of -2.3% from 2012 to 2022. From 2012 to 2022, the share of the United States increased by +51 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) also remains the largest monocarboxylic acid supplier in Northern America.

In the United States, monocarboxylic acid exports expanded at an average annual rate of +1.0% over the period from 2012-2022.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, increasing by 17% against the previous year. Export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid export price increased by +86.1% against 2016 indices. The most prominent rate of growth was recorded in 2019 an increase of 41%. Over the period under review, the export prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +3.4% per year.

Monocarboxylic Acid Imports

Imports in Northern America

In 2022, supplies from abroad of acrylic acid and its salts and other monocarboxylic acid increased by 3.6% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +3.5% 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 +77.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 71%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, monocarboxylic acid imports surged to $X in 2022. In general, imports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 29%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

The United States dominates imports structure, finishing at X tons, which was approx. 93% of total imports in 2022. It was distantly followed by Canada (X tons), constituting a 6.5% share of total imports.

The United States was also the fastest-growing in terms of the acrylic acid and its salts and other monocarboxylic acid imports, with a CAGR of +3.5% from 2012 to 2022. At the same time, Canada (+2.8%) displayed positive paces of growth. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported acrylic acid and its salts and other monocarboxylic acid in Northern America, comprising 95% of total imports. The second position in the ranking was taken by Canada ($X), with a 4.9% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +6.3%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, with an increase of 12% against the previous year. Import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.8% 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 decreased by -15.1% against 2020 indices. The growth pace was the most rapid in 2019 an increase of 59% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+4.6%).

Source: IndexBox Platform

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