Peru: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Peru

The Peruvian carboxylic acid market expanded notably to $X in 2021, with an increase of 12% against the previous year. The market value increased at an average annual rate of +4.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Carboxylic Acid Production in Peru

In value terms, carboxylic acid production expanded slightly to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 32%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Carboxylic Acid Exports

Exports from Peru

In 2021, after two years of decline, there was significant growth in overseas shipments of carboxylic acid with alcohol, phenol, aldehyde or ketone functions, when their volume increased by 15% to X tons. In general, exports, however, faced a dramatic contraction. The pace of growth appeared the most rapid in 2018 with an increase of 77% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, carboxylic acid exports surged to $X in 2021. Overall, exports, however, showed a sharp decrease. The pace of growth was the most pronounced in 2014 when exports increased by 63%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Bolivia (X tons), Free Zones (X tons) and Chile (X tons) were the main destinations of carboxylic acid exports from Peru, together accounting for 59% of total exports. These countries were followed by Ecuador, Venezuela, India, Germany and China, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of -3.8%), while shipments for the other leaders experienced a decline.

In value terms, Venezuela ($X) remains the key foreign market for carboxylic acid with alcohol, phenol, aldehyde or ketone functions exports from Peru, comprising 90% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 1.9% share of total exports. It was followed by Free Zones, with a 1.7% share.

From 2012 to 2021, the average annual growth rate of value to Venezuela stood at -29.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-33.5% per year) and Free Zones (-36.4% per year).

Export Prices by Country

In 2021, the average carboxylic acid export price amounted to $X per ton, increasing by 17% against the previous year. Overall, export price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, carboxylic acid export price increased by +58.3% against 2018 indices. The pace of growth appeared the most rapid in 2015 when the average export price increased by 44%. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Chile ($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 China (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Carboxylic Acid Imports

Imports into Peru

In 2021, purchases abroad of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 73% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, carboxylic acid imports skyrocketed to $X in 2021. In general, imports saw prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of 31% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of carboxylic acid to Peru, with a 67% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Canada (X tons), more than tenfold. The third position in this ranking was held by India (X tons), with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+8.1% per year) and India (+11.2% per year).

In value terms, India ($X), China ($X) and Chile ($X) appeared to be the largest carboxylic acid suppliers to Peru, with a combined 66% share of total imports. These countries were followed by Canada, France, Belgium, Brazil, the United States and Costa Rica, which together accounted for a further 8.5%.

Costa Rica, with a CAGR of +3,961.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average carboxylic acid import price amounted to $X per ton, reducing by -31.4% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible increase. The pace of growth was the most pronounced in 2020 when the average import price increased by 65%. As a result, import price reached the peak level of $X per ton, and then dropped notably in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+28.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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