Russian Federation: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in the Russian Federation

The Russian monocarboxylic acid market contracted to $X in 2022, waning by -8.4% against the previous year. Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Monocarboxylic Acid Production in the Russian Federation

In value terms, monocarboxylic acid production shrank to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 76%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports from the Russian Federation

Monocarboxylic acid exports from Russia totaled X tons in 2022, increasing by 12% on the year before. Overall, exports posted a significant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 509% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, monocarboxylic acid exports shrank significantly to $X in 2022. Over the period under review, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2017 when exports increased by 505% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell significantly in the following year.

Exports by Country

Turkey (X tons) was the main destination for monocarboxylic acid exports from Russia, with a 63% share of total exports. Moreover, monocarboxylic acid exports to Turkey exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Turkey stood at +77.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+28.6% per year) and Germany (+294.6% per year).

In value terms, Turkey ($X) remains the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Russia, comprising 49% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 20% share of total exports. It was followed by Germany, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey stood at +65.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+23.3% per year) and Germany (+155.5% per year).

Export Prices by Country

In 2022, the average monocarboxylic acid export price amounted to $X per ton, reducing by -27.2% against the previous year. Overall, the export price continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2020 an increase of 23% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Turkey ($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 Egypt (+1.2%), while the prices for the other major destinations experienced mixed trend patterns.

Monocarboxylic Acid Imports

Imports into the Russian Federation

After two years of growth, overseas purchases of acrylic acid and its salts and other monocarboxylic acid decreased by -4.1% to X tons in 2022. Overall, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +4.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 50%. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, monocarboxylic acid imports contracted to $X in 2022. The total import value increased at an average annual rate of +5.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 41% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of monocarboxylic acid to Russia, accounting for a 96% share of total imports. It was followed by the Czech Republic (X tons), with a 2.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+14.6% per year) and Germany (-21.3% per year).

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Russia, comprising 96% of total imports. The second position in the ranking was taken by Germany ($X), with a 1.4% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-14.7% per year) and the Czech Republic (+12.9% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, almost unchanged from the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by 56%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

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 Germany ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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