Slovakia: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Slovakia

In 2022, the Slovak monocarboxylic acid market decreased by -31.6% to $X, falling for the fourth year in a row after five years of growth. Over the period under review, consumption recorded a abrupt descent. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports from Slovakia

After two years of growth, shipments abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -71.6% to X tons in 2022. Overall, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2021 when exports increased by 506% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, monocarboxylic acid exports fell rapidly to $X in 2022. Over the period under review, exports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 385%. As a result, the exports attained the peak of $X, and then fell dramatically in the following year.

Exports by Country

Germany (X tons), Hungary (X tons) and the Czech Republic (X kg) were the main destinations of monocarboxylic acid exports from Slovakia, together comprising 89% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +42.8%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) emerged as the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Slovakia, comprising 78% of total exports. The second position in the ranking was held by Hungary ($X), with a 10% share of total exports. It was followed by the UK, with a 2.9% share.

From 2012 to 2022, the average annual growth rate of value to Germany amounted to +37.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (-9.6% per year) and the UK (+50.8% per year).

Export Prices by Country

The average monocarboxylic acid export price stood at $X per ton in 2022, waning by -6.1% against the previous year. Over the period under review, the export price, however, saw a remarkable increase. The pace of growth was the most pronounced in 2019 an increase of 257% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+12.5%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Slovakia

In 2022, supplies from abroad of acrylic acid and its salts and other monocarboxylic acid decreased by -43.7% to X tons, falling for the fourth consecutive year after five years of growth. Over the period under review, imports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 79%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, monocarboxylic acid imports declined rapidly to $X in 2022. In general, imports saw a abrupt decrease. The pace of growth appeared the most rapid in 2018 with an increase of 154%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), the Czech Republic (X tons) and Germany (X tons) were the main suppliers of monocarboxylic acid imports to Slovakia, with a combined 84% share of total imports. Hungary, Poland, Greece and the UK lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +3.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the Czech Republic ($X) and Germany ($X) constituted the largest monocarboxylic acid suppliers to Slovakia, together accounting for 84% of total imports. Hungary, Poland, Greece and the UK lagged somewhat behind, together accounting for a further 12%.

In terms of the main suppliers, Poland, with a CAGR of +11.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, surging by 23% against the previous year. Overall, the import price recorded a resilient expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 82% against the previous year. The import price peaked in 2022 and is likely to see steady growth in years to come.

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 ($X per ton), while the price for the UK ($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 (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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