South Africa: Acetic Acid Market 2024

Acetic Acid Market Size in South Africa

The South African acetic acid market reached $X in 2021, with an increase of 3.3% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Acetic Acid Production in South Africa

In value terms, acetic acid production dropped to $X in 2021 estimated in export price. In general, production, however, showed a perceptible contraction. The growth pace was the most rapid in 2013 with an increase of 26% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Acetic Acid Exports

Exports from South Africa

In 2021, overseas shipments of acetic acid decreased by -2.9% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, saw a modest increase. The most prominent rate of growth was recorded in 2019 when exports increased by 33% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, acetic acid exports skyrocketed to $X in 2021. Over the period under review, exports, however, enjoyed prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Zimbabwe (X tons), Zambia (X tons) and Mozambique (X tons) were the main destinations of acetic acid exports from South Africa, together accounting for 61% of total exports. These countries were followed by Botswana, Malawi, Namibia, Swaziland, Democratic Republic of the Congo and Lesotho, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Malawi (with a CAGR of +31.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for acetic acid exported from South Africa were Zimbabwe ($X), Zambia ($X) and Malawi ($X), together comprising 58% of total exports.

Malawi, with a CAGR of +45.9%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average acetic acid export price amounted to $X per ton, with an increase of 67% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, acetic acid export price increased by +87.5% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Malawi ($X per ton), while the average price for exports to Lesotho ($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 Malawi (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Acetic Acid Imports

Imports into South Africa

Acetic acid imports into South Africa soared to X tons in 2021, surging by 91% on the previous year's figure. Overall, imports enjoyed a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, acetic acid imports surged to $X in 2021. In general, imports showed prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of acetic acid to South Africa, accounting for a 63% share of total imports. Moreover, acetic acid imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+6.0% per year) and Taiwan (Chinese) (+5.1% per year).

In value terms, China ($X) constituted the largest supplier of acetic acid to South Africa, comprising 65% of total imports. The second position in the ranking was taken by South Korea ($X), with a 23% share of total imports. It was followed by Taiwan (Chinese), with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +25.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+7.0% per year) and Taiwan (Chinese) (+1.2% per year).

Import Prices by Country

In 2021, the average acetic acid import price amounted to $X per ton, increasing by 50% against the previous year. Over the last nine years, it increased at an average annual rate of +1.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while the price for Taiwan (Chinese) ($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 (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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