South-Eastern Asia: Adipic Acid Market 2024

Adipic Acid Market Size in South-Eastern Asia

The Southeast Asian adipic acid market fell modestly to $X in 2022, dropping by -1.7% against the previous year. The market value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Adipic Acid Production in South-Eastern Asia

In value terms, adipic acid production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 15%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Adipic Acid Exports

Exports in South-Eastern Asia

In 2022, exports of adipic acid, its salts and esters in South-Eastern Asia reduced sharply to X tons, falling by -15.1% on the year before. Overall, exports recorded a precipitous contraction. The pace of growth appeared the most rapid in 2015 with an increase of 146%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, adipic acid exports fell dramatically to $X in 2022. Over the period under review, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2015 with an increase of 65%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand was the key exporter of adipic acid, its salts and esters in South-Eastern Asia, with the volume of exports amounting to X tons, which was near 58% of total exports in 2022. It was distantly followed by Singapore (X tons) and Malaysia (X tons), together constituting a 39% share of total exports. Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Vietnam (with a CAGR of +25.2%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Thailand ($X) remains the largest adipic acid supplier in South-Eastern Asia, comprising 65% of total exports. The second position in the ranking was held by Singapore ($X), with a 26% share of total exports. It was followed by Malaysia, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value in Thailand was relatively modest. In the other countries, the average annual rates were as follows: Singapore (-26.3% per year) and Malaysia (+13.8% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, dropping by -1.6% against the previous year. Over the period under review, the export price, however, showed a prominent increase. The pace of growth appeared the most rapid in 2017 an increase of 65% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+6.5%), while the other leaders experienced more modest paces of growth.

Adipic Acid Imports

Imports in South-Eastern Asia

Adipic acid imports contracted to X tons in 2022, waning by -5.9% against the year before. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2013 when imports increased by 16% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, adipic acid imports stood at $X in 2022. Total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +85.6% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 68%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Singapore (X tons) represented the main importer of adipic acid, its salts and esters, generating 66% of total imports. Thailand (X tons) ranks second in terms of the total imports with an 11% share, followed by Indonesia (10%), Malaysia (5.8%) and Vietnam (5.5%).

Singapore experienced a relatively flat trend pattern with regard to volume of imports of adipic acid, its salts and esters. At the same time, Indonesia (+8.0%), Vietnam (+7.5%) and Malaysia (+5.7%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +8.0% from 2012-2022. By contrast, Thailand (-2.9%) illustrated a downward trend over the same period. Indonesia (+4.9 p.p.), Vietnam (+2.4 p.p.) and Malaysia (+2 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Thailand saw its share reduced by -3.6% and -6% from 2012 to 2022, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported adipic acid, its salts and esters in South-Eastern Asia, comprising 60% of total imports. The second position in the ranking was held by Indonesia ($X), with a 17% share of total imports. It was followed by Thailand, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Singapore was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+12.7% per year) and Thailand (-2.1% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, picking up by 18% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 52%. The level of import peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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