Spain: Acetic Acid Market 2024

Acetic Acid Market Size in Spain

In 2021, the Spanish acetic acid market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, saw a deep downturn. Acetic acid consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Acetic Acid Production in Spain

In value terms, acetic acid production declined notably to $X in 2021 estimated in export price. Overall, production continues to indicate a perceptible reduction. The pace of growth was the most pronounced in 2014 when the production volume increased by 21%. Acetic acid production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Acetic Acid Exports

Exports from Spain

In 2021, overseas shipments of acetic acid increased by 97% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, saw a slight contraction. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, acetic acid exports soared to $X in 2021. Over the period under review, exports showed a noticeable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

France (X tons), Belgium (X tons) and Italy (X tons) were the main destinations of acetic acid exports from Spain, with a combined 68% share of total exports. Portugal, Algeria, Morocco, Turkey and Colombia lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Portugal (with a CAGR of +13.0%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X) remains the key foreign market for acetic acid exports from Spain, comprising 30% of total exports. The second position in the ranking was held by Italy ($X), with a 14% share of total exports. It was followed by Belgium, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to France totaled +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-0.3% per year) and Belgium (-8.9% per year).

Export Prices by Country

In 2021, the average acetic acid export price amounted to $X per ton, with an increase of 49% against the previous year. In general, export price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 59%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Belgium ($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 Colombia (+30.2%), while the prices for the other major destinations experienced more modest paces of growth.

Acetic Acid Imports

Imports into Spain

In 2021, acetic acid imports into Spain soared to X tons, picking up by 70% against 2020. In general, imports, however, continue to indicate a abrupt decline. The growth pace was the most rapid in 2018 when imports increased by 134% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, acetic acid imports surged to $X in 2021. Over the period under review, imports, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 147%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Serbia (X tons), China (X tons) and Saudi Arabia (X tons) were the main suppliers of acetic acid imports to Spain, with a combined 75% share of total imports. These countries were followed by Belgium, the UK, Sweden, the United States and Singapore, which together accounted for a further 22%.

From 2012 to 2021, the biggest increases were recorded for Sweden (with a CAGR of +27.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), China ($X) and Serbia ($X) constituted the largest acetic acid suppliers to Spain, with a combined 72% share of total imports. These countries were followed by Belgium, Sweden, the United States, Singapore and the UK, which together accounted for a further 22%.

Among the main suppliers, Sweden, with a CAGR of +33.4%, 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

The average acetic acid import price stood at $X per ton in 2021, rising by 36% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.2%. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

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 Singapore ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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