Sri Lanka: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Sri Lanka

For the third consecutive year, the Sri Lankan carboxylic acid market recorded decline in sales value, which decreased by -10.7% to $X in 2021. Overall, consumption saw strong growth. Carboxylic acid consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Carboxylic Acid Exports

Exports from Sri Lanka

After four years of growth, overseas shipments of carboxylic acid with alcohol, phenol, aldehyde or ketone functions decreased by -20.8% to X tons in 2021. Over the period under review, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 43% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, carboxylic acid exports surged to $X in 2021. In general, exports faced a abrupt descent. The most prominent rate of growth was recorded in 2013 when exports increased by 440%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for carboxylic acid exports from Sri Lanka, with a 94% share of total exports. Moreover, carboxylic acid exports to Vietnam exceeded the volume sent to the second major destination, Bangladesh (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Vietnam amounted to +118.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+0.7% per year) and Maldives (+7.7% per year).

In value terms, Vietnam ($X) remains the key foreign market for carboxylic acid with alcohol, phenol, aldehyde or ketone functions exports from Sri Lanka, comprising 82% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 9.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam amounted to +173.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+23.1% per year) and Maldives (+15.1% per year).

Export Prices by Country

In 2021, the average carboxylic acid export price amounted to $X per ton, surging by 65% against the previous year. Overall, the export price posted a prominent increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 415%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Vietnam ($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 Vietnam (+24.3%), while the prices for the other major destinations experienced more modest paces of growth.

Carboxylic Acid Imports

Imports into Sri Lanka

After two years of decline, supplies from abroad of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 6.4% to X tons in 2021. Over the period under review, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 88%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, carboxylic acid imports fell dramatically to $X in 2021. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 88% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of carboxylic acid to Sri Lanka, with a 61% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. The UK (X tons) ranked third in terms of total imports with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +42.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+23.6% per year) and the UK (-6.1% per year).

In value terms, India ($X) constituted the largest supplier of carboxylic acid with alcohol, phenol, aldehyde or ketone functions to Sri Lanka, comprising 44% of total imports. The second position in the ranking was taken by China ($X), with a 19% share of total imports. It was followed by the UK, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India amounted to +18.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.5% per year) and the UK (-10.0% per year).

Import Prices by Country

In 2021, the average carboxylic acid import price amounted to $X per ton, waning by -23.9% against the previous year. Overall, the import price saw a abrupt contraction. The pace of growth was the most pronounced in 2015 when the average import price increased by 12%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :