Turkey: Acetic Acid Market 2024

Acetic Acid Market Size in Turkey

In 2021, the Turkish acetic acid market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Acetic Acid Production in Turkey

In value terms, acetic acid production contracted to $X in 2021 estimated in export price. Overall, production showed a abrupt decline. The most prominent rate of growth was recorded in 2020 when the production volume increased by 26%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Acetic Acid Exports

Exports from Turkey

For the third consecutive year, Turkey recorded growth in overseas shipments of acetic acid, which increased by 191% to X tons in 2021. Overall, exports saw a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

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

Exports by Country

Ukraine (X tons) was the main destination for acetic acid exports from Turkey, accounting for a 30% share of total exports. Moreover, acetic acid exports to Ukraine exceeded the volume sent to the second major destination, Romania (X tons), fourfold. The third position in this ranking was taken by Bulgaria (X tons), with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ukraine amounted to +91.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+36.2% per year) and Bulgaria (+33.2% per year).

In value terms, Ukraine ($X) remains the key foreign market for acetic acid exports from Turkey, comprising 25% of total exports. The second position in the ranking was taken by Romania ($X), with a 6.1% share of total exports. It was followed by Bulgaria, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value to Ukraine stood at +92.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+32.1% per year) and Bulgaria (+29.7% per year).

Export Prices by Country

The average acetic acid export price stood at $X per ton in 2021, with an increase of 20% against the previous year. Over the period under review, the export price, however, recorded a slight curtailment. The pace of growth was the most pronounced in 2018 when the average export price increased by 49%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average 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 Belgium ($X per ton), while the average price for exports to Greece ($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 Belgium (+40.5%), while the prices for the other major destinations experienced more modest paces of growth.

Acetic Acid Imports

Imports into Turkey

In 2021, approx. X tons of acetic acid were imported into Turkey; increasing by 150% on the previous year's figure. Overall, imports recorded a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, acetic acid imports soared to $X in 2021. Over the period under review, imports continue to indicate a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest acetic acid supplier to Turkey, accounting for a 86% share of total imports. Moreover, acetic acid imports from China exceeded the figures recorded by the second-largest supplier, Iran (X tons), more than tenfold. The third position in this ranking was taken by the United States (X tons), with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +123.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+9.9% per year) and the United States (-1.9% per year).

In value terms, China ($X) constituted the largest supplier of acetic acid to Turkey, comprising 70% of total imports. The second position in the ranking was held by Iran ($X), with a 12% share of total imports. It was followed by the United States, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +114.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+26.3% per year) and the United States (+12.3% per year).

Import Prices by Country

In 2021, the average acetic acid import price amounted to $X per ton, growing by 40% against the previous year. In general, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, acetic acid import price increased by +8.7% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 63% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain 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 Taiwan (Chinese) ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+47.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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