Turkey: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Turkey

The Turkish carboxylic acid market surged to $X in 2021, with an increase of 33% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +55.5% against 2015 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Carboxylic Acid Exports

Exports from Turkey

In 2021, exports of carboxylic acid with alcohol, phenol, aldehyde or ketone functions from Turkey surged to X tons, with an increase of 135% compared with the previous year's figure. Overall, exports continue to indicate a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, carboxylic acid exports skyrocketed to $X in 2021. In general, exports posted a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X tons), Azerbaijan (X tons) and Iraq (X tons) were the main destinations of carboxylic acid exports from Turkey, with a combined 27% share of total exports. Greece, South Africa, Vietnam, Chile, Serbia, Iran, Cyprus, Romania, Uzbekistan and Turkmenistan lagged somewhat behind, together comprising a further 51%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +105.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for carboxylic acid exported from Turkey were Iran ($X), Russia ($X) and Greece ($X), with a combined 40% share of total exports. These countries were followed by Iraq, Azerbaijan, South Africa, Vietnam, Chile, Turkmenistan, Serbia, Uzbekistan, Cyprus and Romania, which together accounted for a further 40%.

Vietnam, with a CAGR of +101.7%, saw the highest rates of growth with regard to 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 carboxylic acid export price amounted to $X per ton, with an increase of 7% against the previous year. Overall, the export price, however, saw a deep setback. The most prominent rate of growth was recorded in 2019 an increase of 23%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Iran ($X per ton), while the average price for exports to Serbia ($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 Iran (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.

Carboxylic Acid Imports

Imports into Turkey

In 2021, purchases abroad of carboxylic acid with alcohol, phenol, aldehyde or ketone functions increased by 33% to X tons, rising for the second year in a row after two years of decline. In general, total imports indicated a moderate increase from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +48.5% against 2019 indices. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, carboxylic acid imports skyrocketed to $X in 2021. Overall, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +98.6% against 2016 indices. 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 carboxylic acid supplier to Turkey, with a 55% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold. The third position in this ranking was taken by Spain (X tons), with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+13.6% per year) and Spain (+3.8% per year).

In value terms, China ($X), Italy ($X) and India ($X) were the largest carboxylic acid suppliers to Turkey, together accounting for 74% of total imports.

Italy, with a CAGR of +21.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average carboxylic acid import price stood at $X per ton in 2021, rising by 5.8% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, carboxylic acid import price increased by +94.2% against 2016 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 42%. The import price peaked in 2021 and is likely to see gradual growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+22.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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