Ukraine: Acetic Acid Market 2024

Acetic Acid Market Size in Ukraine

The Ukrainian acetic acid market dropped to $X in 2021, falling by -2.8% against the previous year. Over the period under review, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 +17.2% against 2019 indices. Acetic acid consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Acetic Acid Production in Ukraine

In value terms, acetic acid production contracted dramatically to $X in 2021 estimated in export price. In general, production continues to indicate a drastic downturn. The growth pace was the most rapid in 2020 with an increase of 264%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Acetic Acid Exports

Exports from Ukraine

In 2021, shipments abroad of acetic acid decreased by -97.5% to X kg for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports saw a dramatic decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 122% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, acetic acid exports reduced markedly to $X in 2021. Overall, exports continue to indicate a sharp reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 170%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Cyprus (X kg) was the main destination for acetic acid exports from Ukraine, with a 91% share of total exports. Moreover, acetic acid exports to Cyprus exceeded the volume sent to the second major destination, Malta (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cyprus was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malta (0.0% per year) and Switzerland (0.0% per year).

In value terms, Cyprus ($X) emerged as the key foreign market for acetic acid exports from Ukraine, comprising 94% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 3.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Cyprus was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (0.0% per year) and Malta (0.0% per year).

Export Prices by Country

In 2021, the average acetic acid export price amounted to $X per ton, waning by -46.1% against the previous year. Over the period under review, the export price, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2015 an increase of 92%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Cyprus ($X per ton), while the average price for exports to Malta ($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 Hungary (+23.7%), while the prices for the other major destinations experienced more modest paces of growth.

Acetic Acid Imports

Imports into Ukraine

In 2021, after two years of decline, there was significant growth in supplies from abroad of acetic acid, when their volume increased by 51% to X tons. In general, imports enjoyed a prominent increase. The growth pace was the most rapid in 2013 with an increase of 78%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, acetic acid imports skyrocketed to $X in 2021. Over the period under review, imports saw a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 91% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Serbia (X tons) and Russia (X tons) were the main suppliers of acetic acid imports to Ukraine, with a combined 82% share of total imports. These countries were followed by the United States and the UK, which together accounted for a further 12%.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +206.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of acetic acid to Ukraine, comprising 48% of total imports. The second position in the ranking was taken by Serbia ($X), with a 15% share of total imports. It was followed by the United States, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +99.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (+128.5% per year) and the United States (+223.7% per year).

Import Prices by Country

The average acetic acid import price stood at $X per ton in 2021, growing by 26% against the previous year. Over the last nine years, it increased at an average annual rate of +3.0%. The pace of growth was the most pronounced in 2017 an increase of 27% against the previous year. The import price peaked 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 the United States ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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