United Kingdom: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in the UK

The UK monocarboxylic acid market surged to $X in 2022, jumping by 15% against the previous year. Overall, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +47.1% against 2020 indices. Over the period under review, the market reached the maximum level in 2022 and is likely to continue growth in the near future.

Monocarboxylic Acid Production in the UK

In value terms, monocarboxylic acid production reduced to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a slight decrease. The pace of growth was the most pronounced in 2018 when the production volume increased by 133%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports from the UK

In 2022, the amount of acrylic acid and its salts and other monocarboxylic acid exported from the UK skyrocketed to X tons, picking up by 87% on the year before. In general, exports posted a pronounced expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, monocarboxylic acid exports skyrocketed to $X in 2022. Overall, exports posted a prominent expansion. The growth pace was the most rapid in 2013 when exports increased by 36% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

The Netherlands (X tons), Ireland (X tons) and the United States (X tons) were the main destinations of monocarboxylic acid exports from the UK, together accounting for 67% of total exports. Belgium, Spain, the United Arab Emirates, Canada, France and Germany lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +31.0%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Belgium ($X) and Canada ($X) appeared to be the largest markets for monocarboxylic acid exported from the UK worldwide, together comprising 71% of total exports. Spain, the Netherlands, Ireland, Germany, France and the United Arab Emirates lagged somewhat behind, together comprising a further 21%.

The Netherlands, with a CAGR of +37.2%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

The average monocarboxylic acid export price stood at $X per ton in 2022, which is down by -28% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 48% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then fell significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Ireland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+18.6%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into the UK

In 2022, imports of acrylic acid and its salts and other monocarboxylic acid into the UK fell to X tons, with a decrease of -11.3% compared with the previous year's figure. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 25%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, monocarboxylic acid imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.7% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of monocarboxylic acid to the UK, accounting for a 54% share of total imports. Moreover, monocarboxylic acid imports from Belgium exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Germany (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium stood at +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.2% per year) and Germany (-13.8% per year).

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to the UK, comprising 47% of total imports. The second position in the ranking was taken by Belgium ($X), with a 22% share of total imports. It was followed by Germany, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+15.6% per year) and Germany (-9.8% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, increasing by 57% against the previous year. In general, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price increased by +152.0% against 2016 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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