Global Acetic Acid Market 2024

Acetic Acid Market Size

In 2021, the global acetic acid market increased by 25% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the global market remained at a somewhat lower figure.

Acetic Acid Production

In value terms, acetic acid production rose slightly to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 24% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, global production growth remained at a somewhat lower figure.

Acetic Acid Exports

Exports

In 2021, the amount of acetic acid exported worldwide surged to X tons, rising by 30% on the year before. Overall, total exports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +82.3% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 40%. The global exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, acetic acid exports skyrocketed to $X in 2021. In general, exports saw a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the largest exporter of acetic acid in the world, with the volume of exports recording X tons, which was approx. 34% of total exports in 2021. The United States (X tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Belgium (10%), Malaysia (8.1%), the UK (7.1%), Singapore (7%) and Taiwan (Chinese) (5.7%).

Exports from China increased at an average annual rate of +20.4% from 2012 to 2021. At the same time, Taiwan (Chinese) (+20.8%), Singapore (+6.5%), the UK (+2.4%) and Malaysia (+1.7%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in the world, with a CAGR of +20.8% from 2012-2021. By contrast, Belgium (-2.9%) and the United States (-3.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Taiwan (Chinese) increased by +25 and +4.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest acetic acid supplying countries worldwide were China ($X), the United States ($X) and Belgium ($X), together comprising 52% of global exports. Malaysia, Singapore, Taiwan (Chinese) and the UK lagged somewhat behind, together accounting for a further 33%.

Among the main exporting countries, Taiwan (Chinese), with a CAGR of +27.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average acetic acid export price stood at $X per ton in 2021, surging by 65% against the previous year. Overall, export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while China ($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 (+7.3%), while the other global leaders experienced more modest paces of growth.

Acetic Acid Imports

Imports

In 2021, the amount of acetic acid imported worldwide skyrocketed to X tons, picking up by 38% compared with the previous year's figure. Overall, total imports indicated a tangible increase from 2012 to 2021: its volume increased at an average annual rate of +4.4% 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 +74.0% against 2015 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, acetic acid imports surged to $X in 2021. Over the period under review, imports showed a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India was the key importing country with an import of about X tons, which recorded 32% of total imports. Belgium (X tons) took the second position in the ranking, distantly followed by Germany (X tons) and Mexico (X tons). All these countries together took approx. 28% share of total imports. Thailand (X tons), Singapore (X tons), Japan (X tons), Brazil (X tons), South Korea (X tons), Turkey (X tons), the Netherlands (X tons) and Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to acetic acid imports into India stood at +11.1%. At the same time, Japan (+18.7%), South Korea (+12.6%), Turkey (+12.3%), Singapore (+11.1%), Thailand (+6.5%) and Brazil (+4.6%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in the world, with a CAGR of +18.7% from 2012-2021. Germany, the Netherlands and Belgium experienced a relatively flat trend pattern. By contrast, Mexico (-2.0%) and Indonesia (-2.6%) illustrated a downward trend over the same period. India (+14 p.p.), Japan (+2.9 p.p.), Singapore (+1.9 p.p.) and South Korea (+1.7 p.p.) significantly strengthened its position in terms of the global imports, while Germany, Mexico and Belgium saw its share reduced by -2.8%, -4.1% and -7.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported acetic acid worldwide, comprising 27% of global imports. The second position in the ranking was taken by Belgium ($X), with an 11% share of global imports. It was followed by Germany, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value in India totaled +12.8%. The remaining importing countries recorded the following average annual rates of imports growth: Belgium (-0.5% per year) and Germany (+4.4% per year).

Import Prices by Country

The average acetic acid import price stood at $X per ton in 2021, surging by 53% against the previous year. Overall, import price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 importing countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per ton), while Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+7.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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