Global Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size

The global monocarboxylic acid market contracted slightly to $X in 2022, falling by -4.2% against the previous year. In general, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +1.3% against 2020 indices. Over the period under review, the global market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Monocarboxylic Acid Production

In value terms, monocarboxylic acid production fell slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.6% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 40%. Global production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Monocarboxylic Acid Exports

Exports

Global monocarboxylic acid exports contracted to X tons in 2022, which is down by -9.3% compared with the year before. The total export volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when exports increased by 16% against the previous year. The global exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, monocarboxylic acid exports rose slightly to $X in 2022. Overall, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +119.0% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 38%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, China (X tons), distantly followed by Saudi Arabia (X tons), Belgium (X tons), Germany (X tons) and Japan (X tons) represented the major exporters of acrylic acid and its salts and other monocarboxylic acid, together comprising 70% of total exports. The following exporters - South Korea (X tons), India (X tons), Malaysia (X tons), Singapore (X tons), Indonesia (X tons), the United States (X tons), Russia (X tons) and the Netherlands (X tons) - together made up 22% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Saudi Arabia (with a CAGR of +44.5%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest monocarboxylic acid supplier worldwide, comprising 38% of global exports. The second position in the ranking was taken by Germany ($X), with an 8.3% share of global exports. It was followed by India, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +7.3%. In the other countries, the average annual rates were as follows: Germany (-1.8% per year) and India (+14.9% per year).

Export Prices by Country

The average monocarboxylic acid export price stood at $X per ton in 2022, surging by 15% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid export price increased by +68.0% against 2016 indices. The pace of growth appeared the most rapid in 2021 an increase of 20%. The global export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+10.2%), while the other global leaders experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports

Global monocarboxylic acid imports shrank to X tons in 2022, which is down by -4.9% on the previous year's figure. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 26%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of global imports failed to regain momentum.

In value terms, monocarboxylic acid imports expanded markedly to $X in 2022. Overall, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +117.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 36%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

The countries with the highest levels of monocarboxylic acid imports in 2022 were Taiwan (Chinese) (X tons), the United States (X tons), India (X tons), Germany (X tons), the Netherlands (X tons), Malaysia (X tons), China (X tons), South Korea (X tons), Brazil (X tons), France (X tons), Belgium (X tons) and Turkey (X tons), together recording 70% of total import. The UK (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Malaysia (with a CAGR of +30.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($X), Brazil ($X) and India ($X) constituted the countries with the highest levels of imports in 2022, with a combined 37% share of global imports. The Netherlands, Germany, South Korea, the UK, China, Taiwan (Chinese), France, Turkey, Belgium and Malaysia lagged somewhat behind, together comprising a further 32%.

Malaysia, with a CAGR of +21.3%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average monocarboxylic acid import price amounted to $X per ton, picking up by 15% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2021 an increase of 17% against the previous year. Global import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+12.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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