Monocarboxylic Acid Market

The global market for acrylic acid and monocarboxylic acid is projected to see continued growth from 2022 to 2030, with increasing consumption and value. Key findings include the market volume reaching 3.4M tons by 2030, an expected CAGR of +2.5% for consumption, and +5.4% for value. The top consuming countries in 2022 were China, the United States, and India. Production, imports, and exports trends are also outlined, highlighting China as the largest exporter and Germany as a significant importer. The average export price per ton increased in 2022, showing steady growth potential in the market.

Market Forecast

Driven by increasing demand for acrylic acid and its salts and other monocarboxylic acid worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 3.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $14.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Acrylic Acid And Its Salts And Other Monocarboxylic Acid

In 2022, the amount of acrylic acid and its salts and other monocarboxylic acid consumed worldwide contracted to 2.8M tons, standing approx. at the year before. The total consumption volume increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak volume of 2.9M tons. From 2019 to 2022, the growth of the global consumption remained at a lower figure.

The global monocarboxylic acid market revenue reduced modestly to $9.8B in 2022, with a decrease of -4.7% 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). The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at $10.3B in 2021, and then reduced slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (554K tons), the United States (312K tons) and India (264K tons), with a combined 41% share of global consumption. Germany, Brazil, Russia, Indonesia, Japan, France, Turkey, Taiwan (Chinese), Malaysia and South Korea lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +20.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.2B) led the market, alone. The second position in the ranking was held by India ($1.1B). It was followed by the United States.

In China, the monocarboxylic acid market expanded at an average annual rate of +2.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+4.9% per year) and the United States (+2.3% per year).

The countries with the highest levels of monocarboxylic acid per capita consumption in 2022 were Germany (2,338 kg per 1000 persons), Malaysia (1,860 kg per 1000 persons) and France (1,073 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +9.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Acrylic Acid And Its Salts And Other Monocarboxylic Acid

Global monocarboxylic acid production reduced to 2.7M tons in 2022, stabilizing at the previous year. The total output volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 14% against the previous year. Global production peaked at 2.7M tons in 2019; afterwards, it flattened through to 2022.

In value terms, monocarboxylic acid production stood at $9.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 26%. Over the period under review, global production reached the peak level in 2022 and is expected to retain growth in the immediate term.

Production By Country

China (757K tons) remains the largest monocarboxylic acid producing country worldwide, accounting for 28% of total volume. Moreover, monocarboxylic acid production in China exceeded the figures recorded by the second-largest producer, the United States (266K tons), threefold. India (224K tons) ranked third in terms of total production with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +2.9%. In the other countries, the average annual rates were as follows: the United States (+1.9% per year) and India (+1.5% per year).

Imports

World Imports of Acrylic Acid And Its Salts And Other Monocarboxylic Acid

In 2022, global imports of acrylic acid and its salts and other monocarboxylic acid reduced slightly to 882K tons, shrinking by -2.5% compared with 2021 figures. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 26%. Global imports peaked at 905K tons in 2021, and then shrank modestly in the following year.

In value terms, monocarboxylic acid imports expanded rapidly to $3.5B in 2022. Overall, total imports indicated buoyant growth 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, imports increased by +123.1% against 2016 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 38% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to see steady growth in years to come.

Imports By Country

The countries with the highest levels of monocarboxylic acid imports in 2022 were Taiwan (Chinese) (75K tons), the United States (71K tons), India (69K tons), Germany (63K tons), the Netherlands (58K tons), Malaysia (44K tons), China (43K tons), South Korea (43K tons), Brazil (38K tons), France (37K tons), Belgium (35K tons) and Turkey (28K tons), together resulting at 68% of total import. The UK (28K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main 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 ($656M), Brazil ($342M) and India ($274M) appeared to be the countries with the highest levels of imports in 2022, together accounting for 36% of global imports. The Netherlands, Germany, South Korea, the UK, China, Taiwan (Chinese), Belgium, France, Turkey and Malaysia lagged somewhat behind, together comprising a further 32%.

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

Import Prices By Country

The average monocarboxylic acid import price stood at $4,008 per ton in 2022, picking up by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 17%. Global import price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($9,281 per ton), while Malaysia ($1,473 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.

Exports

World Exports of Acrylic Acid And Its Salts And Other Monocarboxylic Acid

In 2022, approx. 783K tons of acrylic acid and its salts and other monocarboxylic acid were exported worldwide; falling by -2.4% compared with the year before. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2021 with an increase of 12%. As a result, the exports attained the peak of 803K tons, and then shrank in the following year.

In value terms, monocarboxylic acid exports rose significantly to $3B in 2022. Overall, total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +128.4% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 38% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports By Country

China represented the major exporter of acrylic acid and its salts and other monocarboxylic acid in the world, with the volume of exports reaching 245K tons, which was near 31% of total exports in 2022. Belgium (111K tons) took the second position in the ranking, followed by Germany (67K tons), Malaysia (59K tons) and Japan (54K tons). All these countries together took near 37% share of total exports. South Korea (33K tons), India (30K tons), Singapore (26K tons), the United States (25K tons), Indonesia (24K tons), Russia (22K tons), the Netherlands (20K tons) and France (18K tons) held a relatively small share of total exports.

Exports from China increased at an average annual rate of +5.4% from 2012 to 2022. At the same time, Russia (+41.8%), France (+32.8%), Singapore (+17.2%), the Netherlands (+9.1%), South Korea (+8.8%), Japan (+4.3%), India (+4.3%) and Belgium (+2.4%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing exporter exported in the world, with a CAGR of +41.8% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, the United States (-2.3%), Germany (-6.7%) and Indonesia (-9.3%) illustrated a downward trend over the same period. China (+9.7 p.p.), Russia (+2.7 p.p.), Singapore (+2.5 p.p.), France (+2.2 p.p.), South Korea (+2.1 p.p.) and Japan (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while Indonesia and Germany saw its share reduced by -6.3% and -11.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.2B) remains the largest monocarboxylic acid supplier worldwide, comprising 39% of global exports. The second position in the ranking was held by Germany ($264M), with an 8.7% share of global exports. It was followed by India, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +7.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (-1.7% per year) and India (+14.9% per year).

Export Prices By Country

The average monocarboxylic acid export price stood at $3,865 per ton in 2022, picking up by 12% against the previous year. Overall, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.0% 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 +70.1% against 2016 indices. The growth pace was the most rapid in 2021 an increase of 23%. The global export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($8,459 per ton), while Malaysia ($1,343 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.

Source: IndexBox Market Intelligence Platform