Saturated Acyclic Monocarboxylic Acids Market

The article discusses the current market trends and future projections for saturated acyclic monocarboxylic acids, highlighting the growth in consumption, production, exports, and imports. It provides insights into key consuming and producing countries, as well as the most traded products in the market. The data indicates a consistent increase in market volume and value over the analyzed period, with notable fluctuations in certain years. Overall, the global market for saturated acyclic monocarboxylic acids is expected to see steady growth in the coming years.

Market Forecast

Driven by increasing demand for saturated acyclic monocarboxylic acids worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.0% for the period from 2022 to 2030, which is projected to bring the market volume to 32M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.3% for the period from 2022 to 2030, which is projected to bring the market value to $71.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Saturated Acyclic Monocarboxylic Acids

Global saturated acyclic monocarboxylic acids consumption reduced modestly to 30M tons in 2022, remaining stable against the year before. The total consumption volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2017 when the consumption volume increased by 5.2%. Global consumption peaked at 30M tons in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global saturated acyclic monocarboxylic acids market revenue dropped modestly to $64.5B in 2022, which is down by -4.9% 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 +2.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $67.8B, and then dropped modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (6.2M tons), the United States (3.5M tons) and India (3.3M tons), with a combined 44% share of global consumption. Germany, Japan, Mexico, Saudi Arabia, Russia, Brazil, Indonesia, Turkey, the Netherlands and South Korea lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Saudi Arabia (with a CAGR of +16.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($9.2B), India ($8.6B) and the United States ($5.2B) constituted the countries with the highest levels of market value in 2022, together comprising 36% of the global market. Germany, Japan, Mexico, Indonesia, Brazil, Turkey, Russia, the Netherlands, South Korea and Saudi Arabia lagged somewhat behind, together comprising a further 20%.

The Netherlands, with a CAGR of +8.8%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of saturated acyclic monocarboxylic acids per capita consumption in 2022 were the Netherlands (33 kg per person), Saudi Arabia (24 kg per person) and Germany (16 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Saudi Arabia (with a CAGR of +14.4%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

The products with the highest volumes of consumption in 2022 were esters of acetic acid (excluding ethyl acetate) (7.8M tons), acetic acid (5.7M tons) and ethyl acetate (4.1M tons), with a combined 61% share of global consumption. Formic acid, its salts and esters, lauric acid and other acids, their salts and esters, mono-, di- or tri-chloroacetic acids; propionic, butanoic and pentanoic acids and their salts and esters, palmitic acid, stearic acid, their salts and esters, acetic anhydride and salts of acetic acid lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consumed products, was attained by formic acid, its salts and esters (with a CAGR of +6.9%), while consumption for the other products experienced more modest paces of growth.

In value terms, esters of acetic acid (excluding ethyl acetate) ($13.7B), lauric acid and other acids, their salts and esters ($11.4B) and mono-, di- or tri-chloroacetic acids; propionic, butanoic and pentanoic acids and their salts and esters ($5.9B) constituted the products with the highest levels of market value in 2022, with a combined 61% share of the global market. Formic acid, its salts and esters, palmitic acid, stearic acid, their salts and esters, ethyl acetate, acetic acid, salts of acetic acid and acetic anhydride lagged somewhat behind, together comprising a further 39%.

Formic acid, its salts and esters, with a CAGR of +7.0%, recorded the highest rates of growth with regard to market size in terms of the main consumed products over the period under review, while market for the other products experienced more modest paces of growth.

Production

World Production of Saturated Acyclic Monocarboxylic Acids

Global saturated acyclic monocarboxylic acids production declined slightly to 29M tons in 2022, with a decrease of -2.1% against 2021. The total output volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by 6.7% against the previous year. Global production peaked at 29M tons in 2021, and then fell in the following year.

In value terms, saturated acyclic monocarboxylic acids production reduced slightly to $44.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 16%. As a result, production attained the peak level of $46.4B, and then reduced in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (8.3M tons), the United States (4.8M tons) and India (1.8M tons), with a combined 52% share of global production. Singapore, Indonesia, Malaysia, Japan, Germany, Saudi Arabia, Russia, Taiwan (Chinese), Mexico and Brazil lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Indonesia (with a CAGR of +7.9%), while production for the other global leaders experienced more modest paces of growth.

Production By Type

The products with the highest volumes of production in 2022 were esters of acetic acid (excluding ethyl acetate) (7.9M tons), acetic acid (5.7M tons) and ethyl acetate (3.9M tons), together comprising 62% of global production. Lauric acid and other acids, their salts and esters, formic acid, its salts and esters, mono-, di- or tri-chloroacetic acids; propionic, butanoic and pentanoic acids and their salts and esters, palmitic acid, stearic acid, their salts and esters, salts of acetic acid and acetic anhydride lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main produced products, was attained by formic acid, its salts and esters (with a CAGR of +7.9%), while production for the other products experienced more modest paces of growth.

In value terms, esters of acetic acid (excluding ethyl acetate) ($11.8B), lauric acid and other acids, their salts and esters ($9.5B) and mono-, di- or tri-chloroacetic acids; propionic, butanoic and pentanoic acids and their salts and esters ($5.8B) were the products with the highest levels of production in 2022, with a combined 61% share of global production. Formic acid, its salts and esters, palmitic acid, stearic acid, their salts and esters, ethyl acetate, acetic acid, salts of acetic acid and acetic anhydride lagged somewhat behind, together accounting for a further 39%.

Among the main produced products, formic acid, its salts and esters, with a CAGR of +8.2%, recorded the highest rates of growth with regard to market size over the period under review, while production for the other products experienced more modest paces of growth.

Imports

World Imports of Saturated Acyclic Monocarboxylic Acids

After two years of growth, supplies from abroad of saturated acyclic monocarboxylic acids decreased by -12.7% to 14M tons in 2022. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 28%. As a result, imports reached the peak of 16M tons, and then fell in the following year.

In value terms, saturated acyclic monocarboxylic acids imports rose modestly to $23.1B in 2022. In general, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 66%. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

Belgium (2M tons) and India (1.8M tons) represented roughly 26% of total imports in 2022. It was followed by Germany (992K tons), China (982K tons) and the Netherlands (743K tons), together comprising a 19% share of total imports. The following importers - the United States (517K tons), Singapore (501K tons), Mexico (487K tons), Japan (458K tons), Turkey (442K tons), Italy (431K tons), Thailand (395K tons) and South Korea (376K tons) - together made up 25% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +6.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest saturated acyclic monocarboxylic acids importing markets worldwide were Belgium ($2.8B), India ($2.1B) and Germany ($1.7B), with a combined 29% share of global imports.

Among the main importing countries, India, with a CAGR of +9.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Acetic acid (4.2M tons) and esters of acetic acid (excluding ethyl acetate) (4M tons) represented roughly 57% of total imports in 2022. Lauric acid and other acids, their salts and esters (1.5M tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by ethyl acetate (10%), mono-, di- or tri-chloroacetic acids; propionic, butanoic and pentanoic acids and their salts and esters (6.8%) and formic acid, its salts and esters (6.3%). Palmitic acid, stearic acid, their salts and esters (646K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for lauric acid and other acids, their salts and esters (with a CAGR of +5.9%), while purchases for the other products experienced more modest paces of growth.

In value terms, the largest types of imported saturated acyclic monocarboxylic acids were esters of acetic acid (excluding ethyl acetate) ($7.2B), lauric acid and other acids, their salts and esters ($5.1B) and acetic acid ($3.4B), with a combined 68% share of global imports.

Lauric acid and other acids, their salts and esters, with a CAGR of +7.2%, recorded the highest growth rate of the value of imports, among the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average saturated acyclic monocarboxylic acids import price amounted to $1,604 per ton, growing by 19% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2021 an increase of 30%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by the product type; the product with the highest price was lauric acid and other acids, their salts and esters ($3,339 per ton), while the price for acetic acid ($790 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by acetic acid (+4.0%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average saturated acyclic monocarboxylic acids import price stood at $1,604 per ton in 2022, surging by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 30%. Global import price peaked in 2022 and is likely to see steady growth in the immediate term.

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 ($2,490 per ton), while Thailand ($1,141 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+5.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Saturated Acyclic Monocarboxylic Acids

After two years of growth, overseas shipments of saturated acyclic monocarboxylic acids decreased by -16.2% to 14M tons in 2022. Over the period under review, total exports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +2.1% 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 +31.7% against 2019 indices. The pace of growth was the most pronounced in 2021 when exports increased by 31%. As a result, the exports reached the peak of 16M tons, and then shrank notably in the following year.

In value terms, saturated acyclic monocarboxylic acids exports declined modestly to $20.1B in 2022. Overall, total exports indicated a tangible expansion 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 +47.9% against 2018 indices. The growth pace was the most rapid in 2021 with an increase of 67% against the previous year. As a result, the exports reached the peak of $20.3B, leveling off in the following year.

Exports By Country

In 2022, China (3M tons), distantly followed by Singapore (1.8M tons), the United States (1.8M tons), Belgium (1.8M tons), Malaysia (0.9M tons), Taiwan (Chinese) (0.7M tons) and Indonesia (0.6M tons) represented the largest exporters of saturated acyclic monocarboxylic acids, together achieving 78% of total exports. Germany (588K tons), the Netherlands (448K tons), India (334K tons) and South Korea (236K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Indonesia (with a CAGR of +15.0%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest saturated acyclic monocarboxylic acids supplying countries worldwide were China ($3.3B), Belgium ($2.9B) and the United States ($2.6B), together accounting for 44% of global exports. Germany, Singapore, Malaysia, the Netherlands, Indonesia, Taiwan (Chinese), India and South Korea lagged somewhat behind, together accounting for a further 41%.

In terms of the main exporting countries, Indonesia, with a CAGR of +16.1%, recorded 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.

Exports By Type

Acetic acid (4.2M tons) and esters of acetic acid (excluding ethyl acetate) (4.1M tons) were the key types of saturated acyclic monocarboxylic acids in 2022, finishing at approx. 30% and 30% of total exports, respectively. It was distantly followed by lauric acid and other acids, their salts and esters (1.5M tons), ethyl acetate (1.3M tons), mono-, di- or tri-chloroacetic acids; propionic, butanoic and pentanoic acids and their salts and esters (0.9M tons), formic acid, its salts and esters (0.7M tons) and palmitic acid, stearic acid, their salts and esters (0.7M tons), together mixing up a 37% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exported products, was attained by lauric acid and other acids, their salts and esters (with a CAGR of +6.0%), while the other products experienced more modest paces of growth.

In value terms, esters of acetic acid (excluding ethyl acetate) ($6.8B), lauric acid and other acids, their salts and esters ($4.7B) and acetic acid ($2.9B) appeared to be the products with the highest levels of exports in 2022, together accounting for 69% of global exports.

Lauric acid and other acids, their salts and esters, with a CAGR of +6.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average saturated acyclic monocarboxylic acids export price stood at $1,488 per ton in 2022, increasing by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 27% against the previous year. 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 exported products. In 2022, the product with the highest price was lauric acid and other acids, their salts and esters ($3,125 per ton), while the average price for exports of acetic acid ($697 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by acetic anhydride (+4.0%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average saturated acyclic monocarboxylic acids export price amounted to $1,488 per ton, rising by 18% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2021 an increase of 27%. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

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 India ($2,579 per ton), while Singapore ($760 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+5.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform