Asia-Pacific: Phenylacetic Acid Market 2024

Phenylacetic Acid Market Size in Asia-Pacific

The Asia-Pacific phenylacetic acid market contracted to $X in 2023, remaining stable against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Phenylacetic Acid Production in Asia-Pacific

In value terms, phenylacetic acid production declined to $X in 2023 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Phenylacetic Acid Exports

Exports in Asia-Pacific

After two years of growth, shipments abroad of phenylacetic acid, its salts and esters decreased by X% to X tons in 2023. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The volume of export peaked at X tons in 2022, and then fell in the following year.

In value terms, phenylacetic acid exports shrank to $X in 2023. Total exports indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

Exports by Country

China represented the major exporter of phenylacetic acid, its salts and esters in Asia-Pacific, with the volume of exports recording X tons, which was approx. X% of total exports in 2023. It was distantly followed by India (X tons), creating a X% share of total exports. Japan (X tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of exports of phenylacetic acid, its salts and esters. At the same time, India (X%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of X% from 2012-2023. By contrast, Japan (X%) illustrated a downward trend over the same period. While the share of India (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Japan (X p.p.) and China (X p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest phenylacetic acid supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was held by India ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in China totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: India (X% per year) and Japan (X% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2023, falling by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2023, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was India ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by India (X%), while the other leaders experienced more modest paces of growth.

Phenylacetic Acid Imports

Imports in Asia-Pacific

In 2023, overseas purchases of phenylacetic acid, its salts and esters decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of X%. The volume of import peaked at X tons in 2022, and then dropped in the following year.

In value terms, phenylacetic acid imports reduced to $X in 2023. Total imports indicated a moderate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2022, and then shrank in the following year.

Imports by Country

India represented the major importer of phenylacetic acid, its salts and esters in Asia-Pacific, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2023. South Korea (X tons) ranks second in terms of the total imports with a X% share, followed by China (X%), Japan (X%) and Taiwan (Chinese) (X%). The following importers - Malaysia (X tons) and Pakistan (X tons) - each recorded an X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to phenylacetic acid imports into India stood at X%. At the same time, China (X%), Pakistan (X%) and South Korea (X%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2023. By contrast, Japan (X%), Malaysia (X%) and Taiwan (Chinese) (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of India and China increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported phenylacetic acid, its salts and esters in Asia-Pacific, comprising X% of total imports. The second position in the ranking was held by South Korea ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

In India, phenylacetic acid imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Japan (X% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2023, declining by X% against the previous year. Import price indicated a modest expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, phenylacetic acid import price decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2019 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2020 to 2023, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Pakistan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform