Asia-Pacific: Salicylic Acid Market 2024

Salicylic Acid Market Size in Asia-Pacific

In 2021, the Asia-Pacific salicylic acid market decreased by -18.3% to $X, falling for the third year in a row after two years of growth. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Salicylic Acid Production in Asia-Pacific

In value terms, salicylic acid production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

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Salicylic Acid Exports

Exports in Asia-Pacific

In 2021, exports of salicylic acid and its salts in Asia-Pacific expanded rapidly to X tons, picking up by 9% against the previous year's figure. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +7.9% 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 +57.7% against 2014 indices. The pace of growth was the most pronounced in 2018 with an increase of 29% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, salicylic acid exports rose rapidly to $X in 2021. Total exports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -0.2% against 2019 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 48% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

China dominates exports structure, reaching X tons, which was near 94% of total exports in 2021. It was distantly followed by India (X tons), generating a 5.7% share of total exports.

China was also the fastest-growing in terms of the salicylic acid and its salts exports, with a CAGR of +8.3% from 2012 to 2021. At the same time, India (+5.6%) displayed positive paces of growth. China (+3.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest salicylic acid supplier in Asia-Pacific, comprising 74% of total exports. The second position in the ranking was taken by India ($X), with a 22% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China stood at +6.9%.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, flattening at the previous year. Overall, the export price recorded a pronounced descent. The most prominent rate of growth was recorded in 2018 an increase of 15% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-1.3%).

Salicylic Acid Imports

Imports in Asia-Pacific

In 2021, salicylic acid imports in Asia-Pacific rose notably to X tons, picking up by 9.1% compared with the previous year's figure. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +8.1% 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 +1.9% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 32%. The volume of import peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, salicylic acid imports fell rapidly to $X in 2021. Over the period under review, imports posted a strong expansion. The pace of growth appeared the most rapid in 2018 with an increase of 55% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then shrank dramatically in the following year.

Imports by Country

India dominates imports structure, finishing at X tons, which was near 78% of total imports in 2021. It was distantly followed by Thailand (X tons), mixing up a 7.3% share of total imports. Malaysia (X tons), Japan (X tons), Indonesia (X tons) and South Korea (X tons) held a minor share of total imports.

Imports into India increased at an average annual rate of +11.8% from 2012 to 2021. At the same time, Malaysia (+23.9%), Indonesia (+3.6%) and South Korea (+2.0%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +23.9% from 2012-2021. By contrast, Japan (-3.1%) and Thailand (-3.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India and Malaysia increased by +20 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported salicylic acid and its salts in Asia-Pacific, comprising 72% of total imports. The second position in the ranking was held by Thailand ($X), with a 7.4% share of total imports. It was followed by Japan, with a 4.4% share.

From 2012 to 2021, the average annual growth rate of value in India amounted to +12.9%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-3.6% per year) and Japan (+2.5% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, which is down by -28.6% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 17%. Over the period under review, import prices hit record highs at $X per ton in 2020, and then contracted significantly in the following year.

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 Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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