China: Acetic Acid Market 2024

Acetic Acid Market Size in China

The Chinese acetic acid market skyrocketed to $X in 2023, increasing by X% against the previous year. Over the period under review, the total consumption indicated temperate growth 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. Based on 2023 figures, consumption increased by X% against 2021 indices. Acetic acid consumption peaked in 2023 and is expected to retain growth in years to come.

Acetic Acid Production in China

In value terms, acetic acid production soared to $X in 2023 estimated in export price. Over the period under review, production posted a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Acetic Acid Exports

Exports from China

Acetic acid exports from China shrank rapidly to X tons in 2023, reducing by X% on 2022 figures. Overall, exports, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, acetic acid exports contracted notably to $X in 2023. In general, exports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for acetic acid exports from China, with a X% share of total exports. Moreover, acetic acid exports to India exceeded the volume sent to the second major destination, Singapore (X tons), sevenfold. Belgium (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to India stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and Belgium (X% per year).

In value terms, India ($X) remains the key foreign market for acetic acid exports from China, comprising X% of total exports. The second position in the ranking was taken by Singapore ($X), with a X% share of total exports. It was followed by Belgium, with a X% share.

From 2012 to 2023, the average annual growth rate of value to India stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (X% per year) and Belgium (X% per year).

Export Prices by Country

In 2023, the average acetic acid export price amounted to $X per ton, with a decrease of X% against the previous year. In general, the export price continues to indicate a slight setback. The pace of growth was the most pronounced in 2018 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2023, the average export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2023, amid the top suppliers, the highest price was recorded for prices to Brazil ($X per ton) and Spain ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (X%), while the prices for the other major destinations experienced a decline.

Acetic Acid Imports

Imports into China

In 2023, overseas purchases of acetic acid were finally on the rise to reach X tons after two years of decline. Over the period under review, imports saw a resilient expansion. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports failed to regain momentum.

In value terms, acetic acid imports skyrocketed to $X in 2023. In general, imports recorded a strong increase. The growth pace was the most rapid in 2020 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Taiwan (Chinese) (X tons) constituted the largest acetic acid supplier to China, accounting for a X% share of total imports. Moreover, acetic acid imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was held by Malaysia (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Taiwan (Chinese) amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Malaysia (X% per year).

In value terms, the largest acetic acid suppliers to China were Taiwan (Chinese) ($X), Japan ($X) and Malaysia ($X), together comprising X% of total imports.

Among the main suppliers, Malaysia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average acetic acid import price amounted to $X per ton, falling by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2022, and then fell sharply in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform