Colombia: Phenylacetic Acid Market 2024

Phenylacetic Acid Market Size in Colombia

In 2023, after five years of growth, there was decline in the Colombian phenylacetic acid market, when its value decreased by X% to $X. In general, consumption, however, enjoyed a remarkable increase. Phenylacetic acid consumption peaked at $X in 2022, and then shrank modestly in the following year.

Phenylacetic Acid Exports

Exports from Colombia

In 2023, after three years of growth, there was significant decline in overseas shipments of phenylacetic acid, its salts and esters, when their volume decreased by X% to X tons. In general, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2022, and then shrank markedly in the following year.

In value terms, phenylacetic acid exports dropped significantly to $X in 2023. Overall, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2022, and then dropped rapidly in the following year.

Exports by Country

Nicaragua (X tons) was the main destination for phenylacetic acid exports from Colombia, with a X% share of total exports. Moreover, phenylacetic acid exports to Nicaragua exceeded the volume sent to the second major destination, Brazil (X tons), fivefold.

From 2012 to 2023, the average annual rate of growth in terms of volume to Nicaragua totaled X%.

In value terms, Nicaragua ($X) emerged as the key foreign market for phenylacetic acid, its salts and esters exports from Colombia, comprising X% of total exports. The second position in the ranking was held by Brazil ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value to Nicaragua amounted to X%.

Export Prices by Country

In 2023, the average phenylacetic acid export price amounted to $X per ton, declining by X% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, phenylacetic acid export price increased by X% against 2017 indices. The growth pace was the most rapid in 2013 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2022, and then reduced in the following year.

Average prices varied noticeably for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Brazil stood at $X per ton.

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

Phenylacetic Acid Imports

Imports into Colombia

After five years of growth, supplies from abroad of phenylacetic acid, its salts and esters decreased by X% to X tons in 2023. Overall, imports, however, saw a resilient increase. The growth pace was the most rapid in 2013 when imports increased by X%. Imports peaked at X tons in 2022, and then contracted in the following year.

In value terms, phenylacetic acid imports declined to $X in 2023. Over the period under review, imports, however, recorded a resilient expansion. The growth pace was the most rapid in 2018 when imports increased by X%. Imports peaked at $X in 2022, and then fell in the following year.

Imports by Country

India (X tons), the United States (X tons) and China (X tons) were the main suppliers of phenylacetic acid imports to Colombia, with a combined X% share of total imports. Brazil, Germany and Malaysia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), the United States ($X) and China ($X) were the largest phenylacetic acid suppliers to Colombia, together accounting for X% of total imports. Germany, Brazil and Malaysia lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Brazil, with a CAGR of X%, recorded the highest growth rate of 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 phenylacetic acid import price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, import price indicated pronounced growth 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 increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. The import price peaked at $X per ton in 2022, and then reduced 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 China ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform