Eastern Asia: O-Acetylsalicylic Acid Market 2024

O-Acetylsalicylic Acid Market Size in Eastern Asia

In 2021, the East Asian o-acetylsalicylic acid market decreased by -16.3% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, posted a tangible increase. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

O-Acetylsalicylic Acid Production in Eastern Asia

In value terms, o-acetylsalicylic acid production expanded to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 29% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

O-Acetylsalicylic Acid Exports

Exports in Eastern Asia

In 2021, the amount of o-acetylsalicylic acid, its salts and esters exported in Eastern Asia expanded sharply to X tons, increasing by 10% on 2020 figures. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 34%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, o-acetylsalicylic acid exports expanded sharply to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 15% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, China (X tons) was the largest exporter of o-acetylsalicylic acid, its salts and esters in Eastern Asia, making up 99% of total export.

China experienced a relatively flat trend pattern with regard to volume of exports of o-acetylsalicylic acid, its salts and esters. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest o-acetylsalicylic acid supplier in Eastern Asia.

In China, o-acetylsalicylic acid exports remained relatively stable over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, picking up by 2.6% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the export price increased by 41% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +0.1% per year.

O-Acetylsalicylic Acid Imports

Imports in Eastern Asia

In 2021, after two years of decline, there was significant growth in overseas purchases of o-acetylsalicylic acid, its salts and esters, when their volume increased by 11% to X tons. Overall, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 48%. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, o-acetylsalicylic acid imports soared to $X in 2021. In general, imports recorded strong growth. The growth pace was the most rapid in 2018 with an increase of 177%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

Japan represented the main importing country with an import of about X tons, which resulted at 53% of total imports. It was distantly followed by South Korea (X tons), Democratic People's Republic of Korea (X tons) and Taiwan (Chinese) (X tons), together constituting a 45% share of total imports. Hong Kong SAR (X tons) followed a long way behind the leaders.

Japan was also the fastest-growing in terms of the o-acetylsalicylic acid, its salts and esters imports, with a CAGR of +13.2% from 2012 to 2021. At the same time, Democratic People's Republic of Korea (+8.2%) and Taiwan (Chinese) (+7.4%) displayed positive paces of growth. By contrast, South Korea (-1.1%) and Hong Kong SAR (-4.2%) illustrated a downward trend over the same period. While the share of Japan (+21 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Hong Kong SAR (-3.5 p.p.) and South Korea (-17.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported o-acetylsalicylic acid, its salts and esters in Eastern Asia, comprising 80% of total imports. The second position in the ranking was held by South Korea ($X), with a 7.4% share of total imports. It was followed by Taiwan (Chinese), with a 6.5% share.

From 2012 to 2021, the average annual growth rate of value in Japan totaled +18.4%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+1.6% per year) and Taiwan (Chinese) (+8.6% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, increasing by 5.7% against the previous year. Over the period under review, the import price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2018 when the import price increased by 111% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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